<SEC-DOCUMENT>0001213900-25-045582.txt : 20250520
<SEC-HEADER>0001213900-25-045582.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250519211159
ACCESSION NUMBER:		0001213900-25-045582
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PSQ Holdings, Inc.
		CENTRAL INDEX KEY:			0001847064
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				862062844
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287154
		FILM NUMBER:		25965973

	BUSINESS ADDRESS:	
		STREET 1:		313 DATURA STREET
		STREET 2:		SUITE 200
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33401
		BUSINESS PHONE:		877-776-2402

	MAIL ADDRESS:	
		STREET 1:		313 DATURA STREET
		STREET 2:		SUITE 200
		CITY:			WEST PALM BEACH
		STATE:			FL
		ZIP:			33401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PSQ Holdings, Inc
		DATE OF NAME CHANGE:	20230719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Colombier Acquisition Corp.
		DATE OF NAME CHANGE:	20210219
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea0242825-424b3_psqhold.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: white"><B>Filed Pursuant
to Rule 424(b)(3)</B></FONT></P>

<P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="background-color: white"><B>Registration
No. 333-287154</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white"><B>PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">From
time to time, we may offer and sell our securities listed above in one or more offerings in amounts, at prices and on terms that we will
determine at the time of the offering. The aggregate initial offering price of all securities sold by us under this prospectus will not
exceed $</FONT>200 <FONT STYLE="background-color: white">million</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Each
time we offer our securities, we will provide you with specific terms of the securities offered in supplements to this prospectus. This
prospectus may not be used to offer and sell our securities unless accompanied by a prospectus supplement. Accompanying prospectus supplements
may add, update or change information contained in this prospectus. You should read this prospectus, the accompanying prospectus supplements,
the information incorporated by reference into this prospectus and the accompany prospectus supplements and the additional information
described below under the heading &ldquo;<I>Where You Can Find More Information</I>&rdquo; carefully before you invest in our securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Our
securities may be offered and sold to or through underwriters, brokers, dealers or agents as designated from time to time, or directly
to one or more other purchasers or through a combination of such methods. For additional information, you should refer to the section
captioned &ldquo;<I>Plan of Distribution</I>&rdquo; on page </FONT>33 <FONT STYLE="background-color: white">of this prospectus.
If any underwriters, dealers or agents are involved in the sale of any of our securities, their names, and any applicable purchase price,
fee, commission or discount arrangements between or among them, will be set forth, or will be calculable from the information set forth,
in the accompanying prospectus supplement. The price to the public of our securities and the net proceeds that we expect to receive from
such sale will also be set forth in the accompanying prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Each
share of our Class A Common Stock entitles its holder to one vote per share on all matters submitted to a vote of stockholders except
as otherwise expressly provided by our Charter (as defined herein) or as provided by law. Each share of our Class C Common Stock entitles
its holder, initially Mr. Michael Seifert, our Founder, President and Chief Executive Officer and Chairman of the Board, to a number of
votes per share (rounded up to the nearest whole number) equal to (a) the aggregate number of outstanding shares of Class A Common Stock
entitled to vote on the applicable matter as of the applicable record date plus 100, divided by (b) the aggregate number of outstanding
shares of Class C Common Stock. As of the date of this prospectus, Mr. Seifert controls approximately 51.53 % of our outstanding voting
power due to his ownership of all of our outstanding shares of Class C Common Stock and, as such, the result of most matters to be voted
upon by our stockholders will be controlled by Mr. Seifert, who can base his vote upon his best judgment and his fiduciary duties to our
stockholders, and who otherwise will be able to exercise a very significant degree of control over our company. In addition, we are a
&ldquo;controlled company&rdquo; within the meaning of applicable NYSE rules as of the date of this prospectus and, consequently, qualify
for exemptions from certain corporate governance requirements. As a result, our stockholders do not have the same degree of corporate
governance protections under NYSE rules as those afforded to stockholders of companies that are not &ldquo;controlled companies.&rdquo;
</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white"><FONT STYLE="background-color: white">You should read this prospectus
and any prospectus supplement or amendment carefully before investing in our securities. Our Class A Common Stock trades on the NYSE under
the ticker symbol &ldquo;PSQH&rdquo; and our Warrants trade on the NYSE under the ticker symbol &ldquo;PSQH.WS&rdquo;. On May 8, 2025,
the closing price of our Class A Common Stock as reported by NYSE was $</FONT>1.94 <FONT STYLE="background-color: white">per share
and the closing price of our Public Warrants as reported by NYSE was $</FONT>0.21<FONT STYLE="background-color: white">. Each of
our Warrants is exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
are an emerging growth company and a smaller reporting company under the federal securities laws and, as such, are subject to certain
reduced public company reporting requirements. See &ldquo;<I>Prospectus Summary &mdash; Implications of Being an Emerging Growth Company
and a Smaller Reporting Company</I>&rdquo; on page </FONT>2 <FONT STYLE="background-color: white">of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white"><B>Investing
in our securities involves a high degree of risk. You should carefully read and consider the risk factors set forth under the caption
&ldquo;<I>Risk Factors</I>&rdquo; on page </B></FONT><B>3 <FONT STYLE="background-color: white">of this prospectus, in any accompanying
prospectus supplement and in the documents incorporated or deemed incorporated by reference into this prospectus and the accompanying
prospectus supplement before you invest in our securities.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal
offense.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is May 16, 2025.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>TABLE
OF CONTENTS</B></FONT>&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 90%"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center">ii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_002">FREQUENTLY USED TERMS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">iii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_003">PROSPECTUS SUMMARY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_004">RISK FACTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_005">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_006">USE OF PROCEEDS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_007">DESCRIPTION OF SECURITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_008">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_009">DESCRIPTION OF WARRANTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_010">DESCRIPTION OF RIGHTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">31</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_011">DESCRIPTION OF UNITS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_012">PLAN OF DISTRIBUTION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_013">LEGAL MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_014">EXPERTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#a_015">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#a_016">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">This
prospectus is part of a registration statement on Form S-3 that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
using a shelf registration process. Using this process, we may, from time to time, sell any combination of the securities described in
this prospectus in one or more offerings up to a total dollar amount of $200 million</FONT>. This prospectus provides a general description
of the securities we may offer. Each time we sell any securities under this prospectus, we will provide a prospectus supplement that will
contain more specific information about the terms of the securities being offered and the specific manner in which they will be offered.
This prospectus may not be used to offer and sell our securities unless accompanied by a prospectus supplement. Accompanying prospectus
supplements may add, update or change information contained in this prospectus. To the extent that any statement we make in an accompanying
prospectus supplement is inconsistent with statements made in this prospectus or in any document incorporated by reference herein, the
statements made in this prospectus or in any document incorporated by reference herein will be deemed modified or superseded by those
made in the accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
should carefully read this prospectus, any accompanying prospectus supplement and the documents incorporated by reference herein and therein
as described below under the captions &ldquo;<I>Where You Can Find More Information</I>&rdquo; and &ldquo;<I>Incorporation of Certain
Information by Reference</I>&rdquo; before making a decision to invest in our securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
should rely only on the information set forth in or incorporated by reference into this prospectus and any accompanying prospectus supplement.
We have not authorized anyone else to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
should assume that the information in this prospectus, any prospectus supplement and the documents incorporated by reference herein and
therein are accurate only as of the dates of those documents. Our business, financial condition, results of operations and prospects may
have changed since those dates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Unless
the context otherwise requires, throughout this prospectus and any accompanying prospectus supplement, the words &ldquo;PublicSquare,&rdquo;
&ldquo;PSQ,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;the registrant&rdquo; or the &ldquo;Company&rdquo; refer
to PSQ Holdings, Inc., and the term &ldquo;securities&rdquo; refers collectively to our preferred stock, common stock, debt securities,
warrants, units and any combination of the foregoing securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains
summaries of certain provisions contained in documents described in this prospectus. All of the summaries are qualified in their entirety
by the actual documents, which you should review before making a decision to invest in our securities. Copies of the documents referred
to herein have been filed, or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus
is a part, and you may obtain copies of those documents as described below under &ldquo;<I>Where You Can Find More Information</I>.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_002"></A>FREQUENTLY USED TERMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise stated in
this prospectus or the context otherwise requires, references in this document to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Board</B>&rdquo;
means the board of directors of the Company. References herein to the Company will include its subsidiaries to the extent reasonably applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Business Combination</B>&rdquo;
means the business combination of Colombier and Private PSQ pursuant to the terms of the Merger Agreement and the other transactions contemplated
by the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Bylaws</B>&rdquo;
means the Amended and Restated Bylaws of the Company as in effect on the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Charter</B>&rdquo;
means the Restated Charter of the Company as in effect on the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&ldquo;Class A Common
Stock</B>&rdquo; means the shares of Class A common stock, par value $0.0001 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Class C Common
Stock</B>&rdquo; means the shares of Class C common stock, par value $0.0001 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Closing</B>&rdquo;
means the closing of the Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Common Stock</B>&rdquo;
means our Class A Common Stock and Class C Common Stock together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Colombier</B>&rdquo;
means the Company prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Colombier Sponsor</B>&rdquo;
means Colombier Sponsor LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Colombier Class
A Common Stock</B>&rdquo; means the Class A Common Stock, par value $0.0001 per share, of Colombier, prior to the Closing of the Business
Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Colombier Class
B Common Stock</B>&rdquo; means the Class B Common Stock, par value $0.0001 per share, of Colombier, prior to the Closing of the Business
Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>DGCL</B>&rdquo;
means the General Corporation Law of the State of Delaware, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Earnout Shares</B>&rdquo;
means up to 3,000,000 shares of Class A Common Stock that may be issued by the Company to Participating Equityholders upon achievement
of certain trading price-based targets for the Company Common Stock following Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Exchange Act</B>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>IPO</B>&rdquo;
means the initial public offering of Colombier&rsquo;s Units at a public offering price of $10.00 per Unit that it consummated on June
11, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Merger Agreement</B>&rdquo;
means the Agreement and Plan of Merger, dated as of February 27, 2023, by and among Colombier, Merger Sub, Colombier Sponsor, as purchaser
representative, and PSQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Merger Sub</B>&rdquo;
means Colombier-Liberty Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of Colombier prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>NYSE</B>&rdquo;
means the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B>PIPE
Offering</B>&rdquo; means the <FONT STYLE="background-color: white">private investment in public equity transaction that closed on October
24, 2024, pursuant to which the Resale Shares were sold by the Company at $2.70 per share, for an aggregate purchase price of approximately
$5.35 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="background-color: white">&ldquo;<B>PIPE
Purchasers</B>&rdquo; means the purchasers party to the Securities Purchase Agreement (or their permitted transferees), that purchased
the Resale Shares in the PIPE Offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Private PSQ</B>&rdquo;
means PublicSq. Inc. (f/k/a PSQ Holdings, Inc.), a Delaware corporation, prior to the Business Combination. References herein to Private
PSQ will include its subsidiaries to the extent reasonably applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Private Placement</B>&rdquo;
means the private placement consummated simultaneously with the IPO in which Colombier issued the Private Warrants to the Colombier Sponsor
at a purchase price of $1.00 per Private Warrant for aggregate consideration of $5,700,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Private Warrants</B>&rdquo;
means one (1) whole warrant entitling the holder thereof to purchase one (1) share of Class A Common Stock at a purchase price of $11.50
per share originally issued to the Colombier Sponsor in the Private Placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>PSQ Founder</B>&rdquo;
means Michael Seifert, our Founder, President, Chief Executive Officer and Chairman of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Public Warrants</B>&rdquo;
means one (1) whole redeemable warrant that was included in as part of each Unit, entitling the holder thereof to purchase one (1) share
of Class A Common Stock at a purchase price of $11.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>SEC</B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Sponsor Distributees</B>&rdquo;
means the members of Colombier Sponsor at the time of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Units</B>&rdquo;
means the units issued in our IPO consisting of one (1) share of Colombier Class A Common Stock and one-third (1/3) of one Public Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Warrants</B>&rdquo;
means Private Warrants and Public Warrants, collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Warrant Agent</B>&rdquo;
means Continental Stock Transfer &amp; Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<B>Warrant Agreement&rdquo;</B>
means that certain Warrant Agreement, dated June 8, 2021, between Colombier and Continental Stock Transfer &amp; Trust Company, as Warrant
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white"></P>

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<DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>This summary highlights
information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before
investing in our securities. You should read this entire prospectus carefully, including any prospectus supplement and the matters discussed
under the sections titled &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations,&rdquo; &ldquo;Business&rdquo; and the consolidated financial statements and related notes included in or incorporated by
reference in this prospectus before making an investment decision.</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">PublicSquare is a technology-enabled
Marketplace &amp; Payments ecosystem that serves an audience of consumers and merchants who value life, family, and liberty. PublicSquare
operates under three segments: Financial Technology, Marketplace, and Brands. The Financial Technology (&ldquo;FinTech&rdquo;) segment comprises
Credova, a &ldquo;Buy Now Pay Later&rdquo; company focused on the outdoors &amp; shooting sports industry, and PSQ Payments, a &ldquo;cancel-proof&rdquo;
payments processing company. The primary mission of the Marketplace segment is to help consumers &ldquo;shop their values&rdquo; and put
purpose behind their purchases with American-owned small businesses. PublicSquare leverages data and insights from the Marketplace to
assess its customers&rsquo; needs and provide wholly-owned quality financial products and brands. PublicSquare&rsquo;s Brands segment
comprises EveryLife, a premium D2C life-affirming baby products company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On March 13, 2024, we acquired
Credova Holdings, Inc., the parent company of Credova Financial, LLC (collectively, &ldquo;<B>Credova</B>&rdquo;), which operates a point-of-sale
FinTech platform providing &ldquo;Buy Now Pay Later&rdquo; and other financing solutions catered to the outdoors &amp; shooting sports
industries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&rsquo;s three
operating segments &mdash; Financial Technology, Marketplace, and Brands &mdash; are summarized below:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Financial
Technology includes both Credova and PSQPayments LLC (&ldquo;<B>PSQ Payments</B>&rdquo;). Credova assists consumers, lenders, and retailers
in offering point-of-sale financing products. Credova has developed and maintains an internet-based proprietary retail finance platform
and related application programming interfaces (&ldquo;<B>APIs</B>&rdquo;) through which Credova, certain Federal Deposit Insurance Corporation
(&ldquo;<B>FDIC</B>&rdquo;) and National Credit Union Administration (&ldquo;<B>NCUA</B>&rdquo;) insured financial institutions, other
insured financial institutions authorized by Credova, and merchants can dynamically offer certain financing products. PSQ Payments was
launched on October 28, 2024 and is a payment stack consisting of a framework of technological components and services the Company&rsquo;s customers
can utilize to manage their payment processes.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
PSQ Marketplace (the &ldquo;<B>Platform</B>&rdquo;) is our primary customer and merchant acquisition tool. The Platform is free to use
for shoppers, who can utilize the Platform to search and shop from quality American small businesses, both locally and across the country.
These values-aligned businesses include e-commerce merchants, restaurants, banks, and other service providers. The Merchants on our platform
can list their businesses at no cost, are charged transaction fees when shoppers purchase their products through our Marketplace, and
can choose to conduct paid advertising on the platform to increase their exposure to our customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Platform can be accessed through two primary means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Mobile application </I>&mdash; Available for both iOS
and Android-based devices.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Web</I> &mdash; Via web browser at PublicSquare.com.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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

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<DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid; width: 98%">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">EveryLife is a direct-to-consumer
baby care company founded in 2023 with a mission to provide premium products for every miraculous life. EveryLife believes that every
baby is a gift from God and deserves love, protection, and celebration. EveryLife is committed to its core values, ensuring excellence
in product quality, and demonstrating generosity by donating diapers and wipes to moms in need (via its unique &ldquo;<B>Buy For a Cause</B>&rdquo;
program). This commitment has quickly set EveryLife apart, elevating both its brand and products. Since its launch in July 2023, EveryLife
has been delivering premium, high-performing, price-accessible products that align with the pro-life and pro-family values of its consumers.<B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
are passionate about our mission and that passion guides everything we do. We are driven to transform the United States, for the better,
through the power of commerce. We as a company embrace and promote five core values that differentiate us greatly from our competitors.
These five values are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">We are united in our commitment to freedom and truth&nbsp;&mdash;&nbsp;that&rsquo;s
what makes us Americans.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">We will always protect the family unit and celebrate the
sanctity of every life.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">We believe small business members and the communities who
support them are the backbone of our economy.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">We believe in the greatness of the United&nbsp;States of
America and will always fight to defend it.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Our constitution is non-negotiable&nbsp;&mdash;&nbsp;government
isn&rsquo;t the source of our rights, so it can&rsquo;t take them away.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">These
five core values are the foundation of our Company&rsquo;s vision, which connects the consumer and merchants who use our services to promote
their voice through their purchasing power, or &ldquo;vote with their wallets&rdquo;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">PSQ Holdings, Inc. is a Delaware
corporation. Our principal executive offices are located at 313 Datura Street, Suite 200, West Palm Beach, Florida 33401, and our telephone
number is (877) 776-2402. Our principal website address is https://www.publicsquare.com. Information contained in, or accessible through,
our website is not a part of, and is not incorporated into, this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Implications of Being
an Emerging Growth Company and a Smaller Reporting Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We qualify as an &ldquo;emerging
growth company&rdquo; (&ldquo;<B>EGC</B>&rdquo;), as defined in the Jumpstart Our Business Startups Act of 2012. We may remain an EGC
until the last day of the fiscal year following the fifth anniversary of the consummation of our IPO, although if the market value of
our common stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time or if we have annual gross revenues
of $1.235 billion or more in any fiscal year, we would cease to be an EGC as of December 31 of the applicable year. We also would cease
to be an EGC if we issue more than $1 billion of non-convertible debt over a three-year period. For so long as we remain an EGC, we are
permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are
not EGCs. Accordingly, the information contained herein may be different than the information you receive from other public companies
in which you hold stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are also a &ldquo;smaller
reporting company,&rdquo; as defined in Rule 12b-2 promulgated under the Exchange Act. We may continue to be a smaller reporting company
if either (1) the market value of our stock held by non-affiliates is less than $250 million or (2) our annual revenue was less than $100
million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million.
If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from
certain disclosure requirements that are available to smaller reporting companies. For so long as we remain a smaller reporting company,
we are permitted and intend to rely on exemptions from certain disclosure and other requirements that are applicable to other public companies
that are not smaller reporting companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Controlled Company
Exemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Michael Seifert, our Founder,
President and Chief Executive Officer and Chairman of the Board, as a result of his ownership of all of the shares of our outstanding
Class C Common Stock, owns 51.53 % of our outstanding voting power for the election of directors as of the date of this prospectus. As
a result, we are a &ldquo;controlled company&rdquo; within the meaning of applicable NYSE rules as of the date of this prospectus and,
consequently, qualify for exemptions from certain corporate governance requirements. Our stockholders do not have the same protections
afforded to stockholders of companies that are subject to such requirements.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_004"></A>RISK FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">An
investment in our securities involves a high degree of risk. You should carefully read and review the risk factors discussed under the
caption &ldquo;<I>Risk Factors</I>&rdquo; in our most recent Annual Report on Form 10-K, the risk factors discussed under the caption
&ldquo;<I>Risk Factors</I>&rdquo; in any accompanying prospectus supplement, and any risk factors discussed in our other filings with
the SEC which are incorporated by reference into this prospectus and any accompanying prospectus supplement before investing in our securities.
These risks and uncertainties are not the only risks and uncertainties we face. Additional risks and uncertainties not presently known
to us, or that we currently view as immaterial, may also materially and adversely affect us. If any of the risks or uncertainties described
in our most recent Annual Report on Form 10-K, any accompanying prospectus supplement or our other filings with the SEC or if any additional
risks and uncertainties actually occur, our business, financial condition, results of operations and prospects could be materially and
adversely affected. In that case, the trading price of our securities could decline, and you could lose all or part of your investment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.5pt; text-align: center; text-indent: -34.5pt"><B><A NAME="a_005"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.5pt; text-align: center; text-indent: -34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain statements contained
or incorporated by reference in this prospectus may constitute &ldquo;forward-looking statements&rdquo; within the meaning of the &ldquo;safe
harbor&rdquo; provisions of the United States Private Securities Litigation Reform Act of 1995. This includes, without limitation, statements
regarding expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding us and the future held
by our management team and the products and markets, future financial condition, expected future performance and market opportunities
of our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.
Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this prospectus,
forward-looking statements may be identified by the use of words such as &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo;
&ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;possible,&rdquo; &ldquo;predict,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;plan,&rdquo;
&ldquo;project,&rdquo; &ldquo;forecast,&rdquo; &ldquo;intend,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;seek,&rdquo; &ldquo;target,&rdquo; &ldquo;designed to&rdquo; or other similar expressions that predict or
indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We caution readers of this
prospectus that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many
of which are beyond our control, which could cause the actual results to differ materially from the expected results. These forward-looking
statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections
of market opportunity and market share, potential benefits and the commercial attractiveness to our customers of products and services
sold through our platform, the prospects of our recently launched direct-to-consumer (&ldquo;<B>D2C</B>&rdquo;) business and the potential
success of our marketing and expansion strategies. These statements are based on various assumptions, whether or not identified in the
prospectus, and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee,
an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible
to predict and will differ from assumptions. These forward-looking statements are subject to a number of risks and uncertainties, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">changes in the competitive industries and markets in which
we operate or plan to operate;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">changes in applicable laws or regulations affecting our business;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to implement business plans, forecasts, and other
expectations, and to identify and realize additional opportunities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">risks related to our limited operating history, the rollout
and/or expansion of our business and the timing of our expected business milestones;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">risks related to our potential inability to achieve or maintain
profitability and generate significant revenue;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">current and future conditions in the global economy, including
as a result of economic uncertainty, and its impact on us, our business and the markets in which we operate;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to retain existing advertisers and consumer and
business members and attract new advertisers and consumer and business members;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our potential inability to manage growth effectively;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to recruit, train and retain qualified personnel;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">estimates for the prospects and financial performance of
our business may prove to be incorrect or materially different from actual results;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">risks related to future market adoption of our offerings;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">risks related to our marketing and growth strategies;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the effects of competition on our business;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to meet the continued listing standards of the
New York Stock Exchange;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">expectations with respect to our future operating and financial
performance and growth, including when we will generate positive cash flow from operations;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to raise funding on reasonable terms as necessary
to develop our products in the timeframe contemplated by our business plan;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to execute our anticipated business plans and
strategy; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">other risks and uncertainties described in this prospectus
or any prospectus supplement, including those under the section entitled &ldquo;<I>Risk Factors</I>.&rdquo;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any of these risks materialize
or any of our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
There may be additional risks that we presently do not know or that we currently believe are immaterial that could also cause actual results
to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations,
plans or forecasts of future events and views as of the date of this prospectus. We anticipate that subsequent events and developments
may cause our assessments to change. However, while we may elect to update these forward-looking statements at some point in the future,
we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our assessments
as of any date subsequent to the date of this prospectus. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Actual results, performance or achievements may, and are likely to, differ materially, and potentially adversely, from any projections
and forward-looking statements and the assumptions on which those forward-looking statements were based. There can be no assurance that
the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking
statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions
that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. Forward-looking
statements are not guarantees of performance. All forward-looking statements attributable to us or a person acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_006"></A>USE OF
PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in an accompanying prospectus supplement, we currently intend to use the net proceeds from the sale of our securities for general corporate
and working capital purposes. Additional details regarding the use of the net proceeds from any particular sale of our securities will
be set forth in an accompanying prospectus supplement. Pending their use, we intend to invest the net proceeds from the sale of our securities
in high-quality, short-term, interest-bearing securities.<B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_007"></A>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary
of the material terms of our securities and is not intended to be a complete summary of the rights and preferences of such securities.
We urge you to read our Charter and Bylaws in their entirety for a complete description of the rights and preferences of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
authorized capital stock consists of (a) 540,000,000&nbsp;shares of Common Stock, $0.0001 par value per share, consisting of (i)&nbsp;500,000,000&nbsp;shares
of Class&nbsp;A Common Stock and (ii)&nbsp;40,000,000&nbsp;shares of Class&nbsp;C Common Stock, and (b)&nbsp;50,000,000&nbsp;shares of
undesignated preferred stock, $0.0001 par value per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">As of May 9, 2025, we have 42,325,298&nbsp;shares of Class&nbsp;A Common
Stock, 3,213,678&nbsp;shares of Class&nbsp;C Common Stock and no shares of preferred stock outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Voting Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Class&nbsp;A Common
Stock</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Holders
of shares of Class&nbsp;A Common Stock are entitled to one vote for each share of Class&nbsp;A Common Stock held on all matters submitted
to a vote of stockholders except as otherwise expressly provided by our Charter or as provided by law. Our Charter does not provide the
Class&nbsp;A Common Stock with cumulative voting for the election of directors. Accordingly, holders of at least a majority of the voting
power of then-outstanding&nbsp;shares of the Common Stock entitled to vote in the election of directors, voting together as a single class,
will be able to elect all of our directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Class&nbsp;C Common
Stock</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Each
share of our Class&nbsp;C Common Stock entitles its holder to a number of votes per share (rounded up to the nearest whole number) equal
to (a)&nbsp;the aggregate number of outstanding shares of Class&nbsp;A Common Stock entitled to vote on the applicable matter as of the
applicable record date plus 100, divided by (b)&nbsp;the aggregate number of outstanding shares of Class&nbsp;C Common Stock (the &ldquo;<B>Per
Share Class&nbsp;C Voting Power</B>&rdquo;). The issued and outstanding shares of Class&nbsp;C Common Stock, as a group, are entitled
to a number of votes equal to the Per Share Class&nbsp;C Voting Power multiplied by the total number of shares of Class&nbsp;C Common
Stock outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Each
share of Class&nbsp;C Common Stock held by the PSQ Founder may be converted by the PSQ Founder at any time into one share of Class&nbsp;A
Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
the event that, the PSQ Founder transfers shares of Class&nbsp;C Common Stock to any person other than certain permitted transferees,
such transferred shares will convert automatically into shares of Class&nbsp;A Common Stock having only one vote per share. All outstanding
shares of Class&nbsp;C Common Stock will convert into Class&nbsp;A Common Stock (i)&nbsp;in the event the PSQ Founder is no longer at
least one of an officer or director of PSQ, or dies or becomes incapacitated, or (ii)&nbsp;at such time as the total number of outstanding
shares of Class&nbsp;C Common Stock falls below 50% of the total number of outstanding shares of Class&nbsp;C Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Other
than with respect to voting power, our Class&nbsp;C Common Stock has the same rights and privileges as our Class&nbsp;A Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Dividend Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Subject
to preferences that may apply to any shares of convertible preferred stock outstanding at the time, the holders of shares of our Common
Stock are entitled to receive dividends out of funds legally available if our Board, in our discretion, determines to issue dividends
and then only at the times and in the amounts that our Board may determine. Stock dividends with respect to each class of our Common Stock
may only be paid with shares of stock of the same class of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>No Preemptive or
Similar Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Common Stock is not entitled to preemptive rights and is not subject to redemption or sinking fund provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Right to Receive
Liquidation Distributions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Upon
our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributed among
the holders of the then outstanding Common Stock pro rata in accordance with the number of shares of our Common Stock held by each such
holder, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation
preferences, if any, on any outstanding shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Registration Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
July&nbsp;19, 2023, in connection with the Closing, we, the Colombier Sponsor and certain Private PSQ stockholders (the &ldquo;<B>New
Investors</B>&rdquo; and together with the Colombier Sponsor, the &ldquo;<B>Investors</B>&rdquo;) entered into an Amended and Restated
Registration Rights Agreement (the &ldquo;<B>Registration Rights Agreement</B>&rdquo;). Pursuant to the terms of the Registration Rights
Agreement, we are obligated to file one or more registration statements to register the resales of Class&nbsp;A Common Stock held by the
Investors after the Closing, including Class&nbsp;A Common Stock that was issued upon conversion of Colombier Class&nbsp;B Common Stock,
or issuable upon conversion of Class&nbsp;C Common Stock, and Earnout Shares. One or more Investors holding 20% of the aggregate number
of registrable securities owned by all Investors are entitled under the Registration Rights Agreement to make a written demand for registration
under the Securities Act&nbsp;of&nbsp;all or part of their registrable securities (up to a maximum of four demand registrations). The
Registration Rights Agreement also provides such Investors with &ldquo;piggy-back&rdquo; registration rights, subject to certain requirements
and customary conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Under
the Registration Rights Agreement, we agreed to indemnify the Investors and certain persons or entities related to such Investors such
as their officers, directors, employees and agents and each person who controls such Investor (within the meaning of the Securities Act)
against any losses, claims, damages, liabilities and expenses (including attorneys&rsquo; fees) resulting from any untrue or alleged untrue
statement, or omission or alleged omission, of a material fact in any registration statement or prospectus pursuant to which the Investors
sell their registrable securities, unless such liability arose from such Investor&rsquo;s misstatement or alleged misstatement, or omission
or alleged omission, and the Investors including registrable securities in any registration statement or prospectus agreed to indemnify
us and certain persons or entities related to us such as our officers and directors and underwriters against all losses caused by their
misstatements or omissions (or alleged misstatements or omissions) in those documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
connection with the PIPE Offering, the Company and the PIPE Purchasers entered into a Registration Rights Agreement (the &ldquo;<B>October
Registration Rights Agreement</B>&rdquo;) pursuant to which, among other customary terms and indemnification provisions, the Company agreed
to prepare and file a registration statement for the resale of (i) all of the Resale Shares and (ii) any securities issued or then issuable
upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the Resale Shares (together, the
&ldquo;<B>Registrable Securities</B>&rdquo;), on or before the 180th calendar day following the Closing Date (as defined in the Securities
Purchase Agreement) and use its commercially reasonable efforts to cause such registration statement to be declared effective by the SEC
as soon as practicable and no later than the 90th calendar day following the filing date, and use its commercially reasonable efforts
to keep such registration statement continuously effective until the date that all Registrable Securities covered by such registration
statement (i) have been sold, or (ii) may be sold by non-affiliates without volume or manner-of-sale restrictions pursuant to Rule 144
and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Lock-Up Period</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Securities Purchase Agreement, the PIPE Purchasers have agreed not to, during the period (the &ldquo;<B>Lock-Up Period</B>&rdquo;)
beginning on October 24, 2024 (the &ldquo;<B>Closing</B>&rdquo;) and ending on the earlier of (A) the one (1) year anniversary of the
date of the Closing or (B) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other
similar transaction that results in all of the Company&rsquo;s stockholders having the right to exchange their shares of the Company&rsquo;s
Class A Common Stock for cash, securities or other property: (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, directly or indirectly, any Resale Shares, (ii) enter into any swap, hedge or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of the Resale Shares, (iii) engage in any short
sales, including all such sales defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and
indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and sales and other transactions through non-US broker dealers or foreign regulated brokers or (iv) publicly disclose the intention to
do any of the foregoing, whether any such transaction described in clauses (i), (ii), (iii) or (iv) above is to be settled by delivery
of Resale Shares or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii), (iii) or (iv), a &ldquo;<B>Prohibited
Transfer</B>&rdquo;), subject to certain enumerated exceptions, as set forth in the Securities Purchase Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Charter provides that shares of preferred stock may be issued from time to time in one or more series. Our Board is authorized to fix
the voting powers, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our Board is able to, without stockholder approval, issue
preferred stock with voting powers and other rights that could have anti-takeover&nbsp;effects. The ability of our Board to issue preferred
stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal
of existing management. We have no preferred stock outstanding as of the date of this Prospectus. Although we do not currently intend
to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Public Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Each
Public Warrant entitles the registered holder to purchase one share of Class&nbsp;A Common Stock at a price of $11.50 per share, subject
to adjustment as discussed below. The Public Warrants will expire five&nbsp;years after the Closing of the Business Combination, at 5:00&nbsp;p.m.,
New&nbsp;York City time, or earlier upon redemption or liquidation. As of the date of this prospectus, we have 5,750,000 Public Warrants
outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
will not be obligated to deliver any shares of Class&nbsp;A Common Stock pursuant to the exercise of a Public Warrant and will have no
obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class&nbsp;A
Common Stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class&nbsp;A
Common Stock upon exercise of a warrant unless the Class&nbsp;A Common Stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of
such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we
be required to net cash settle any warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
October 12, 2023, a registration statement on Form S-1 was declared effective, covering the shares of Class&nbsp;A Common Stock issuable
upon exercise of the warrants, and we intend to maintain a current prospectus relating to those shares of Class&nbsp;A Common Stock until
the warrants expire or are redeemed, as specified in the warrant agreement. If we fail to maintain a registration statement covering the
shares of Class&nbsp;A Common Stock issuable upon exercise of the warrants, warrant holders may exercise warrants on a &ldquo;cashless
basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another exemption. Notwithstanding the above, if our
Class&nbsp;A Common Stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies
the definition of a &ldquo;covered security&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require
holders of public warrants who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of
the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but
we will use our reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is
not available.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Once
the Public Warrants become exercisable, we may call the warrants for redemption:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in whole and not in part;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at a price of $0.01 per warrant;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">upon not less than 30&nbsp;days&rsquo; prior written notice
of redemption to each warrant holder; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if, and only if, the reported last sale price of the Class&nbsp;A
Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20&nbsp;trading&nbsp;days within a 30-trading&nbsp;day period ending three&nbsp;business&nbsp;days before we send the
notice of redemption to the warrant holders.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
and when the Public Warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock
upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to
effect such registration or qualification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
have established the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call
a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of
the Public Warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the
price of the Class&nbsp;A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
we call the Public Warrants for redemption as described above, our management will have the option to require any holder that wishes to
exercise its warrant to do so on a &ldquo;cashless basis.&rdquo; In determining whether to require all holders to exercise their warrants
on a &ldquo;cashless basis,&rdquo; our management will consider, among other factors, our cash position, the number of warrants that are
outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class&nbsp;A Common Stock issuable
upon the exercise of our warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise
price by surrendering their warrants for that number of shares of Class&nbsp;A Common Stock equal to the quotient obtained by dividing
(x)&nbsp;the product of the number of shares of Class&nbsp;A Common Stock underlying the warrants, multiplied by the difference between
the exercise price of the warrants and the &ldquo;fair market value&rdquo; (defined below) by (y)&nbsp;the fair market value. The &ldquo;fair
market value&rdquo; shall mean the average reported last sale price of the Class&nbsp;A Common Stock for the 10&nbsp;trading&nbsp;days
ending on the third&nbsp;trading&nbsp;day prior to the date on which the notice of redemption is sent to the holders of warrants. If our
management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of
shares of Class&nbsp;A Common Stock to be received upon exercise of the Public Warrants, including the &ldquo;fair market value&rdquo;
in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of
the warrants. If we call our Public Warrants for redemption and our management does not take advantage of this option, the Colombier Sponsor
and its permitted transferees would still be entitled to exercise their Private Warrants for cash or on a cashless basis using the same
formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their
warrants on a cashless basis, as described in more detail below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
the event we determine to redeem the Public Warrants, holders of our redeemable warrants would be notified of such redemption as described
in our warrant agreement. Specifically, in the event that we elect to redeem all of the redeemable warrants as described above, we will
fix a date for the redemption (the &ldquo;<B>Redemption Date</B>&rdquo;). Notice of redemption will be mailed by first class mail, postage
prepaid, by us not less than 30&nbsp;days prior to the Redemption Date to the registered holders of the redeemable warrants to be redeemed
at their last addresses as they appear on the registration books. Any notice mailed in the manner provided in the warrant agreement will
be conclusively presumed to have been duly given whether or not the registered holder received such notice. In addition, beneficial owners
of the redeemable warrants will be notified of such redemption via our posting of the redemption notice to The Depository Trust Company
(&ldquo;<B>DTC</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">A
holder of a Public Warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have
the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person&rsquo;s
affiliates), to the Warrant Agent&rsquo;s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder
may specify) of the shares of Class&nbsp;A Common Stock outstanding immediately after giving effect to such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
the number of outstanding shares of Class&nbsp;A Common Stock is increased by a stock dividend payable in shares of Class&nbsp;A Common
Stock, or by a split-up&nbsp;of shares of Class&nbsp;A Common Stock or other similar event, then, on the effective date of such stock
dividend, split-up&nbsp;or similar event, the number of shares of Class&nbsp;A Common Stock issuable on exercise of each Public Warrant
will be increased in proportion to such increase in the outstanding shares of Class&nbsp;A Common Stock. A rights offering to holders
of Class&nbsp;A Common Stock entitling holders to purchase shares of Class&nbsp;A Common Stock at a price less than the fair market value
will be deemed a stock dividend of a number of shares of Class&nbsp;A Common Stock equal to the product of (i)&nbsp;the number of shares
of Class&nbsp;A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights
offering that are convertible into or exercisable for Class&nbsp;A Common Stock) and (ii)&nbsp;one (1)&nbsp;minus the quotient of (x)&nbsp;the
price per share of the Class&nbsp;A Common Stock paid in such rights offering divided by (y)&nbsp;the fair market value. For these purposes
(i)&nbsp;if the rights offering is for securities convertible into or exercisable for Class&nbsp;A Common Stock, in determining the price
payable for Class&nbsp;A Common Stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii)&nbsp;fair market value means the volume weighted average price of Class&nbsp;A Common
Stock as reported during the ten (10)&nbsp;trading&nbsp;day period ending on the&nbsp;trading&nbsp;day prior to the first date on which
the shares of Class&nbsp;A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class&nbsp;A Common Stock on account of such shares of Class&nbsp;A Common Stock (or other shares of
our capital stock into which the warrants are convertible), other than (a)&nbsp;as described above or (b)&nbsp;certain ordinary cash dividends
then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash
and/or the fair market value of any securities or other assets paid on each share of Class&nbsp;A Common Stock in respect of such event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
the number of outstanding shares of our Class&nbsp;A Common Stock is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Class&nbsp;A Common Stock or other similar event, then, on the effective date of such consolidation, combination,
reverse stock split, reclassification or similar event, the number of shares of Class&nbsp;A Common Stock issuable on exercise of each
Public Warrant will be decreased in proportion to such decrease in outstanding shares of Class&nbsp;A Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Whenever
the number of shares of Class&nbsp;A Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above,
the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x)&nbsp;the numerator of which will be the number of shares of Class&nbsp;A Common Stock purchasable upon the exercise of the warrants
immediately prior to such adjustment, and (y)&nbsp;the denominator of which will be the number of shares of Class&nbsp;A Common Stock
so purchasable immediately thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
case of any reclassification or reorganization of the outstanding shares of Class&nbsp;A Common Stock (other than those described above
or that solely affects the par value of such shares of Class&nbsp;A Common Stock), or in the case of any merger or consolidation of us
with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result
in any reclassification or reorganization of our outstanding shares of Class&nbsp;A Common Stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with
which we are dissolved, the holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and
upon the terms and conditions specified in the warrants and in lieu of the shares of our Class&nbsp;A Common Stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the holder of the warrants would have received if such holder had exercised that person&rsquo;s warrants
immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class&nbsp;A Common Stock in such
a transaction is payable in the form of Class&nbsp;A Common Stock in the successor entity that is listed for trading on a national securities
exchange or is quoted in an established over-the-counter&nbsp;market, or is to be so listed for trading or quoted immediately following
such event, and if the registered holder of the warrant properly exercises the warrant within thirty&nbsp;days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on per share consideration
minus the Black-Scholes&nbsp;warrant value (as defined in the Warrant Agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the Public Warrants when an extraordinary transaction occurs during the exercise period of
the Public Warrants pursuant to which the holders of the Public Warrants otherwise do not receive the full potential value of the Public
Warrants in order to determine and realize the option value component of the Public Warrant. This formula is to compensate the Public
Warrant holder for the loss of the option value portion of the Public Warrant due to the requirement that the Public Warrant holder exercise
the warrant within 30&nbsp;days of the event. The Black-Scholes&nbsp;model is an accepted pricing model for estimating fair market value
where no quoted market price for an instrument is available.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Public Warrants and the Private Warrants were issued in registered form under a warrant agreement between Continental Stock Transfer&nbsp;&amp;
Trust Company, as Warrant Agent, and Colombier. You should review a copy of the Warrant Agreement, which has been publicly filed with
the SEC and which you can find in the list of exhibits to this registration statement, for a complete description of the terms and conditions
applicable to the Warrants. The Warrant Agreement provides that the terms of the Warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the then
issued and outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the Warrant
Agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of Public Warrants being exercised. The Public Warrant holders do not have the rights or privileges of holders of Class&nbsp;A Common
Stock and any voting rights until they exercise their warrants and receive shares of Class&nbsp;A Common Stock. After the issuance of
shares of Class&nbsp;A Common Stock upon exercise of the Public Warrants, each holder will be entitled to one (1)&nbsp;vote for each share
held of record on all matters to be voted on by stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class&nbsp;A
Common Stock to be issued to the warrant holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Private Warrants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Except
as described below, the Private Warrants have terms and provisions that are identical to those of the Public Warrants, including as to
exercise price, exercisability and exercise period. Commencing 30 days after the Closing the Private Warrants (including the Class&nbsp;A
Common Stock issuable upon exercise of the Private Warrants) became transferable, assignable and salable. The Private Warrants will not
be redeemable by us so long as they are held by the Colombier Sponsor or its permitted transferees. As of the date of this prospectus,
we have 5,700,000 Private Warrants outstanding. The Sponsor Distributees, or their permitted transferees, have the option to exercise
the Private Warrants on a cashless basis. If the Private Warrants are held by holders other than the Sponsor Distributees or their permitted
transferees, the Private Warrants will be subject to the same terms and conditions as the Public Warrants, and among other matters, be
redeemable by us and exercisable by the holders on the same basis as the Public Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants
for that number of shares of Class&nbsp;A Common Stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of
shares of Class&nbsp;A Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and
the &ldquo;fair market value&rdquo; (defined below) by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; shall mean
the average reported last sale price of the Class&nbsp;A Common Stock for the 10&nbsp;trading&nbsp;days ending on the third&nbsp;trading&nbsp;day
prior to the date on which the notice of warrant exercise is sent to the Warrant Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Our Transfer Agent
and Warrant Agent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
transfer agent for our Common Stock and Warrant Agent for our Warrants is Continental Stock Transfer&nbsp;&amp; Trust Company. We have
agreed to indemnify Continental Stock Transfer&nbsp;&amp; Trust Company in its roles as transfer agent and Warrant Agent, its agents and
each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted
for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified
person or entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Anti-Takeover Provisions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Charter and the Bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control over us. These
provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover
bids and encourage persons seeking to acquire control of us to first negotiate with our Board. We believe that the benefits of increased
protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging
a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Among
other things, the Charter and Bylaws include provisions regarding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the terms of the Class&nbsp;C Common Stock, which are held
by the PSQ Founder, and provide the PSQ Founder with a majority of the voting power of our Common Stock on any vote of our stockholders,
which could preclude stockholders from bringing matters before annual or special meetings of stockholders and delay changes in our Board
and also may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer&rsquo;s own slate
of directors or otherwise attempting to obtain control of us;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">opting out of Section&nbsp;203 of the DGCL to allow us to
establish our own rules governing business combinations with interested parties;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the ability of our Board to issue shares of preferred stock,
including &ldquo;blank check&rdquo; preferred stock and to determine the price and other terms of those shares, including preferences
and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the limitation of the liability of, and the indemnification
of, our directors and officers;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the exclusive right of our Board to elect a director to fill
a vacancy created by the expansion of our Board or the resignation, death or removal of a director, which prevents stockholders from
being able to fill vacancies on our Board;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the requirement that a special meeting of stockholders may
be called only by our Board, the chairperson of our Board, or our chief executive officer, which could delay the ability of stockholders
to force consideration of a proposal or to take action, including the removal of directors;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">controlling the procedures for the conduct and scheduling
of Board and stockholder meetings;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the requirement for the affirmative vote of holders of at
least 75% of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to amend,
alter, change or repeal certain provisions of the Charter or any provision of the Bylaws, which could preclude stockholders from bringing
matters before annual or special meetings of stockholders and delay changes in our Board and also may inhibit the ability of an acquirer
to effect such amendments to facilitate an unsolicited takeover attempt;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the ability of our Board to amend the bylaws, which may allow
our Board to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws to
facilitate an unsolicited takeover attempt;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">advance notice procedures with which stockholders must comply
to nominate candidates to our Board or to propose matters to be acted upon at a stockholders&rsquo; meeting, which could preclude stockholders
from bringing matters before annual or special meetings of stockholders and delay changes in our Board and also may discourage or deter
a potential acquirer from conducting a solicitation of proxies to elect the acquirer&rsquo;s own slate of directors or otherwise attempting
to obtain control of us; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our Board is divided into three classes, Class&nbsp;I, Class&nbsp;II
and Class&nbsp;III, with each class serving staggered terms, which could preclude stockholders from bringing matters before annual or
special meetings of stockholders and delay changes in our Board and also may discourage or deter a potential acquirer from conducting
a solicitation of proxies to elect the acquirer&rsquo;s own slate of directors or otherwise attempting to obtain control of us.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">These
provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our Board or management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Charter and Restated
Bylaw Provisions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Charter and Bylaws include a number of provisions that may have the effect of deterring hostile takeovers, or delaying or preventing changes
in control of our management team or changes in our Board or our governance or policy, including the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Issuance of Undesignated
Preferred Stock</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Board has the authority, without further action by the stockholders, to issue up to 50,000,000&nbsp;shares of undesignated preferred stock
with rights, powers and preferences, including voting powers, designated from time to time by our Board. The existence of authorized but
unissued shares of preferred stock enables our Board to render more difficult or to discourage an attempt to obtain control of us by means
of a merger, tender offer, proxy contest or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Exclusive forum
for certain lawsuits</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Charter requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against any of our current
or former directors, officers, employees or stockholders for breach of fiduciary duty and certain other actions may be brought only in
the Court of Chancery in the State of Delaware or if such court does not have subject matter jurisdiction, the federal district court
of the State of Delaware. Our Charter also requires, to the fullest extent permitted by applicable law, the federal district courts of
the United&nbsp;States to be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities
Act. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law in the types
of lawsuits to which it applies, a court may determine that these provisions are unenforceable, and to the extent they are enforceable,
the provisions may have the effect of discouraging lawsuits against our directors, officers, employees and stockholders although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Notwithstanding,
the Charter provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section&nbsp;27
of the Exchange&nbsp;Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the
Exchange&nbsp;Act or the rules and regulations thereunder. As a result, (i)&nbsp;the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange&nbsp;Act or any other claim for which the federal courts have exclusive
jurisdiction, and (ii)&nbsp;unless we consent in writing to the selection of an alternative forum, the federal district courts of the
United&nbsp;States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Special meeting
of stockholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Bylaws provide that special meetings of our stockholders may be called only by the chairman of our Board, or our chief executive officer,
or our Board pursuant to a resolution adopted by a majority of our Board, and may not be called by any other person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Advance notice
requirements for stockholder proposals and director nominations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder&rsquo;s
notice will need to be received by our secretary at our principal executive offices not later than the close of business on the 90<SUP>th</SUP>&nbsp;day
nor earlier than the opening of business on the 120<SUP>th</SUP>&nbsp;day prior to the anniversary date of the immediately preceding annual
meeting of stockholders. Pursuant to Rule&nbsp;14A-8&nbsp;of the Exchange&nbsp;Act, proposals seeking inclusion in our annual proxy statement
must comply with the notice periods contained therein. Our Bylaws also specify certain requirements as to the form and content of a stockholders&rsquo;
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>No action by written
consent</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Charter provides that our stockholders are not entitled to take any action by written consent in lieu of a meeting of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Board of Directors</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Board is divided into three classes, as nearly equal in number as possible and designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;III.&nbsp;The
term of the Class&nbsp;I Directors will expire at our 2027 annual meeting of the stockholders, the term of the Class&nbsp;II Directors
shall expire at our 2025 annual meeting of the stockholders and the term of the Class&nbsp;III Directors will expire at our 2026 annual
meeting of the stockholders. All directors elected at annual meetings of stockholders will be elected for terms ending on the third annual
meeting of stockholders following the annual meeting of the stockholders at which such director was elected or until the election and
qualification of their respective successors in office, subject to their earlier death, resignation or removal. Our Charter and our Bylaws
provide that the authorized number of directors may be changed only by resolution of our Board. Subject to the terms of any preferred
stock, any or all of the directors may be removed only for cause and only by the affirmative vote of the holders of at least seventy-five&nbsp;percent
(75%) of the voting power of the outstanding shares of our capital stock entitled to vote thereon. Any vacancy on our Board, including
a vacancy resulting from an enlargement of our Board, may be filled only by the affirmative vote of a majority of our directors then in
office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Listing of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
Class&nbsp;A Common Stock and Public Warrants are currently listed on the NYSE under the symbols &ldquo;PSQH&rdquo; and &ldquo;PSQH.WS,&rdquo;
respectively.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_008"></A>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may issue debt securities
either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus.
Debt securities may be our senior, senior subordinated or subordinated obligations and may be issued in one or more series. Unless otherwise
expressly stated in an accompanying prospectus supplement, the debt securities will represent our general, unsecured obligations and will
rank equally with all of our other unsecured indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any debt securities that
we issue will be issued under an indenture that will be entered into between us and a bank or trust company, or other trustee that is
qualified to act under the Trust Indenture Act of 1939 (the &ldquo;<B>TIA</B>&rdquo;), which we select to act as trustee. A copy of the
form of indenture (the &ldquo;<B>Indenture</B>&rdquo;) has been filed as an exhibit to the registration statement of which this prospectus
forms a part. The Indenture may be modified by one or more supplemental indentures, which we will incorporate by reference as an exhibit
to the registration statement of which this prospectus is a part. Any debt securities that we issue will include those stated in the Indenture
(including any supplemental indentures that specify the terms of a particular series of debt securities) as well as those made part of
the Indenture by reference to the TIA, as in effect on the date of the Indenture. The Indenture will be subject to and governed by the
terms of the TIA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following description
and any description in an accompanying prospectus supplement is a summary only and is subject to, and qualified in its entirety by reference
to the terms and provisions of the indentures and any supplemental indentures that we file with the SEC in connection with an issuance
of any series of debt securities. You should read all of the provisions of the indentures, including the definitions of certain terms,
as well as any supplemental indentures that we file with the SEC in connection with the issuance of any series of debt securities. These
summaries set forth certain general terms and provisions of the securities to which any accompanying prospectus supplement may relate.
The specific terms and provisions of a series of debt securities and the extent to which the general terms and provisions may also apply
to a particular series of debt securities will be described in the accompanying prospectus supplement. Copies of the Indenture may be
obtained from us or the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>General</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may issue the debt securities
in one or more series, with the same or various maturities, at par or at a discount. We will describe the particular terms of each series
of debt securities in an accompanying prospectus supplement relating to that series, which we will file with the SEC. Please read the
accompanying prospectus supplement relating to the series of debt securities being offered for specific terms including, when applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the title of the debt securities of the series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the price or prices (expressed as a percentage of the principal
amount thereof) at which debt securities of the series will be issued;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any limit on the aggregate principal amount of that series
of debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">whether such securities rank as senior debt securities, senior
subordinated debt securities or subordinated debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the terms and conditions, if any, upon which the debt securities
of the series shall be exchanged for or converted into other of our securities or securities of another person;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if the debt securities of the series will be secured by any
collateral and, if so, a general description of the collateral and the terms and provisions of such collateral security, pledge or other
agreements;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the date or dates on which we will pay the principal of the
debt securities of the series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the rate or rates, which may be fixed or variable, at which
debt securities of the series will bear interest, if any, or the method or methods, if applicable, used to determine those rates, the
date or dates, if any, from which interest on the debt securities of the series will begin to accrue, or the method or methods, if any,
used to determine those dates, the dates on which the interest, if any, on the debt securities of the series will be payable and the
record dates for the payment of interest;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the manner in which the amounts of payment of principal of
or interest, if any, of the debt securities of the series will be determined, if such amounts may be determined by reference to an index
based on a currency or currencies or by reference to a currency exchange rate, commodity, commodity index, stock exchange index or financial
index;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if other than the corporate trust office of the Trustee,
the place or places where amounts due on the debt securities of the series will be payable and where the debt securities of the series
may be surrendered for registration of transfer and exchange and where notices and demands to or upon us in respect of the debt securities
of the series may be served, and the method of such payment, if by wire transfer, mail or other means;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if applicable, the period or periods within which, and the
terms and conditions upon which, we may, at our option, redeem debt securities of the series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the terms and conditions, if applicable, upon which the holders
of debt securities may require us to repurchase or redeem debt securities of the series at the option of the holders of debt securities
of the series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the provisions, terms and conditions, if any, with respect
to any sinking fund or analogous provision;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the authorized denominations in which the debt securities
of the series will be issued, if other than denominations of $1,000 and any integral multiples of $1,000 in excess thereof;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">whether the debt securities of the series are to be issuable,
in whole or in part, in bearer form (&ldquo;bearer debt securities&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">whether any fully regulated debt securities of the series
will be issued in temporary or permanent global form (&ldquo;global debt securities&rdquo;) and, if so, the identity of the depositary
for the global debt securities if other than The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any depositaries, interest rate calculation agents, exchange
rate calculation agents or other agents;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the trustee for the debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the portion of the principal amount of the debt securities
of the series which will be payable upon acceleration of maturity, if other than the full principal amount;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any addition to, or modification or deletion of, any covenant
described in this prospectus or in the Indenture;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any events of default, if not otherwise described below under
&ldquo;&mdash;<I>Events of Default</I>&rdquo; and any change to the right of the holders to declare the principal of any debt securities
due and payable;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if other than U.S. dollars, the currency, currencies or currency
units of denomination of the debt securities of the series, which may be any foreign currency, and if such currency denomination is a
composite currency, the agency or organization, if any, responsible for overseeing such composite currency;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if other than U.S. dollars, the currency, currencies or currency
units in which the purchase price for the debt securities of the series will be payable, in which payments of principal and, if applicable,
premium or interest on the debt securities of the series will be payable, and, if necessary, the manner in which the exchange rate with
respect to such payments will be determined;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any listing of the debt securities on any securities exchange;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any additions or deletions to the defeasance or the satisfaction
and discharge provisions set forth herein;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">if and under what circumstances we will pay additional amounts
(&ldquo;<B>Additional Amounts</B>&rdquo;) on the debt securities of the series in respect of specified taxes, assessments or other governmental
charges and, if so, whether we will have the option to redeem the debt securities of the series rather than pay the Additional Amounts;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the priority and kind of any lien securing the debt securities
and a brief identification of the principal properties subject to such lien;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">additions or deletions to or changes in the provisions relating
to modification of the Indenture set forth herein; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any other terms of the debt securities of the series (whether
or not such other terms are consistent or inconsistent with any other terms of the Indenture).</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As used in this prospectus
and any accompanying prospectus supplement relating to the offering of debt securities of any series, references to the principal of and
premium, if any, and interest, if any, on the debt securities of the series include the payment of Additional Amounts, if any, required
by the debt securities of the series to be paid in that context.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Debt securities may be issued
as original issue discount securities to be sold at a substantial discount below their principal amount. In the event of an acceleration
of the maturity of any original issue discount security, the amount payable to the holder upon acceleration will be determined in the
manner described in the accompanying prospectus supplement. Certain U.S. federal income tax considerations applicable to original issue
discount securities will be described in the accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the purchase price of
any debt securities is payable in a foreign currency or if the principal of, or premium, if any, or interest, if any, on any debt securities
is payable in a foreign currency, the specific terms of those debt securities and the applicable foreign currency will be specified in
the accompanying prospectus supplement relating to those debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms of the debt securities
of any series may differ from the terms of the debt securities of any other series, and the terms of particular debt securities within
any series may differ from each other. Unless otherwise expressly provided in the accompanying prospectus supplement relating to any series
of debt securities, we may, without the consent of the holders of the debt securities of any series, reopen an existing series of debt
securities and issue additional debt securities of that series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise described
in an accompanying prospectus supplement relating to any series of debt securities and except to the limited extent set forth below under
<I>&ldquo;&mdash;Merger, Consolidation and Transfer of Assets</I>,&rdquo; there will be no limitation upon our ability to incur indebtedness
or other liabilities or that would afford holders of debt securities protection in the event of a business combination, takeover, recapitalization
or highly leveraged or similar transaction involving us. Accordingly, we may in the future enter into transactions that could increase
the amount of our consolidated indebtedness and other liabilities or otherwise adversely affect our capital structure or credit rating
without the consent of the holders of the debt securities of any series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Registration, Transfer and Payment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the applicable prospectus supplement, each series of debt securities will be issued in registered form only, without coupons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the applicable prospectus supplement, debt securities will be issued in denominations of $1,000 or any integral multiples of $1,000
in excess thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the accompanying prospectus supplement, the debt securities will be payable and may be surrendered for registration of transfer or
exchange and, if applicable, for conversion into or exchange for other securities or property, at an office or agency maintained by us
in the United States. However, we may, at our option, make payments of interest on any registered debt security by check mailed to the
address of the person entitled to receive that payment or by wire transfer to an account maintained by the payee with a bank located in
the United States. Unless otherwise indicated in the accompanying prospectus supplement, no service charge shall be made for any registration
of transfer or exchange, redemption or repayment of debt securities, or for any conversion or exchange of debt securities for other securities
or property, but we may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with that transaction.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
in the applicable prospectus supplement, we will not be required to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">issue, register the transfer of or exchange debt securities
of any series during a period beginning at the opening of business 15 days before any mailing of a notice of a redemption for the debt
securities of that series selected for redemption and ending at the close of business on the day of such mailing; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">register the transfer of or exchange any debt security, or
portion of any debt security, selected for redemption, except the unredeemed portion of any registered debt security being redeemed in
part.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Book-entry Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities of a
series may be issued in whole or in part in the form of one or more global debt securities. Global debt securities will be deposited with,
or on behalf of, a depositary which, unless otherwise specified in the applicable prospectus supplement relating to the series, will be
DTC. Global debt securities may be issued in either registered or bearer form and in either temporary or permanent form. Unless and until
it is exchanged in whole or in part for individual certificates evidencing debt securities, a global debt security may not be transferred
except as a whole by the depositary to its nominee or by the nominee to the depositary, or by the depositary or its nominee to a successor
depositary or to a nominee of the successor depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We anticipate that global
debt securities will be deposited with, or on behalf of, DTC and that global debt securities will be registered in the name of DTC&rsquo;s
nominee, Cede &amp; Co. All interests in global debt securities deposited with, or on behalf of, DTC will be subject to the operations
and procedures of DTC and, in the case of any interests in global debt securities held through Euroclear Bank S.A./N.V. (&ldquo;<B>Euroclear</B>&rdquo;)
or Clearstream Banking, soci&eacute;t&eacute; anonyme (&ldquo;<B>Clearstream, Luxembourg</B>&rdquo;), the operations and procedures of
Euroclear or Clearstream, Luxembourg, as the case may be. We also anticipate that the following provisions will apply to the depository
arrangements with respect to global debt securities. Additional or differing terms of the depository arrangements may be described in
the accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC has advised that it is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a limited-purpose trust company organized under the New York
Banking Law;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;banking organization&rdquo; within the meaning of
the New York Banking Law;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a member of the Federal Reserve System;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;clearing corporation&rdquo; within the meaning of
the New York Uniform Commercial Code; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;clearing agency&rdquo; registered pursuant to the
provisions of Section 17A of the Exchange Act.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC holds securities that
its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, including transfers
and pledges, in deposited securities through electronic computerized book-entry changes in participants&rsquo; accounts, which eliminates
the need for physical movement of securities certificates. Direct participants include securities brokers and dealers, banks, trust companies,
clearing corporations and other organizations. Access to the DTC system is also available to others, sometimes referred to in this prospectus
as indirect participants, that clear transactions through or maintain a custodial relationship with a direct participant either directly
or indirectly. Indirect participants include securities brokers and dealers, banks and trust companies. The rules applicable to DTC and
its participants are on file with the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Purchases of debt securities
within the DTC system must be made by or through direct participants, which will receive a credit for the debt securities on DTC&rsquo;s
records. The ownership interest of the actual purchaser or beneficial owner of a debt security is, in turn, recorded on the direct and
indirect participants&rsquo; records. Beneficial owners will not receive written confirmation from DTC of their purchases, but beneficial
owners are expected to receive written confirmations providing details of the transactions, as well as periodic statements of their holdings,
from the direct or indirect participants through which they purchased the debt securities. Transfers of ownership interests in debt securities
are to be accomplished by entries made on the books of participants acting on behalf of beneficial owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beneficial owners will not
receive certificates representing their ownership interests in the debt securities, except under the limited circumstances described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To facilitate subsequent
transfers, all debt securities deposited by participants with DTC will be registered in the name of DTC&rsquo;s nominee, Cede &amp; Co.
The deposit of debt securities with DTC and their registration in the name of Cede &amp; Co. will not change the beneficial ownership
of the debt securities. DTC has no knowledge of the actual beneficial owners of the debt securities. DTC&rsquo;s records reflect only
the identity of the direct participants to whose accounts the debt securities are credited. Those participants may or may not be the beneficial
owners. The participants are responsible for keeping account of their holdings on behalf of their customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Conveyance of notices and
other communications by DTC to direct participants, by direct participants to indirect participants and by direct and indirect participants
to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time to time. Redemption
notices shall be sent to DTC or its nominee. If less than all of the debt securities of a series are being redeemed, DTC will reduce the
amount of the interest of each direct participant in the debt securities under its procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In any case in which a vote
may be required with respect to the debt securities of any series, neither DTC nor Cede &amp; Co. will give consents for or vote the global
debt securities. Under its usual procedures, DTC will mail an omnibus proxy to us after the record date. The omnibus proxy assigns the
consenting or voting rights of Cede &amp; Co. to those direct participants to whose accounts the debt securities are credited on the record
date identified in a listing attached to the omnibus proxy. Principal and premium, if any, and interest, if any, on the global debt securities
will be paid to Cede &amp; Co., as nominee of DTC. DTC&rsquo;s practice is to credit direct participants&rsquo; accounts on the relevant
payment date unless DTC has reason to believe that it will not receive payments on the payment date. Payments by direct and indirect participants
to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the account
of customers in bearer form or registered in &ldquo;street name.&rdquo; Those payments will be the responsibility of DTC&rsquo;s direct
and indirect participants and not of DTC, us, the Trustee or any underwriters or agents involved in the offering or sale of any debt securities.
Payment of principal, premium, if any, and interest, if any, to DTC is our responsibility, disbursement of payments to direct participants
is the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility of direct and indirect participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except under the limited
circumstances described below, beneficial owners of interests in a global debt security will not be entitled to have debt securities registered
in their names and will not receive physical delivery of debt securities. Accordingly, each beneficial owner must rely on the procedures
of DTC to exercise any rights under the debt securities and the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The laws of some jurisdictions
may require that some purchasers of securities take physical delivery of securities in definitive form. These laws may impair the ability
to transfer or pledge beneficial interests in global debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">DTC is under no obligation
to provide its services as depositary for the debt securities of any series and may discontinue providing its services at any time. None
of us, the Trustee or any underwriters or agents involved in the offering or sale of any debt securities will have any responsibility
for the performance by DTC or its participants or indirect participants under the rules and procedures governing DTC. As noted above,
beneficial owners of interests in global debt securities generally will not receive certificates representing their ownership interests
in the debt securities. However, if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">DTC notifies us that it is unwilling or unable to continue
as a depositary for the global debt securities of any series, or if at any time DTC ceases to be a clearing agency registered under the
Exchange Act (if so required by applicable law or regulation) and a successor depositary for the debt securities of such series is not
appointed within 90 days of such event, as the case may be, or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an event of default under the Indenture has occurred and
is continuing with respect to the debt securities of any series,</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">we will prepare and deliver
certificates for the debt securities of that series in exchange for beneficial interests in the global debt securities of that series.
Any beneficial interest in a global debt security that is exchangeable under the circumstances described in the preceding sentence will
be exchangeable for debt securities in definitive certificated form registered in the names and in the authorized denominations that the
depositary shall direct. It is expected that these directions will be based upon directions received by the depositary from its participants
with respect to ownership of beneficial interests in the global debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Clearstream, Luxembourg and
Euroclear hold interests on behalf of their participating organizations through customers&rsquo; securities accounts in Clearstream, Luxembourg&rsquo;s
and Euroclear&rsquo;s names on the books of their respective depositaries, which hold those interests in customers&rsquo; securities accounts
in the depositaries&rsquo; names on the books of DTC. At the present time, Citibank, N.A. acts as U.S. depositary for Clearstream, Luxembourg
and JPMorgan Chase Bank, N.A. acts as U.S. depositary for Euroclear (the &ldquo;<B>U.S. Depositaries</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Clearstream, Luxembourg holds
securities for its participating organizations (&ldquo;Clearstream Participants&rdquo;) and facilitates the clearance and settlement of
securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants,
thereby eliminating the need for physical movement of certificates. Clearstream, Luxembourg provides to Clearstream Participants, among
other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending
and borrowing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Clearstream, Luxembourg is
registered as a bank in Luxembourg, and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the
Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are financial
institutions including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include
any underwriters or agents involved in the offering or sale of any debt securities or their respective affiliates. Indirect access to
Clearstream, Luxembourg is available to other institutions that clear through or maintain a custodial relationship with a Clearstream
Participant. Clearstream, Luxembourg has established an electronic bridge with Euroclear as the operator of the Euroclear System (the
&ldquo;<B>Euroclear Operator</B>&rdquo;) in Brussels to facilitate settlement of trades between Clearstream, Luxembourg and the Euroclear
Operator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Distributions with respect
to global debt securities held beneficially through Clearstream, Luxembourg will be credited to cash accounts of Clearstream Participants
in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream, Luxembourg. Euroclear holds
securities and book-entry interests in securities for participating organizations (&ldquo;<B>Euroclear Participants</B>&rdquo;) and facilitates
the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants
of certain other securities intermediaries through electronic book-entry changes in accounts of such participants or other securities
intermediaries. Euroclear provides Euroclear Participants, among other things, with safekeeping, administration, clearance and settlement,
securities lending and borrowing, and related services. Euroclear Participants are investment banks, securities brokers and dealers, banks,
central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations, and may
include any underwriters or agents involved in the offering or sale of any debt securities or their respective affiliates. Non-participants
in Euroclear may hold and transfer beneficial interests in a global debt security through accounts with a participant in the Euroclear
System or any other securities intermediary that holds a book-entry interest in a global debt security through one or more securities
intermediaries standing between such other securities intermediary and Euroclear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Securities clearance accounts
and cash accounts with the Euroclear Operator are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating
Procedures of the Euroclear System, and applicable Belgian law (collectively, the &ldquo;<B>Terms and Conditions</B>&rdquo;). The Terms
and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear and receipts
of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific
certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear
Participants, and has no record of or relationship with persons holding through Euroclear Participants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Distributions on interests
in global debt securities held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance
with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Transfers between Euroclear
Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating
procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cross-market transfers between
direct participants in DTC, on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected
through DTC in accordance with DTC&rsquo;s rules on behalf of Euroclear or Clearstream, Luxembourg, as the case may be, by its U.S. Depositary;
however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, Luxembourg, as the case may
be, by the counterparty in such system in accordance with the applicable rules and procedures and within the established deadlines (European
time) of such system. Euroclear or Clearstream, Luxembourg, as the case may be, will, if the transaction meets its settlement requirements,
deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests
in global debt securities in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable
to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to time zone differences,
the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global debt security from a
direct participant in DTC will be credited, and any such crediting will be reported to the relevant Euroclear Participant or Clearstream
Participant, during the securities settlement processing day (which must be a business day for Euroclear or Clearstream, Luxembourg) immediately
following the settlement date of DTC. Cash received in Euroclear or Clearstream, Luxembourg as a result of sales of interests in a global
debt security by or through a Euroclear Participant or Clearstream Participant to a direct participant in DTC will be received with value
on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream, Luxembourg cash account only as of the business
day for Euroclear or Clearstream, Luxembourg following DTC&rsquo;s settlement date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Euroclear and Clearstream,
Luxembourg are under no obligation to perform or to continue to perform the foregoing procedures and such procedures may be discontinued
at any time without notice. None of us, the Trustee or any underwriters or agents involved in the offering or sale of any debt securities
will have any responsibility for the performance by Euroclear or Clearstream, Luxembourg or their respective participants of their respective
obligations under the rules and procedures governing their operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The information in this section
concerning DTC, Euroclear and Clearstream, Luxembourg and their book-entry systems has been obtained from sources that we believe to be
reliable, but we take no responsibility for the accuracy of that information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Redemption and Repurchase</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt securities of any
series may be redeemable at our option, or may be subject to mandatory redemption by us, as required by a sinking fund or otherwise. In
addition, the debt securities of any series may be subject to repurchase or repayment by us, at the option of the holders. The accompanying
prospectus supplement will describe the terms, the times and the prices regarding any optional or mandatory redemption by us or any repurchase
or repayment at the option of the holders of any series of debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Conversion and Exchange</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The terms, if any, on which
debt securities of any series are convertible into or exchangeable for our common shares or any other securities or property will be set
forth in the accompanying prospectus supplement. Such terms may include provisions for conversion or exchange, which may be mandatory,
at the option of the holders or at our option. Unless otherwise expressly stated in the accompanying prospectus supplement, references
in this prospectus and any accompanying prospectus supplement to the conversion or exchange of debt securities of any series for our common
stock or other securities or property shall be deemed not to refer to or include any exchange of any debt securities of a series for other
debt securities of the same series.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Merger, Consolidation and Transfer of Assets</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in the accompanying prospectus supplement, the Indenture provides that we will not, directly or indirectly, in any transaction or series
of related transactions, consolidate or merge with another person (whether or not we are the surviving corporation), or sell, assign,
transfer, lease or convey or otherwise dispose of all or substantially all of the property and assets of us and our subsidiaries taken
as a whole, to another person unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we shall be the continuing entity or the resulting, surviving
or transferee person shall (i) be a corporation, partnership, limited liability company, trust or other entity organized and validly
existing under the laws of any domestic or foreign jurisdiction and (ii) shall expressly assume by supplemental indenture reasonably
satisfactory in form to the Trustee all of our obligations under the debt securities and the Indenture (including, without limitation,
the obligation to convert or exchange any debt securities that are convertible into or exchangeable for other securities or property
in accordance with the provisions of such debt securities and the Indenture);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">immediately after giving effect to a transaction described
above, no event of default under the Indenture, and no event which, after notice or lapse of time or both would become an event of default
under the Indenture, shall exist; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Trustee shall have received the officers&rsquo; certificate
and opinion of counsel called for by the Indenture.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of any such merger,
consolidation, sale, assignment, transfer, lease, conveyance or other disposition in which we are not the continuing entity and upon execution
and delivery by the successor person of the supplemental indenture described above, such successor person shall succeed to, and be substituted
for us and may exercise every right and power of us under the Indenture with the same effect as if such successor person had been named
as us therein, and we shall be automatically released and discharged from all obligations and covenants under the Indenture and the debt
securities issued under that indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Events of Default</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise specified
in the accompanying prospectus supplement, any of the following events will be events of default with respect to the debt securities of
any series:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">default in payment of any interest on, or any Additional
Amounts payable in respect of, any of the debt securities of a series when due and payable, and continuance of such default for a period
of 30 days;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">default in payment of any principal of, or premium, if any,
on, or any Additional Amounts, if any, payable in respect of any principal of or premium, if any, on, any of the debt securities of a
series when due (whether at maturity, upon redemption, upon repayment or repurchase at the option of the holder or otherwise and whether
payable in cash or common shares or other securities or property);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">default in the performance or breach of any covenant (other
than those events defaults referenced in the first and second bullet points above) for the benefit of the holders of the debt securities
of a series for 90 days after receipt of written notice of such default given by the Trustee or holders of not less than 25% in principal
amount of the debt securities of such series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">specified events of bankruptcy, insolvency or reorganization
with respect to us; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any other event of default established for the debt securities
of that series.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No event of default with
respect to any particular series of debt securities necessarily constitutes an event of default with respect to any other series of debt
securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture provides that
the holders of a majority in aggregate principal amount of the outstanding debt securities of any series may waive our compliance with
the provisions described above under &ldquo;&mdash;<I>Merger, Consolidation and Transfer of Assets</I>&rdquo; and certain other provisions
of the Indenture and, if specified in the accompanying prospectus supplement relating to such series of debt securities, any additional
covenants applicable to the debt securities of such series. The Indenture also provides that holders of not less than a majority in aggregate
of principal amount of the then outstanding debt securities of any series may waive an existing default or event of default with respect
to the debt securities of such series, except a default in payment of principal of, or premium, if any, or interest, if any, or Additional
Amounts, if any, or sinking fund payments, if any, on debt securities of that series or, in the case of any debt securities which are
convertible into or exchangeable for other securities or property, a default in any such conversion or exchange, or a default in respect
of a covenant or provision which cannot be modified or amended without the consent of the holder of each outstanding debt security of
the affected series. As used in this paragraph, the term &ldquo;default&rdquo; means any event which is, or after notice or lapse of time
or both would become, an event of default with respect to the debt securities of any series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture also provides
that if an event of default (other than an event of default specified in the fourth and fifth bullet points of the third preceding paragraph)
occurs and is continuing with respect to any series of debt securities, either the Trustee or the holders of more than 25% in principal
amount of the debt securities of that series then outstanding may declare the principal of, or if debt securities of that series are original
issue discount securities, such lesser amount as may be specified in the terms of that series of debt securities, and accrued and unpaid
interest, if any, on all the debt securities of that series to be due and payable immediately. The Indenture also provides that if an
event of default specified in the fourth and fifth bullet points of the third preceding paragraph occurs with respect to any series of
debt securities, then the principal of, or if debt securities of that series are original issue discount securities, such lesser amount
as may be specified in the terms of that series of debt securities, and accrued and unpaid interest, if any, on all the debt securities
of that series will automatically become and be immediately due and payable without any declaration or other action on the part of the
Trustee or any holder of the debt securities of that series. However, upon specified conditions, the holders of a majority in principal
amount of the debt securities of a series then outstanding may rescind and annul an acceleration of the debt securities of that series
and its consequences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the provisions
of the TIA requiring the Trustee, during the continuance of an event of default under the Indenture, to act with the requisite standard
of care, the Trustee is under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of
any of the holders of debt securities of any series unless those holders have offered the Trustee indemnity reasonably satisfactory to
the Trustee against the costs, fees and expenses and liabilities which might be incurred in compliance with such request or direction.
Subject to the foregoing, holders of a majority in principal amount of the outstanding debt securities of any series issued under the
Indenture have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee under
the Indenture with respect to that series. The Indenture requires our annual filing with the Trustee of a certificate which states whether
or not we are in default under the terms of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No holder of any debt securities
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment
of a receiver or trustee, or for any other remedy under the Indenture, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the holder gives written notice to the Trustee of a continuing
event of default with respect to the debt securities of such series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the holders of more than 25% in aggregate principal amount
of the outstanding debt securities of such series make a written request to the Trustee to institute proceedings in respect of such event
of default;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the holder or holders offer to the Trustee indemnity reasonably
satisfactory to the Trustee against the costs, fees and expenses and liabilities to be incurred in compliance with such request;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Trustee for 90 days after its receipt of such notice,
request and offer of indemnity fails to institute any such proceeding; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">no direction inconsistent with such written request is given
to the Trustee during such 90-day period by the holders of a majority of the aggregate principal amount of the then outstanding debt
securities of such series.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding any other
provision of the Indenture, the holder of a debt security will have the right, which is absolute and unconditional, to receive payment
of the principal of and premium, if any, and interest, if any, on that debt security on the respective due dates for those payments and,
in the case of any debt security which is convertible into or exchangeable for other securities or property, to convert or exchange, as
the case may be, that debt security in accordance with its terms, and to institute suit for the enforcement of those payments and any
right to effect such conversion or exchange, and this right shall not be impaired without the consent of the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Modification, Waivers and Meetings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we and
the Trustee, with the consent of the holders of a majority in principal amount of the outstanding debt securities of each series issued
under the Indenture and affected by a modification or amendment, may modify, amend, supplement or waive compliance with any of the provisions
of the Indenture or of the debt securities of the applicable series or the rights of the holders of the debt securities of that series
under the Indenture. However, unless otherwise specified in the accompanying prospectus supplement, no such modification, amendment, supplement
or waiver may, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">change the amount of debt securities of any series issued
under the Indenture whose holders must consent to any amendment, supplement or waiver;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">reduce the rate of or extend the time for payment of interest
(including default interest) on any debt securities issued under the Indenture;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">reduce the principal or change the stated maturity of the
principal of, or postpone the date fixed for, the payment of any sinking fund or analogous obligations with respect to any debt securities
issued under the Indenture;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">reduce the amount of principal of any original issue discount
securities that would be due and payable upon an acceleration of the maturity thereof;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">waive any default or event of default in the payment of the
principal of or interest, if any, on any debt securities (except a rescission of acceleration of the debt securities by the holders of
at least a majority in principal amount of the outstanding series of such debt securities and a waiver of the payment default that resulted
from such acceleration);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">change any place where or the currency in which debt securities
are payable;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">make any changes to the provisions of the Indenture relating
to waivers of past defaults, rights of holders of debt securities to receive payment or limitations on amendments to the Indenture without
the consent of all holders; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">waive any redemption payment with respect to a debt security
of such series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">without in each case obtaining
the consent of the holder of each outstanding debt security issued under the Indenture affected by the modification or amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we and
the Trustee, without the consent of the holders of any debt securities issued under the Indenture, may modify, amend, supplement or waive
compliance with any provisions of the Indenture, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to cure any ambiguity, defect or inconsistency;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to provide for uncertificated debt securities in addition
to or in place of certificated debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to evidence the succession of another person to us under
the Indenture and the assumption by that successor of our covenants, contained in the Indenture and in the debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to add any additional events of default with respect to all
or any series of debt securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to secure the debt securities of any series pursuant to the
requirements of any covenant on liens in respect of such series or otherwise;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to change or eliminate any provision of the Indenture, or
to add any new provisions to the Indenture, provided that any such change, elimination or addition (A) shall (i) not apply to any debt
securities outstanding on the date of such supplemental indenture or (ii) modify the rights of the holder of any debt security with respect
to such provision in effect prior to the date of such supplemental indenture or (B) shall become effective only when no debt security
of such series remains outstanding;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to make any change that would provide additional rights or
benefits to holders of the debt securities of such series or that does not adversely affect the holders&rsquo; rights under the Indenture
in any material respect;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to comply with requirements of the SEC in order to effect
or maintain the qualification of the Indenture under the TIA;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to provide for the issuance of and establish the form and
terms and conditions of debt securities of any series as permitted by the Indenture;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to evidence and provide for the acceptance of the appointment
of a successor trustee in respect of the debt securities of one or more series or to add to or change any of the provisions of the Indenture
as are necessary to provide for or facilitate the administration of the Indenture by more than one trustee;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to add additional guarantors or obligors under the Indenture;
or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to conform any provision of the Indenture or any debt securities
or security documents to the description thereof reflected in any prospectus (including this prospectus), accompanying prospectus supplement,
offering memorandum or similar offering document used in connection with the initial offering or sale of such debt securities to the
extent that such description was intended to be a verbatim recitation of a provision of the Indenture, the debt securities or security
documents.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt; background-color: white"><B>Discharge,
Defeasance and Covenant Defeasance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise provided
in the applicable prospectus supplement, upon our direction, the Indenture shall cease to be of further effect with respect to any series
of debt securities issued under the Indenture specified by us, subject to the survival of specified provisions of the Indenture (including
the obligation to pay Additional Amounts, if any, and the obligation, if applicable, to exchange or convert debt securities of that series
into other securities or property in accordance with their terms) when</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">either:</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: justify">all of the debt securities of such series that have been authenticated,
except lost, stolen or destroyed debt securities that have been replaced or paid and debt securities for whose payment money has theretofore
been deposited in trust and thereafter repaid to us, have been delivered to the Trustee for cancellation; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: justify">all of the debt securities of such series that have not been
delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise
or will become due and payable within one year or have been called for redemption and we have irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the holders of such debt securities, cash in U.S. dollars, non-callable
U.S. government securities or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment
of interest, to pay and discharge the entire indebtedness on such debt securities not delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">no default or event of default has occurred and is continuing
on the date of such deposit (other than a default or event of default resulting from the borrowing of funds to be applied to such deposit
or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each
case, the granting of liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default
under, any material instrument to which we are a party or by which we are bound (other than a breach, violation or default resulting
from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous
deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we have paid or caused to be paid all sums payable by us
under the Indenture; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we have delivered irrevocable instructions to the Trustee
for such debt securities to apply the deposited money toward the payment of such debt securities at maturity or on the redemption date,
as the case may be.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise provided
in the accompanying prospectus supplement, we may elect with respect to any series of debt securities and at any time, to have our obligations
discharged with respect to the outstanding debt securities of such series (&ldquo;<B>Legal Defeasance</B>&rdquo;). Legal Defeasance means
that we shall be deemed to have paid and discharged the entire indebtedness represented by the debt securities of such series, and the
Indenture shall cease to be of further effect as to all outstanding debt securities of such series, except as to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">rights of holders of outstanding debt securities of such
series to receive payments in respect of the principal of and interest, if any, on the debt securities of such series when such payments
are due solely out of the trust funds referred to below;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our obligations with respect to the debt securities of such
series concerning issuing temporary debt securities of such series, registration of debt securities of such series, mutilated, destroyed,
lost or stolen debt securities of such series, and the maintenance of an office or agency for payment and money for security payments
held in trust;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the rights, powers, trusts, duties and immunities of the
Trustee for such debt securities of such series under the Indenture, and the obligations of us in connection therewith; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Legal Defeasance provisions of the Indenture.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we may, at our
option and at any time, elect to have our obligations released with respect to substantially all of the covenants under the Indenture,
except as described otherwise in the Indenture (&ldquo;<B>Covenant Defeasance</B>&rdquo;), and thereafter any omission to comply with
such obligations shall not constitute a default or event of default with respect to the debt securities of such series. In the event Covenant
Defeasance occurs, certain events of default will no longer constitute an event of default with respect to the debt securities of such
series. Covenant Defeasance will not be effective until such bankruptcy events no longer apply. We may exercise our Legal Defeasance option
regardless of whether we have previously exercised Covenant Defeasance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to exercise either
Legal Defeasance or Covenant Defeasance:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we must irrevocably deposit with the Trustee, as trust funds,
in trust solely for the benefit of the holders, cash in U.S. dollars, non-callable U.S. government securities or a combination thereof,
in such amounts as will be sufficient in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants, to pay the principal of and interest on the debt securities of such series on the stated date for payment or on the
redemption date of the principal or installment of principal of or interest on the debt securities of such series;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in the case of Legal Defeasance, we shall have delivered
to the Trustee an opinion of counsel in the United States confirming that:</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: justify">we have received from, or there has been published by, the
Internal Revenue Service a ruling; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: justify">since the date of the issuance of the debt securities of such
series, there has been a change in the applicable U.S. federal income tax law;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">in either case to the effect that,
and based thereon this opinion of counsel shall confirm that, subject to customary assumptions and exclusions, the holders and beneficial
owners of debt securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in the case of Covenant Defeasance, we shall have delivered
to the Trustee an opinion of counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary
assumptions and exclusions, the holders and beneficial owners of the debt securities of such series will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">no default or event of default shall have occurred and be
continuing on the date of such deposit (other than a default or event of default resulting from the borrowing of funds to be applied
to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness
and, in each case, the granting of liens in connection therewith);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">such Legal Defeasance or Covenant Defeasance shall not result
in a breach or violation of, or constitute a default under any material agreement or instrument (other than the Indenture) to which we
or any of our subsidiaries is a party or by which we or any of our subsidiaries is bound (other than that resulting from the borrowing
of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating
to other indebtedness and, in each case, the granting of liens in connection therewith);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we shall have delivered to the Trustee an officers&rsquo;
certificate stating that the deposit was not made by it with the intent of preferring the holders of debt securities of such series over
any other of our creditors or with the intent of defeating, hindering, delaying or defrauding any of our creditors or others; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we shall have delivered to the Trustee an officers&rsquo;
certificate and an opinion of counsel (which opinion of counsel may be subject to customary assumptions and exclusions), each stating
that the conditions provided for in, in the case of the officers&rsquo; certificate, clauses (a) through (f) and, in the case of the
opinion of counsel, clauses (b) and/or (c) and (e) of this paragraph have been complied with.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the funds deposited with
the Trustee to effect Covenant Defeasance are insufficient to pay the principal of and interest on the debt securities of such series
when due, then our obligations and the obligations of our subsidiaries, if applicable, under the Indenture will be revived and no such
defeasance will be deemed to have occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt; background-color: white"><B>Governing
Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Indenture and the debt
securities will be governed by, and construed in accordance with, the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt; background-color: white"><B>Regarding
the Trustee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will identify the trustee
with respect to any series of debt securities in the prospectus supplement relating to the applicable debt securities. The TIA limits
the rights of a trustee, if the trustee becomes a creditor of ours to obtain payment of claims or to realize on property received by it
in respect of those claims, as security or otherwise. Any trustee is permitted to engage in other transactions with us and our subsidiaries
from time to time. However, if a trustee acquires any conflicting interest it must eliminate the conflict upon the occurrence of an event
of default under the Indenture or resign as trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of a majority
in principal amount of the then outstanding debt securities of any series may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an event of default occurs
and is continuing, the Trustee will be required to use the degree of care and skill of a prudent man in the conduct of his own affairs.
The Trustee will become obligated to exercise any of its powers under the Indenture at the request of any of the holders of debt securities
only after those holders have offered the Trustee indemnity satisfactory to it<FONT STYLE="background-color: white">.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_009"></A>DESCRIPTION
OF WARRANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
following summarizes the general terms of stock and debt warrants that we may offer. The particular terms of any stock and debt warrants
will be described in an accompanying prospectus supplement. The description below and in any accompanying prospectus supplement is not
complete. You should read the form of warrant agreement and any warrant certificate that we will file with the SEC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Warrants to Purchase Capital
Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">If we offer
stock warrants, the prospectus supplement will describe the terms of the stock warrants, including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The offering price,
if any;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>If applicable, the
designation and terms of any preferred stock purchasable upon exercise of preferred stock warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The number of shares
of common stock or preferred stock purchasable upon exercise of one stock warrant and the initial price at which the shares may be purchased
upon exercise;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The dates on which
the right to exercise the stock warrants begins and expires;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>U.S. federal income
tax consequences;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>Call provisions, if
any;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The currencies in which
the offering price and exercise price are payable; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>If applicable, the
antidilution provisions of the stock warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
shares of common stock or preferred stock we issue upon exercise of the stock warrants will, when issued in accordance with the stock
warrant agreement, be validly issued, fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Exercise of Warrants to Purchase
Capital Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
may exercise stock warrants by surrendering to the stock warrant agent the stock warrant certificate, which indicates your election to
exercise all or a portion of the stock warrants evidenced by the certificate. Surrendered stock warrant certificates must be accompanied
by payment of the exercise price in the form of cash or check. The stock warrant agent will deliver certificates evidencing duly exercised
stock warrants to the transfer agent. Upon receipt of the certificates, the transfer agent will deliver a certificate representing the
number of shares of common stock or preferred stock purchased. If you exercise fewer than all the stock warrants evidenced by any certificate,
the stock warrant agent will deliver a new stock warrant certificate representing the unexercised stock warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>No Rights as Stockholders</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Holders
of stock warrants are not entitled to vote, to consent, to receive dividends or to receive notice as stockholders with respect to any
meeting of stockholders or to exercise any rights whatsoever as our stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Warrants to Purchase Debt
Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">If
we offer debt warrants, the accompanying prospectus supplement will describe the terms of the warrants, including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">The offering price, if any;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The designation, aggregate
principal amount and terms of the debt securities purchasable upon exercise of the warrants and the terms of the indenture under which
the debt securities will be issued;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>If applicable, the
designation and terms of the debt securities with which the debt warrants are issued and the number of debt warrants issued with each
debt security;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">If applicable, the date on and after which the debt warrants
and the related securities will be <FONT STYLE="background-color: white">separately transferable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">The principal amount
of debt securities purchasable upon exercise of one debt warrant, and the price at which the principal amount of debt securities may
be purchased upon exercise;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The dates on which
the right to exercise the debt warrants begins and expires;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>U.S. federal income
tax consequences;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>Whether the warrants
represented by the debt warrant certificates will be issued in registered or bearer form;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The currencies in which
the offering price and exercise price are payable; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>If applicable, any
antidilution provisions.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
may exchange debt warrant certificates for new debt warrant certificates of different denominations and may present debt warrant certificates
for registration of transfer at the corporate trust office of the debt warrant agent, which will be listed in an accompanying prospectus
supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Exercise
of Warrants to Purchase Debt Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">You
may exercise debt warrants by surrendering the debt warrant certificate at the corporate trust office of the debt warrant agent, with
payment in full of the exercise price. Upon the exercise of debt warrants, the debt warrant agent will, as soon as practicable, deliver
the debt securities in authorized denominations in accordance with your instructions and at your sole cost and risk. If less than all
the debt warrants evidenced by the debt warrant certificate are exercised, the agent will issue a new debt warrant certificate for the
remaining amount of debt warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>No Rights
as Holders of Debt Securities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Warrantholders
do not have any of the rights of holders of debt securities, except to the extent that the consent of warrantholders may be required for
certain modifications of the terms of an indenture or form of the debt security, as the case may be, and the series of debt securities
issuable upon exercise of the debt warrants. In addition, warrantholders are not entitled to payments of principal of and interest, if
any, on the debt securities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_010"></A>DESCRIPTION
OF RIGHTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
may issue or distribute rights to our stockholders for the purchase of shares of our Common Stock, preferred stock or debt securities.
We may issue rights independently or together with other securities, and the rights may be attached to or separate from any offered or
distributed securities and may or may not be transferrable by the stockholder receiving the rights. In connection with any offering of
rights, we may enter into a standby underwriting, backstop or other arrangement with one or more underwriters or other persons pursuant
to which the underwriters or other persons may agree to purchase any securities remaining unsubscribed for after such rights offering.
Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights
agent, all as set forth in an accompanying prospectus supplement relating to the particular issue of rights. The rights agent will act
solely as an agent of the Company in connection with the certificates relating to the rights of such series and will not assume any obligation
or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
following summary of material provisions of the rights are subject to, and qualified in their entirety by reference to, all the provisions
of the certificates representing rights applicable to a particular series of rights. The terms of any rights offered or distributed under
an accompanying prospectus supplement may differ from the terms described below. We urge you to read the accompanying prospectus supplement
as well as the complete certificates representing the rights that contain the terms of the rights. The particular terms of any issue of
rights will be described in an accompanying prospectus supplement relating to the issue, and may include:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>in the case of a distribution
of rights to our stockholders, the date for determining the stockholders entitled to the rights distribution;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>in the case of a distribution
of rights to our stockholders, the number of rights issued or to be issued to each stockholder;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>the aggregate number
of shares of Common Stock, preferred stock or debt securities purchasable upon exercise of such rights and the exercise price;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>the aggregate number
of rights being issued;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>the extent to which
the rights are transferrable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>the date on which the
holder&rsquo;s ability to exercise such rights shall commence and the date on which such right shall expire;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>the extent to which
the rights may include an over-subscription privilege with respect to unsubscribed securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>a discussion of material
federal income tax considerations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>any other material
terms of such rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of such rights;
and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>if applicable, the
material terms of any standby underwriting, backstop or purchase arrangement which may be entered into by the Company in connection with
the offering, issuance or distribution of rights.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Each
right will entitle the holder of rights to purchase for cash the number of shares of common stock or preferred stock or the principal
amount of debt securities at the exercise price provided in the accompanying prospectus supplement. Rights may be exercised at any time
up to the close of business on the expiration date for the rights provided in the accompanying prospectus supplement. After the close
of business on the expiration date, all unexercised rights will be void and of no further force and effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Holders
may exercise rights as described in the accompanying prospectus supplement. Upon receipt of payment and the rights certificate properly
completed and duly executed at the corporate trust office of the rights agent or any other office indicated in an accompanying prospectus
supplement, we will, as soon as practicable, forward the shares of Common Stock or preferred stock or principal amount of debt securities
purchased upon exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed
shares of Common Stock or preferred stock or principal amount of debt securities directly to persons, which may be to or through agents,
underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting arrangements, as described
in the accompanying prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Until
any rights to purchase Common Stock or preferred stock are exercised, the holders of the any rights will not have any rights of holders
of the underlying Common Stock or preferred stock, including any rights to receive dividends or payments upon any liquidation, dissolution
or winding up on the Common Stock or preferred stock, if any. Until any rights to purchase debt securities are exercised, the holder of
any rights will not have any rights of holders of the debt securities that can be purchased upon exercise, including any rights to receive
payments of principal, premium or interest on the underlying debt securities or to enforce covenants in the applicable indenture.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_011"></A>DESCRIPTION
OF UNITS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">As
may be specified in an accompanying prospectus supplement, we may issue units consisting of one or more of our securities registered hereby.
An accompanying prospectus supplement will describe:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>The terms of the units
and of the securities comprising the units, including whether and under what circumstances the securities comprising the units may be
traded separately;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>A description of the
terms of any unit agreement governing the units; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT>A description of the
provisions for the payment, settlement, transfer or exchange of the units.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_012"></A>PLAN OF
DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may sell the securities
from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods.
We may sell the securities to or through underwriters or dealers, through agents, through broker-dealers, or directly to one or more purchasers.
We may distribute securities from time to time in one or more transactions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at a fixed price or prices, which may be changed;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at market prices prevailing at the time of sale;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at prices related to such prevailing market prices; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at negotiated prices.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also sell equity securities
covered by this registration statement in an &ldquo;at the market offering&rdquo; as defined in Rule 415 under the Securities Act. Such
offering may be made into an existing trading market for such securities in transactions at other than a fixed price, either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">on or through the facilities of the New York Stock Exchange
or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time
of sale; and/or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to or through a market maker otherwise than on the New York
Stock Exchange or such other securities exchanges or quotation or trading services.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Such at-the-market offerings,
if any, may be conducted by underwriters acting as principal or agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A prospectus supplement or
supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering
of the securities, including, to the extent applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the name or names of any underwriters, dealers or agents,
if any;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the purchase price of the securities and the proceeds we
will receive from the sale;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any over-allotment options under which underwriters may purchase
additional securities from us;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any agency fees or underwriting discounts and other items
constituting agents&rsquo; or underwriters&rsquo; compensation;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any public offering price;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any discounts or concessions allowed or reallowed or paid
to dealers; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any securities exchange or market on which the securities
may be listed.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Only underwriters named in
the prospectus supplement are underwriters of the securities offered by the prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If underwriters are used
in the sale, they will acquire the securities for their own account and may resell the securities from time to time in one or more transactions
at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase
the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the
public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain
conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement. Any public offering
price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may sell the securities
directly, in which case no underwriters or agents would be involved, or we may sell the securities through agents designated by us from
time to time. If agents are used in the sale of the securities, the agent will not purchase any securities for its own account but will
arrange for the sale of the securities. Unless otherwise indicated in the prospectus supplement, any agent will be acting on a &ldquo;best
efforts&rdquo; basis for the period of its appointment. We may negotiate and pay agent&rsquo;s fees or commissions for their services.
If the securities are sold directly by us, we may sell the securities to institutional investors or others who may be deemed to be underwriters
within the meaning of the Securities Act, with respect to any sale of those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may authorize agents or
underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price
set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in
the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in
the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may issue the securities
as a dividend or distribution or in a subscription rights offering to our existing security holders. If we offer securities in a subscription
rights offering to our existing security holders, then we may enter into a standby underwriting agreement with dealers, acting as standby
underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we
do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In compliance with the guidelines
of the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;), all discounts, commissions or agency fees or other
items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will be disclosed in an accompanying
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may provide agents and
underwriters with indemnification against civil liabilities related to this offering, including liabilities under the Securities Act,
or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Agents and underwriters
may engage in transactions with, or perform services for, us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All securities we offer,
other than our Class A common stock and our public warrants which are listed on the NYSE under the symbols &ldquo;PSQH&rdquo; and &ldquo;PSQH.WS,&rdquo;
respectively, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities,
but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity
of the trading markets for any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any underwriter may engage
in overallotment, stabilizing transactions, short covering transactions and penalty bids. Overallotment involves sales in excess of the
offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the
stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities in the open market
after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from
a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions.
Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue
any of the activities at any time. These transactions may be effected on any exchange or over-the-counter market or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any underwriters who are
qualified market makers on The New York Stock Exchange may engage in passive market making transactions in the securities on The New York
Stock Exchange in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, before the commencement
of offers or sales of the securities. Passive market makers must comply with applicable volume and price limitations and must be identified
as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent
bid for such security; if all independent bids are lowered below the passive market maker&rsquo;s bid, however, the passive market maker&rsquo;s
bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities
at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under Rule 15c6-1 of the
Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade
expressly agree otherwise. The accompanying prospectus supplement may provide that the original issue date for your securities may be
more than one scheduled business day after the trade date for your securities. Accordingly, in such a case, if you wish to trade securities
on any date prior to the first business day before the original issue date for your securities, you will be required, by virtue of the
fact that your securities initially are expected to settle in more than one scheduled business day after the trade date for your securities,
to make alternative settlement arrangements to prevent a failed settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The specific terms of any
lock-up provisions in respect of any given offering will be described in the accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any underwriters, dealers
and agents, and their associates and affiliates may engage in transactions with, or perform services, including investment banking services,
for us or one or more of our respective affiliates in the ordinary course of business for which they receive compensation. We will describe
in an accompanying prospectus supplement the identity of any such underwriters, dealers and agents and the nature of any such relationships.
If at the time of any offering made under this prospectus a member of FINRA participating in the offering has a &ldquo;conflict of interest&rdquo;
as defined in FINRA Rule 5121, that offering will be conducted in accordance with the relevant provisions of FINRA Rule 5121.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The anticipated date of delivery
of offered securities will be set forth in the accompanying prospectus supplement relating to each offer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_013"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
validity of the securities being offered hereby will be passed upon by Nelson Mullins Riley &amp; Scarborough LLP, Washington, DC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_014"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
consolidated financial statements of PSQ Holdings, Inc. for the years ended December 31, 2024 and 2023 and for each of the years in the
two-year period ended December 31, 2024, incorporated by reference into this registration statement/prospectus have been audited by UHY
LLP, an independent registered public accounting firm, as set forth in their report thereon incorporated by reference herein and are included
in reliance upon such report given upon the authority of said firm as experts in accounting and auditing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_015"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this prospectus.
This prospectus, which is part of the registration statement, omits certain information, exhibits, schedules and undertakings set forth
in the registration statement. For further information pertaining to us and the securities offered in this prospectus, reference is made
to that registration statement and the exhibits and schedules to the registration statement. Statements contained in this prospectus as
to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and in each instance where
a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit for a more complete
description of the matters involved.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the
public over the Internet at the SEC&rsquo;s website at www.sec.gov and on our website at www.publicsquare.com. The information found on,
or that can be accessed from or that is hyperlinked to, our website is not part of this prospectus. You may inspect a copy of the registration
statement through the SEC&rsquo;s website, as provided herein.</FONT>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><A NAME="a_016"></A>INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">The
SEC allows us to &ldquo;incorporate by reference&rdquo; information into this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the SEC.</FONT> The information incorporated by reference is an important
part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. <FONT STYLE="background-color: white">Because
we are incorporating by reference future filings with the SEC, this prospectus and the accompanying prospectus supplement are continually
updated and those future filings may modify or supersede some of the information included or incorporated by reference in this prospectus
and the accompanying prospectus supplement. This means that you must look at all of the SEC filings that we incorporate by reference to
determine if any of the statements in this prospectus, the accompanying prospectus supplement or in any document previously incorporated
by reference have been modified or superseded. Our periodic reports are filed with the SEC under SEC File Number 001-40457. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
hereby incorporate by reference the following documents:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000162828025012592/psqh-20241231.htm">Form 10-K</A> for the year ended December
31, 2024 filed with the SEC on March 13, 2025;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">those portions of our Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000121390025035618/ea0239328-01.htm">Schedule 14A</A> for our 2025 Annual Meeting of Stockholders filed with the SEC on April 25, 2025 that are incorporated
by reference into our Annual Report on Form 10-K for the year ended December 31, 2024;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Quarterly Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1847064/000162828025023815/psqh-20250331.htm">Form 10-Q</A> for the quarter ended March 31, 2025 filed with the SEC on May 8, 2025;</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000121390025007911/ea0229116-8k_psq.htm">January 29, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000121390025015838/ea0231692-8k_psq.htm">February 21, 2025</A> (Item 5.02 only) and <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000121390025020231/ea0232863-8k_psqhold.htm">March 4, 2025</A>, in each case only to the extent filed and not furnished; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the description of our securities contained in <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000121390024022377/ea020103101ex4-1_psqhold.htm">Exhibit 4.1</A>
to our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1847064/000162828025012592/psqh-20241231.htm">Form 10-K</A> for the fiscal year ended December 31, 2024 filed with the SEC on March 13, 2025.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">In
addition, all documents we subsequently file with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, until the
offering of the securities offered hereby is terminated or completed, shall be deemed to be incorporated by reference into this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Unless
specifically stated to the contrary, none of the information that we may furnish to the SEC under Items 2.02 and 7.01 of any Current Report
on Form 8-K, including any related exhibits under Item 9.01, will be incorporated by reference into, or otherwise included in, this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">Any
statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed
document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified
or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
will provide each person to whom a prospectus is delivered a copy of all of the information that has been incorporated by reference in
this prospectus but not delivered with the prospectus. You may obtain copies of these filings, at no cost, through the &ldquo;Investors&rdquo;
section of our website (</FONT><I>www.publicsquare.com</I><FONT STYLE="background-color: white">) and you may request a copy of these
filings (other than an exhibit to any filing unless we have specifically incorporated that exhibit by reference into the filing), at no
cost, by writing or telephoning us at the following address:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">General Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">313 Datura Street, Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">West Palm Beach, Florida 33401</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (877) 776-2402</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>May 16, 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
have not authorized any dealer, salesperson or other person to give any information or represent anything not contained in this prospectus.
You must not rely on any unauthorized information. If anyone provides you with different or inconsistent information, you should not rely
on it. This prospectus does not offer to sell any securities in any jurisdiction where it is unlawful. Neither the delivery of this prospectus,
nor any sale made hereunder, shall create any implication that the information in this prospectus is correct after the date hereof.</FONT></P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
