<SEC-DOCUMENT>0001104659-25-038103.txt : 20250423
<SEC-HEADER>0001104659-25-038103.hdr.sgml : 20250423
<ACCEPTANCE-DATETIME>20250423172909
ACCESSION NUMBER:		0001104659-25-038103
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250423
DATE AS OF CHANGE:		20250423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GCT Semiconductor Holding, Inc.
		CENTRAL INDEX KEY:			0001851961
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				862171699
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286713
		FILM NUMBER:		25862814

	BUSINESS ADDRESS:	
		STREET 1:		2290 NORTH 1ST STREET
		STREET 2:		SUITE 201
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95131
		BUSINESS PHONE:		408-434-6040

	MAIL ADDRESS:	
		STREET 1:		2290 NORTH 1ST STREET
		STREET 2:		SUITE 201
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Concord Acquisition Corp III
		DATE OF NAME CHANGE:	20210318
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>tm2512456d1_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on April 23, 2025</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;S-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>UNDER THE SECURITIES ACT OF 1933</I></B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #212529"><B>GCT Semiconductor
Holding,&nbsp;Inc.</B>&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>86-2171699</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2290 North 1st Street,
Suite&nbsp;201</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>San Jose, California
95131</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(408) 434-6040</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address,&nbsp;Including zip code, and telephone
number, including area code, of registrant&#8217;s principal executive offices)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GCT Semiconductor Holding,&nbsp;Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2290 North 1st Street,
Suite&nbsp;201</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>San Jose, California
95131</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(408) 434-6040</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies of all communications, including communications
sent to agent for service, should be sent to:</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Morgan, Lewis&nbsp;&amp; Bockius LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>1400 Page&nbsp;Mill Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Palo Alto, CA 94304</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>(650) 843-4000</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of commencement of proposed
sale to the public:</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">From time to time after the effective date of this
registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8201;</P>

<P STYLE="font: 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">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following Box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8201;</P>

<P STYLE="font: 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="font-family: Times New Roman, Times, Serif">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.</FONT> &#8201;<FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"></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="font-family: Times New Roman, Times, Serif">If
this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box.
<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</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="font-family: Times New Roman, Times, Serif">If
this form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the
following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging
growth company&#8221; in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging </FONT>growth company</TD>
    <TD STYLE="padding-right: 5.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The registrant hereby
amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of
the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and
Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

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





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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April&nbsp;1, 2025,
we became eligible under Securities and Exchange Commission (&#8220;SEC&#8221;) rules&nbsp;to use a short-form registration statement
on Form&nbsp;S-3. This registration statement on Form&nbsp;S-3 is being filed in part to update and replace our registration statement
on Form&nbsp;S-1 (Registration No.&nbsp;333-279600), which was declared effective by the SEC on June&nbsp;6, 2024 (the &#8220;S-1 Registration
Statement&#8221;). The S-1 Registration Statement registered the issuance by us of up to 10,900,000 shares of our common stock, $0.0001
par value per share (the &#8220;Common Stock&#8221;) for the offer and sale of up to 10,900,000 shares of Common Stock, by B. Riley Principal
Capital II, LLC, whom we refer to in this prospectus as &#8220;B. Riley Principal Capital II&#8221; or the &#8220;Selling Securityholder.&#8221;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>Subject to Completion, dated <B>April </B>23,
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"><B>PROSPECTUS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10,900,000 Shares of Common Stock</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; text-align: justify; background-color: white; color: #212529">This
prospectus relates to the offer and sale of up to 10,900,000 shares of our common stock, $0.0001 par value per share (the &#8220;Common
Stock&#8221;), by B. Riley Principal Capital II, LLC, whom we refer to in this prospectus as &#8220;B. Riley Principal Capital II&#8221;
or the &#8220;Selling Securityholder.&#8221; See &#8220;<I>Selling Securityholder</I>&#8221; for more information about the Selling Securityholder,
including with respect to their acquisition of the securities offered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The Common
Stock to which this prospectus relates may be issued by us to B. Riley Principal Capital II pursuant to a Common Stock Purchase Agreement,
dated as of April&nbsp;23, 2024, that we entered into with B. Riley Principal Capital II, which we refer to in this prospectus as the
Purchase Agreement. Such shares of Common Stock include (i)&nbsp;up to 10,843,182 shares of Common Stock that we may, in our sole discretion,
elect to sell to B. Riley Principal Capital II, from time to time after the date of this prospectus, pursuant to the Purchase Agreement
and (ii)&nbsp;56,818 shares of Common Stock we issued to B. Riley Principal Capital II, upon our execution of the Purchase Agreement on
April&nbsp;25, 2024, as consideration for its commitment to purchase shares of our Common Stock in one or more purchases that we may,
in our sole discretion, direct them to make, from time to time after the date of this prospectus, pursuant to the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">We are
not selling any securities under this prospectus and will not receive any of the proceeds from the sale of our Common Stock by the Selling
Securityholder. However, we may receive up to $50,000,000 aggregate gross proceeds under the Purchase Agreement from sales of Common Stock
we may elect to make to B. Riley Principal Capital II pursuant to the Purchase Agreement after the date of this prospectus. See &#8220;<I>The
Committed Equity Facility</I>&#8221; for a description of the Purchase Agreement and &#8220;<I>Selling Securityholder</I>&#8221; for additional
information regarding B. Riley Principal Capital II.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">B. Riley Principal Capital II
may sell or otherwise dispose of the Common Stock described in this prospectus in a number of different ways and at varying prices. See
 &#8220;<I>Plan of Distribution (Conflict of Interest)</I>&#8221; for more information about how B. Riley Principal Capital II may sell
or otherwise dispose of the Common Stock pursuant to this prospectus. B. Riley Principal Capital II is an &#8220;underwriter&#8221; within
the meaning of Section&nbsp;2(a)(11) of the Securities Act of 1933, as amended, or the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay the expenses incurred in registering
under the Securities Act the offer and sale of the shares of Common Stock to which this prospectus relates by the Selling Securityholder,
including legal and accounting fees. We have also engaged Seaport Global Securities LLC (&ldquo;Seaport&rdquo;), a registered broker -
dealer and FINRA member, to act as a &ldquo;qualified independent underwriter&rdquo; in this offering, whose fees and expenses will be
borne by the Selling Securityholder. See section titled &ldquo;<I>Plan of Distribution (Conflict of Interest)</I>&rdquo; beginning on
page 31 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our registration of the securities covered by
this prospectus does not mean that either we or the Selling Securityholder will issue, offer or sell, as applicable, any of the securities.
We provide more information in the section titled &#8220;Plan of Distribution (Conflict of Interest).&#8221;</P>

<P STYLE="font: 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">You should read this prospectus and any prospectus
supplement or amendment carefully before you invest in our securities.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock and Warrants are traded on the
New York Stock Exchange under the symbols &ldquo;GCTS&rdquo; and &ldquo;GCTSW,&rdquo; respectively. On April&nbsp;21, 2025, the closing
price of our Common Stock was $1.41 per share, and the closing price of our Warrants, was $0.08 per Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are an &#8220;emerging growth company&#8221;
under federal securities laws and are subject to reduced public company reporting requirements. Investing in our Common Stock or Warrants
involves a high degree of risk. See the section titled &#8220;<I>Risk Factors</I>&#8221; beginning on page 9 of this prospectus
to read about factors you should consider before buying our securities.</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"><B>Neither the Securities and Exchange Commission
(the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
date of this prospectus is</B></FONT><B>&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">, 2025.</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"></P>

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

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

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

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_003">3</A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003b"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_003b"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_008">12</A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009">THE COMMITTED EQUITY FACILITY</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SECURITYHOLDERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES </FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_011">26</A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_0016">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_0016">36</A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_013">42</A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART&nbsp;II - INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</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">This prospectus is part of
a registration statement on Form&nbsp;S-3 that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) to register
the securities described in this prospectus for resale by the Selling Securityholder who may, from time to time, sell the securities described
in this prospectus. We will not receive any proceeds from the resale of shares of Common Stock included in this prospectus by the Selling
Securityholder. However, we may receive up to $50,000,000 in aggregate gross proceeds under the Purchase Agreement from sales of Common
Stock that we may elect to issue and sell to the Selling Securityholder pursuant to the Purchase Agreement, if any, from time to time
in our sole discretion, from and after the date of initial satisfaction of all of such conditions, (the &#8220;Commencement Date&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also file a prospectus
supplement or post-effective amendment to the registration statement of which this prospectus forms a part that may contain material information
relating to these offerings. The prospectus supplement or post-effective amendment may also add, update or change information contained
in this prospectus with respect to that offering. If there is any inconsistency between the information in this prospectus and the applicable
prospectus supplement or post-effective amendment, you should rely on the prospectus supplement or post-effective amendment, as applicable.
Before purchasing any securities, you should carefully read this prospectus, any post-effective amendment, and any applicable prospectus
supplement, together with the additional information described under the heading &#8220;<I>Where You Can Find Additional Information</I>.&#8221;</P>

<P STYLE="font: 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">Neither we nor the Selling
Securityholder have authorized anyone to provide any information or to make any representations other than those contained in this prospectus,
any accompanying prospectus supplement or any free writing prospectus we have prepared. We and the Selling Securityholder take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer
to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. No dealer, salesperson
or other person is authorized to give any information or to represent anything not contained in this prospectus, any applicable prospectus
supplement or any related free writing prospectus. This prospectus is not an offer to sell securities, and it is not soliciting an offer
to buy securities, in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this
prospectus or any prospectus supplement is accurate only as of the date on the front of those documents only, regardless of the time of
delivery of this prospectus or any applicable prospectus supplement, or any sale of a security. Our business, financial condition, results
of operations and prospects may have changed since those dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains summaries
of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete
information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to
herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus
is a part, and you may obtain copies of those documents as described below under &#8220;<I>Where You Can Find More Information</I>.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains references
to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus
may appear without the &reg; or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor
will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use
or display of other companies&#8217; trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship
of us by, any other companies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March&nbsp;26, 2024
(the &#8220;Closing Date&#8221;), Concord III, a Delaware corporation, consummated a series of transactions that resulted in the
combination of Gibraltar Merger Sub&nbsp;Inc., a Delaware corporation and a wholly-owned subsidiary of Concord III (&#8220;Merger
Sub&#8221;), and GCT, pursuant to a Business Combination Agreement, dated November&nbsp;2, 2023 (the &#8220;Business Combination
Agreement&#8221;), by and among Concord III, Merger Sub and GCT, as described further below. Pursuant to the terms of the Business
Combination Agreement, a business combination between Concord III and GCT was effected through the merger of Merger Sub with and
into GCT, with GCT surviving the merger as a wholly-owned subsidiary of Concord III (the &#8220;Business Combination&#8221;),
following the approval by shareholders of Concord III at the special meeting of the stockholders of Concord III held on
February&nbsp;27, 2024 (the &#8220;Special Meeting&#8221;). Following the closing of the Business Combination (the
 &#8220;Closing&#8221;), Concord III was renamed &#8220;GCT Semiconductor Holding,&nbsp;Inc.&#8221; (the &#8220;Company&#8221;).</P>

<P STYLE="font: 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">Unless the context indicates
otherwise, references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to the business of
GCT Semiconductor Holding,&nbsp;Inc., a Delaware corporation, and its consolidated subsidiaries following the Business Combination. &#8220;Concord
III&#8221; refers to Concord Acquisition Corp III prior to the Business Combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market,&nbsp;Industry and Other Data</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">This prospectus includes or
incorporates by reference estimates regarding market and industry data and forecasts, which are based on publicly available information,
industry publications and surveys, reports from government agencies and our own estimates based on our management&#8217;s knowledge of,
and experience in, the industry and markets in which we compete. In presenting this information, we have made certain assumptions that
we believe to be reasonable based on such data and other similar sources, and on our knowledge of, and our experience to date in, the
markets for our products. Market data is subject to change and may be limited by the availability of raw data, the voluntary nature of
the data gathering process and other limitations inherent in any statistical survey of market data. In addition, customer preferences
are subject to change based on various factors, including those discussed under the headings &#8220;<I>Risk Factors</I>&#8221; and &#8220;<I>Cautionary
Note Regarding Forward-Looking Statements</I>.&#8221; Accordingly, you are cautioned not to place undue reliance on such market data.
References to our being a leader in a market or product category refer to our belief that we have a leading market share position in such
specified market based on sales dollars, unless the context otherwise requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Trademarks, Service Marks and Trade Names</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">This prospectus contains references
to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus
may appear without the &reg; or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor
will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use
or display of other companies&#8217; trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship
of us by, any other companies.</P>

<P STYLE="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>

<DIV STYLE="padding: 5.4pt; border: Black 1pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary highlights selected information appearing elsewhere in this prospectus or the documents incorporated by reference herein. Because
it is a summary, it may not contain all of the information that may be important to you. To understand this offering fully, you should
read this entire prospectus, the registration statement of which this prospectus is a part and the documents incorporated by reference
herein carefully, including the information set forth under the heading &#8220;</I></FONT>Risk Factors<I>&#8221; and our financial statements.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">GCT Semiconductor Holding,&nbsp;Inc.
(&#8220;GCT&#8221;) was founded in Silicon Valley, California in 1998 and is a fabless semiconductor company that specializes in the design,
manufacturing and sale of communication semiconductors, including high-speed wireless communication technologies such as 5G/4.75G/4.5G/4G
transceivers (&#8220;RF&#8221;) and modems, which are essential for a wide variety of industrial, B2B and consumer applications. We have
successfully developed and supplied communication semiconductor chipsets and modules to leading wireless operators worldwide, as well
as to original design manufacturers (&#8220;ODMs&#8221;) and original equipment manufacturers (&#8220;OEMs&#8221;) for portable wireless
routers (e.g., Mobile Router/MiFi), indoor and outdoor fixed wireless routers (e.g., CPE), industrial machine-to-machine (&#8220;M2M&#8221;)
applications and smartphones.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We oversee sales, marketing,
and accounting operations from our headquarters in San Jose, California. We conduct product design, development, and customer support
through our fully owned subsidiaries, GCT Research,&nbsp;Inc. (&#8220;GCT R&#8221;) and MTH,&nbsp;Inc., both of which are located in South
Korea. GCT R serves as our research and development center. In addition, we utilize separate sales offices for local technical support
and sales in Taiwan, China, and Japan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current product portfolio
includes RF and modem chipsets based on 4th generation (&#8220;4G&#8221;), known as Long Term Evolution (&#8220;LTE&#8221;), technology
offering a variety of chipsets differentiated by speed and functionality. These include 4G LTE, 4.5G LTE Advanced (twice the speed of
LTE), and 4.75G LTE Advanced-Pro (four times the speed of LTE) chipsets. We also develop and sell cellular IoT chipsets for low-speed
mobile networks such as eMTC/NB- IOT/Sigfox, and other network protocols.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 2290 North 1st Street, Suite&nbsp;201 San Jose, CA 95131, and our telephone number is (408) 434-6040.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&nbsp;23, 2024,
we entered into the Purchase Agreement and a related registration rights agreement, dated as of April&nbsp;23, 2024 (the
 &#8220;Registration Rights Agreement&#8221;), with B. Riley Principal Capital II. Upon the terms and subject to the satisfaction of
the conditions contained in the Purchase Agreement, we have the right, in our sole discretion, to sell to B. Riley Principal Capital
II up to $50,000,000 in aggregate gross purchase price of newly issued shares of our Common Stock (subject to certain limitations
contained in the Purchase Agreement), from time to time after the date of this prospectus and during the term of the Purchase
Agreement. Sales of Common Stock pursuant to the Purchase Agreement, and the timing of any such sales, are solely at our option, and
we are under no obligation to sell any securities to B. Riley Principal Capital II under the Purchase Agreement. In accordance with
our obligations under the Registration Rights Agreement, we have filed the registration statement that includes this prospectus with
the Securities and Exchange Commission (the &#8220;SEC&#8221;) to register under the Securities Act the resale by B. Riley Principal
Capital II of up to 10,900,000 shares of Common Stock, consisting of (i)&nbsp;up to 10,843,182 shares that we may, in our sole
discretion, elect to sell to B. Riley Principal Capital II, from time to time from and after the Commencement Date (defined below)
pursuant to the Purchase Agreement and (ii)&nbsp;56,818 shares of Common Stock (the &#8220;Commitment Shares&#8221;) that we issued
to B. Riley Principal Capital II, following our execution of the Purchase Agreement, on April&nbsp;23, 2024, as consideration for
its commitment to purchase shares of our Common Stock that we may, in our sole discretion, direct B. Riley Principal Capital II to
purchase from us pursuant to the Purchase Agreement, from time to time after the date of this prospectus and during the term of the
Purchase Agreement.</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">&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>

<DIV STYLE="padding: 5.4pt; border: Black 1pt solid">

<P STYLE="font: 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">Upon the initial satisfaction
of each of the conditions to B. Riley Principal Capital II&#8217;s purchase obligations set forth in the Purchase Agreement (the initial
satisfaction of all of such conditions, the &#8220;Commencement&#8221;), none of which are within B. Riley Principal Capital II&#8217;s
control, including that the registration statement that includes this prospectus shall have been declared effective by the SEC and the
final form of this prospectus shall have been filed with the SEC, we have the right, but not the obligation, from time to time at our
sole discretion for a period of up to 24 months beginning on the date on which the Commencement occurs (such date, the &#8220;Commencement
Date&#8221;), to direct B. Riley Principal Capital II to purchase a specified number of shares of Common Stock (each, a &#8220;Purchase&#8221;),
not to exceed the lesser of (such lesser number of shares, the &#8220;Purchase Maximum Amount&#8221;): (i)&nbsp;1,000,000 shares of Common
Stock and (ii)&nbsp;up to a certain percentage, which we will specify in the applicable Purchase Notice (as defined below) for such Purchase
(such applicable percentage not to exceed 25.0%) (such applicable percentage specified by us for a Purchase, the &#8220;Purchase Percentage&#8221;),
of the total aggregate number (or volume) of shares of our Common Stock traded on the NYSE during the applicable Purchase Valuation Period
(as defined below) for such Purchase (such specified number of shares to be purchased by B. Riley Principal Capital II in such Purchase,
adjusted to the extent necessary to give effect to the applicable Purchase Maximum Amount and certain additional limitations set forth
in the Purchase Agreement, the &#8220;Purchase Share Amount&#8221;), by timely delivering written notice to B. Riley Principal Capital
II (each, a &#8220;Purchase Notice&#8221;) prior to 9:00 a.m., New York City time, on any trading day (each, a &#8220;Purchase Date&#8221;),
so long as (a)&nbsp;the closing sale price of our Common Stock on the NYSE on the trading day immediately prior to such Purchase Date
is not less than $1.00 (such price, the &#8220;Threshold Price&#8221;), and (b)&nbsp;all shares of Common Stock subject to all prior Purchases
and all prior Intraday Purchases (defined below) effected by us under the Purchase Agreement (as applicable) have been received by B.
Riley Principal Capital II in the manner set forth in the Purchase Agreement, prior to the time we deliver such Purchase Notice to B.
Riley Principal Capital II.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that B. Riley Principal Capital II is required to pay for shares of Common Stock in a Purchase effected by us pursuant to the Purchase
Agreement, if any, will be determined by reference to the volume weighted average price of the Common Stock (the &#8220;VWAP&#8221;),
calculated in accordance with the Purchase Agreement, for the period (the &#8220;Purchase Valuation Period&#8221;) beginning at the official
open (or &#8220;commencement&#8221;) of the regular trading session on the NYSE on the applicable Purchase Date for such Purchase, and
ending at the earliest to occur of (i)&nbsp;3:59 p.m., New York City time, on such Purchase Date or such earlier time publicly announced
by the NYSE as the official close of the regular trading session on such Purchase Date, (ii)&nbsp;such time that the total aggregate number
(or volume) of shares of Common Stock traded on the NYSE during such Purchase Valuation Period (calculated in accordance with the Purchase
Agreement) reaches the applicable share volume maximum amount for such Purchase (the &#8220;Purchase Share Volume Maximum&#8221;), calculated
by dividing (a)&nbsp;the applicable Purchase Share Amount for such Purchase, by (b)&nbsp;the Purchase Percentage we specified in the applicable
Purchase Notice for such Purchase, and (iii)&nbsp;if we further specify in the applicable Purchase Notice for such Purchase that a &#8220;limit
order discontinue election&#8221; shall apply to such Purchase (a &#8220;Limit Order Discontinue Election&#8221;), such time that the
trading price of our Common Stock on the NYSE during such Purchase Valuation Period (calculated in accordance with the Purchase Agreement)
falls below the applicable minimum price threshold for such Purchase specified by us in the Purchase Notice for such Purchase, or if we
do not specify a minimum price threshold in such Purchase Notice, a price equal to 75.0% of the closing sale price of the Common Stock
on the trading day immediately prior to the applicable Purchase Date for such Purchase (the &#8220;Minimum Price Threshold&#8221;), in
each case less a fixed 3.0% discount to the VWAP for such Purchase Valuation Period, calculated in accordance with the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement,
for purposes of calculating the volume of shares of Common Stock traded during a Purchase Valuation Period, as well as the VWAP for a
Purchase Valuation Period, the following transactions, to the extent they occur during such Purchase Valuation Period, shall be excluded:
(x)&nbsp;the opening or first purchase of Common Stock at or following the official open of the regular trading session on the NYSE on
the applicable Purchase Date for such Purchase, (y)&nbsp;the last or closing sale of Common Stock at or prior to the official close of
the regular trading session on the NYSE on the applicable Purchase Date for such Purchase, and (z)&nbsp;if we have specified in the applicable
Purchase Notice for such Purchase that a &#8220;limit order continue election&#8221; (a &#8220;Limit Order Continue Election&#8221;) shall
apply to such Purchase (instead of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common
Stock on the NYSE during such Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold
for such Purchase.</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">&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>

<DIV STYLE="padding: 5.4pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the Purchases
described above, from and after the Commencement Date, we will also have the right, but not the obligation, subject to the continued satisfaction
of the conditions set forth in the Purchase Agreement, to direct B. Riley Principal Capital II to purchase, on any trading day we elect
as the Purchase Date therefor, whether or not a Purchase is effected on such Purchase Date, a specified number of shares of Common Stock
(each, an &#8220;Intraday Purchase&#8221;), not to exceed the lesser of (such lesser number of shares, the &#8220;Intraday Purchase Maximum
Amount&#8221;): (i)&nbsp;1,000,000 shares of Common Stock and (ii)&nbsp;up to a certain percentage, which we will specify in the applicable
Intraday Purchase Notice (as defined below) for such Intraday Purchase (such applicable percentage not to exceed 25.0%) (such applicable
percentage specified by us for an Intraday Purchase, the &#8220;Intraday Purchase Percentage&#8221;), of the total aggregate volume of
shares of our Common Stock traded on the NYSE during the applicable &#8220;Intraday Purchase Valuation Period&#8221; (determined in a
similar manner as for the Purchase Valuation Period applicable to a Purchase) for such Intraday Purchase (such specified number of shares,
adjusted to the extent necessary to give effect to the applicable Intraday Purchase Maximum Amount, the &#8220;Intraday Purchase Share
Amount&#8221;), by the delivery to B. Riley Principal Capital II of an irrevocable written purchase notice for such Intraday Purchase,
after 10:00 a.m., New York City time (and after the Purchase Valuation Period for any earlier Purchase and the Intraday Purchase Valuation
Period for the most recent prior Intraday Purchase effected on the same Purchase Date as such applicable Intraday Purchase, if applicable,
have ended), and prior to 3:30 p.m., New York City time, on such Purchase Date (each, an &#8220;Intraday Purchase Notice&#8221;), so long
as (i)&nbsp;the closing sale price of the Common Stock on the NYSE on the trading day immediately prior to such Purchase Date is not less
than the Threshold Price and (ii)&nbsp;all shares of Common Stock subject to all prior Purchases and all prior Intraday Purchases effected
by us under the Purchase Agreement (as applicable) have been received by B. Riley Principal Capital II in the manner set forth in the
Purchase Agreement prior to the time we deliver such Intraday Purchase Notice to B. Riley Principal Capital II.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The per share purchase
price for the shares of Common Stock that we elect to sell to B. Riley Principal Capital II in an Intraday Purchase pursuant to the
Purchase Agreement, if any, will be calculated in the same manner as in the case of a Purchase (including the same fixed percentage
discounts to the applicable VWAP used to calculate the per share purchase price for a Purchase, as described above), provided that
the VWAP for each Intraday Purchase effected on a Purchase Date will be calculated over different Intraday Purchase Valuation
Periods during the regular trading session on the NYSE on such Purchase Date, each of which will commence and end at different times
on such Purchase Date.</P>

<P STYLE="font: 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">There is no upper limit on
the price per share that B. Riley Principal Capital II could be obligated to pay for the Common Stock that we may elect to sell to B.
Riley Principal Capital II in any Purchase or any Intraday Purchase under the Purchase Agreement. In the case of Purchases and Intraday
Purchases effected by us under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase price per
share of Common Stock to be purchased by B. Riley Principal Capital II in a Purchase or an Intraday Purchase (as applicable), or in determining
the applicable maximum purchase share amounts or applicable volume or price threshold amounts in connection with any such Purchase or
Intraday Purchase (as applicable), in each case, will be equitably adjusted as set forth in the Purchase Agreement for any reorganization,
recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to
calculate such per share purchase price, maximum purchase share amounts or applicable volume or price threshold amounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will control the timing
and amount of any sales of Common Stock to B. Riley Principal Capital II that we may elect, in our sole discretion, to effect from time
to time from and after the Commencement Date and during the term of the Purchase Agreement. Actual sales of shares of Common Stock to
B. Riley Principal Capital II under the Purchase Agreement will depend on a variety of factors to be determined by us from time to time,
including, among other things, market conditions, the trading price of the Common Stock and determinations by us as to the appropriate
sources of funding for its business and its operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the applicable NYSE
rules, in no event may we issue to B. Riley Principal Capital II under the Purchase Agreement more than 9,166,668 shares of Common Stock,
which number of shares is equal to 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the Purchase
Agreement (the &#8220;Exchange Cap&#8221;), unless (i)&nbsp;we obtain stockholder approval to issue shares of Common Stock in excess of
the Exchange Cap in accordance with applicable NYSE rules, or (ii)&nbsp;the average price per share paid by B. Riley Principal Capital
II for all of the shares of Common Stock that we direct B. Riley Principal Capital II to purchase from us pursuant to the Purchase Agreement,
if any, equals or exceeds $4.43 per share (with the minimum price used to calculate such per share amount representing the lower of (a)&nbsp;the
official closing price of our Common Stock on the NYSE on the trading day immediately preceding the date of the execution of the Purchase
Agreement and (b)&nbsp;the average official closing price of our Common Stock on the NYSE for the five consecutive trading days ending
on the trading day immediately preceding the date of the execution of the Purchase Agreement, adjusted as required by the NYSE), so that
the Exchange Cap limitation will not apply to issuances and sales of Common Stock pursuant to the Purchase Agreement.</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">&nbsp;</P>

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

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<DIV STYLE="padding: 5.4pt; border: Black 1pt solid">

<P STYLE="font: 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">Moreover, we may not issue
or sell any shares of Common Stock to B. Riley Principal Capital II under the Purchase Agreement which, when aggregated with all other
shares of Common Stock then beneficially owned by B. Riley Principal Capital II and its affiliates (as calculated pursuant to Section&nbsp;13(d)&nbsp;of
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and Rule&nbsp;13d-3 thereunder), would result in B.
Riley Principal Capital II beneficially owning more than 4.99% of the outstanding shares of our Common Stock (the &#8220;Beneficial Ownership
Limitation&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net proceeds to us from
sales of Common Stock that we elect to make to B. Riley Principal Capital II under the Purchase Agreement, if any, will depend on the
frequency and prices at which we sell shares of our Common Stock to B. Riley Principal Capital II. We expect that any proceeds received
by us from such sales to B. Riley Principal Capital II will be used for working capital and general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no restrictions
on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or Registration
Rights Agreement, other than a prohibition (with certain limited exceptions) on entering into certain types of &#8220;dilutive&#8221;
equity transactions during the period beginning on the trading day immediately prior to the applicable Purchase Date for a Purchase or
Intraday Purchase (as applicable), and ending on the third trading day after the full settlement thereof under the Purchase Agreement,
and a prohibition on effecting or entering into any agreement to effect an &#8220;equity line of credit,&#8221; an &#8220;at the market
offering&#8221; or other substantially similar continuous offering, other than pursuant to the Purchase Agreement, in which the Company
may offer, issue or sell Common Stock or any securities exercisable, exchangeable or convertible into Common Stock at a future-determined
price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. Riley Principal Capital
II has agreed that none of B. Riley Principal Capital II, its sole member, any of their respective officers, or any entity managed or
controlled by B. Riley Principal Capital II or its sole member will engage in or effect, directly or indirectly, for its own account or
for the account of any other of such persons or entities, any short sales of the Common Stock or hedging transactions that establishes
a net short position in the Common Stock during the term of the Purchase Agreement. Furthermore, B. Riley Principal Capital II has agreed
that, during the term of the Purchase Agreement, with respect to each brokerage account in which shares of Common Stock beneficially owned
by B. Riley Principal Capital II are held or to be held, it shall provide written instructions to the applicable broker that it does not
wish to participate in, and expressly opts out of, any &#8220;fully paid lending program&#8221; or similar program with respect to such
brokerage account so that shares of Common Stock beneficially owned that are, or to be held in, such brokerage account will not be made
available by the broker for lending to any third person in connection with, to effect, or otherwise to facilitate any short sale of Common
Stock by any person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement will
automatically terminate on the earliest to occur of (i)&nbsp;the first day of the month next following the 24-month anniversary of the
Commencement Date, (ii)&nbsp;the date on which B. Riley Principal Capital II shall have purchased from us under the Purchase Agreement
shares of Common Stock for an aggregate gross purchase price of $50,000,000, (iii)&nbsp;the date on which the Common Stock shall have
failed to be listed or quoted on the NYSE or another U.S. national securities exchange identified as an &#8220;eligible market&#8221;
in the Purchase Agreement, (iv)&nbsp;the 30th trading day after the date on which a voluntary or involuntary bankruptcy proceeding involving
our company has been commenced that is not discharged or dismissed prior to such trading day, and (v)&nbsp;the date on which a bankruptcy
custodian is appointed for all or substantially all of our property or we make a general assignment for the benefit of creditors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have the right to terminate
the Purchase Agreement at any time after Commencement, at no cost or penalty to us, upon 10 trading days&#8217; prior written notice to
B. Riley Principal Capital II. We and B. Riley Principal Capital II may also agree to terminate the Purchase Agreement by mutual written
consent, provided that no termination of the Purchase Agreement will be effective during the pendency of any Purchase or any Intraday
Purchase that has not then fully settled in accordance with the Purchase Agreement. Neither we nor B. Riley Principal Capital II may assign
or transfer our respective rights and obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision
of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by us or B. Riley Principal Capital II.</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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As consideration for B. Riley
Principal Capital II&#8217;s commitment to purchase shares of Common Stock at our direction upon the terms and subject to the conditions
set forth in the Purchase Agreement, following our execution of the Purchase Agreement, we issued 56,818 Commitment Shares to B. Riley
Principal Capital II, which Commitment Shares have a total aggregate value equal to 0.50% of B. Riley Principal Capital II&#8217;s $50,000,000
total aggregate purchase commitment under the Purchase Agreement (assuming a purchase price of $4.40 per Commitment Share, representing
the official closing price of the Common Stock on the NYSE on the trading day immediately preceding the date of execution of the Purchase
Agreement). Under the terms of the Purchase Agreement, in certain circumstances set forth in the Purchase Agreement, we may be required
to pay B. Riley Principal Capital II up to $250,000 (or 0.50% of B. Riley Principal Capital II&#8217;s $50,000,000 aggregate purchase
commitment under the Purchase Agreement), in cash, as a &#8220;make-whole&#8221; payment to the extent the aggregate amount of cash proceeds,
if any, received by B. Riley Principal Capital II from their resale of the Commitment Shares offered for resale by this prospectus, prior
to certain times set forth in the Purchase Agreement, is less than $250,000, in exchange for B. Riley Principal Capital II returning to
us for cancelation all of the Commitment Shares we originally issued to them upon execution of the Purchase Agreement that were not previously
resold by B. Riley Principal Capital II prior to the times specified in the Purchase Agreement, if any. In addition, we have agreed to
reimburse B. Riley Principal Capital II for the reasonable legal fees and disbursements of B. Riley Principal Capital II&#8217;s legal
counsel in an amount not to exceed (i)&nbsp;$75,000 upon our execution of the Purchase Agreement and Registration Rights Agreement and
(ii)&nbsp;$5,000 per fiscal quarter, in each case in connection with the transactions contemplated by the Purchase Agreement and the Registration
Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement and
the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties.
Copies of the agreements have been filed as exhibits to the registration statement that includes this prospectus and are available electronically
on the SEC&#8217;s website at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not know what the future
purchase price for our Common Stock will be, and therefore cannot be certain as to the number of shares we might issue to B. Riley Principal
Capital II under the Purchase Agreement from and after the Commencement Date. As of April&nbsp;23, 2024, there were 45,833,346 shares
of our Common Stock outstanding, of which 31,472,685 shares were held by non-affiliates of our Company. If all of the 10,900,000 shares
offered for resale by B. Riley Principal Capital II under this prospectus were issued and outstanding as of the date hereof (without taking
into account the Exchange Cap limitation), such shares would represent approximately 19.2% of the total number of outstanding shares of
Common Stock and approximately 25.7% of the total number of outstanding shares of Common Stock held by non-affiliates of our Company,
in each case as of April&nbsp;23, 2024.</P>

<P STYLE="font: 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">Although the Purchase Agreement
provides that we may sell up to $50,000,000 of our Common Stock to B. Riley Principal Capital II, only 10,900,000 shares of our Common
Stock are being registered under the Securities Act for resale by B. Riley Principal Capital II under this prospectus, which represents
(i)&nbsp;the 56,818 Commitment Shares that we issued to B. Riley Principal Capital II, following our execution of the Purchase Agreement,
on April&nbsp;23, 2024, and (ii)&nbsp;up to 10,843,182 shares of Common Stock that may be issued to B. Riley Principal Capital II from
and after the Commencement Date, if and when we elect to sell shares to B. Riley Principal Capital II under the Purchase Agreement. Depending
on the market prices of our Common Stock at the time we elect to issue and sell shares to B. Riley Principal Capital II under the Purchase
Agreement, we may need to register under the Securities Act additional shares of our Common Stock for resale by B. Riley Principal Capital
II in order to receive aggregate gross proceeds equal to the $50,000,000 available to us under the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to issue and
sell to B. Riley Principal Capital II more than the 10,900,000 shares of Common Stock being registered under the Securities Act for resale
by B. Riley Principal Capital II under the registration statement that includes this prospectus, which we have the right, but not the
obligation, to do, we must first (i)&nbsp;to the extent applicable, obtain stockholder approval to issue shares of Common Stock in excess
of the Exchange Cap under the Purchase Agreement in accordance with applicable NYSE rules&nbsp;and (ii)&nbsp;file with the SEC one or
more additional registration statements to register under the Securities Act for the offer and resale by B. Riley Principal Capital II
of any such additional shares of our Common Stock we wish to sell from time to time under the Purchase Agreement, which the SEC must
declare effective, in each case before we may elect to sell any additional shares of our Common Stock to B. Riley Principal Capital II
under the Purchase Agreement. Any issuance and sale by us under the Purchase Agreement of a substantial amount of shares of Common Stock
in addition to the 10,900,000 shares of Common Stock being registered for resale by B. Riley Principal Capital II under the registration
statement that includes this prospectus could cause additional substantial dilution to our stockholders.&nbsp;</P>

 &nbsp;</DIV>

<P STYLE="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>

<DIV STYLE="padding: 5.4pt; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of Common
Stock ultimately offered for resale by B. Riley Principal Capital II through this prospectus is dependent upon the number of shares of
Common Stock, if any, we elect to sell to B. Riley Principal Capital II under the Purchase Agreement from and after the Commencement Date.
The issuance of our Common Stock to B. Riley Principal Capital II pursuant to the Purchase Agreement will not affect the rights or privileges
of our existing stockholders, except that the economic and voting interests of each of our existing stockholders will be diluted. Although
the number of shares of our Common Stock that our existing stockholders own will not decrease, the shares of our Common Stock owned by
our existing stockholders will represent a smaller percentage of our total outstanding shares of our Common Stock after any such issuance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &#8220;smaller reporting
company&#8221; meaning that the market value of our Common Stock held by non-affiliates is less than $250.0 million measured on the last
business day of our second fiscal quarter or our annual revenue is less than $100.0 million during the most recent completed fiscal year
and the market value of our Common Stock held by non-affiliates is less than $700.0 million measured on the last business day of our second
fiscal quarter. Accordingly, we may provide less public disclosure than larger public companies, including the inclusion of only two years
of audited financial statements and only two years of management&#8217;s discussion and analysis of financial condition and results of
operations disclosure. As a result, the information that we provide to our stockholders may be different than you might receive from other
public reporting companies in which you hold equity interests.</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">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="color: #212529"><B><A NAME="a_003b"></A>THE
OFFERING</B></FONT>&nbsp;</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; background-color: white; color: #212529">We are
registering the resale by the Selling Securityholder or their permitted transferees of up to 10,900,000 shares of Common Stock. Any investment
in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information set
forth under &ldquo;<I>Risk Factors</I>&rdquo; on page 9 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Resale
of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The following
information is as of April 20, 2025 and does not give effect to issuance of our Common Stock after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Shares of our Common Stock offered by the Selling Securityholder</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 76%; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Up to 10,900,000 shares of Common Stock which we may elect, in our sole discretion, to issue and sell to the Selling Securityholder under the Common Stock Purchase Agreement, dated as of April 23, 2024 with B. Riley Principal Capital II (the &ldquo;Purchase Agreement&rdquo;), from time to time after the date of this prospectus and during the term of the Purchase Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Shares of our Common Stock outstanding prior to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">48,246,480 shares (as of April 20, 2025)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Shares of Common Stock outstanding immediately after giving effect to the issuance of the shares registered hereunder</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">59,146,480 shares (based on total shares outstanding as of May 20, 2024).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Use of proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">We will not receive any proceeds from the resale of shares of Common Stock included in this prospectus by the Selling Securityholder. However, we may receive up to $50,000,000 in aggregate gross proceeds under the Purchase Agreement from sales of Common Stock that we may elect to issue and sell to the Selling Securityholder pursuant to the Purchase Agreement, if any, from time to time in our sole discretion, from and after the Commencement Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Terms of the offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">The Selling Securityholder will determine when and how they will dispose of the securities registered for resale under this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Conflict of Interest</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">B. Riley Principal Capital II is an affiliate of B.
    Riley Securities, Inc. (&ldquo;BRS&rdquo;), a registered broker-dealer and FINRA member. BRS will act as an executing broker that will
    effectuate resales of our Common Stock that have been and may be acquired by B. Riley Principal Capital II from us pursuant to the Purchase
    Agreement to the public in this offering.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">Because B. Riley Principal Capital II will receive
    all the net proceeds from such resales of our Common Stock made to the public through BRS, BRS is deemed to have a &ldquo;conflict of
    interest&rdquo; within the meaning of Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) Rule 5121. Consequently, this
    offering will be conducted in compliance with the provisions of FINRA Rule 5121, which requires that a &ldquo;qualified independent underwriter,&rdquo;
    as defined in FINRA Rule 5121, participate in the preparation of the registration statement that includes this prospectus and exercise
    the usual standards of &ldquo;due diligence&rdquo; with respect thereto. Accordingly, we have engaged Seaport Global Securities LLC (&ldquo;Seaport&rdquo;),
    to be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration
    statement that includes this prospectus and exercise the usual standards of &ldquo;due diligence&rdquo; with respect thereto. B. Riley
    Principal Capital II has agreed to pay Seaport a cash fee of $50,000 upon the completion of this offering as consideration for its services
    and to reimburse Seaport up to $5,000 for expenses incurred in connection with acting as the qualified independent underwriter in this
    offering. In accordance with FINRA Rule 5110, such cash fee and expense reimbursement to be paid to Seaport for acting as the qualified
    independent underwriter in this offering are deemed to be underwriting compensation in connection with sales of our Common Stock by B.
    Riley Principal Capital II to the public.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">In accordance with FINRA Rule 5121, BRS is not permitted
    to sell shares of our Common Stock in this offering to an account over which it exercises discretionary authority without the prior specific
    written approval of the account holder. See &ldquo;Plan of Distribution (Conflict of Interest).&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Risk Factors</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">Investing in our Common Stock involves a high degree of risk. See the section titled &ldquo;Risk Factors&rdquo; of this prospectus and the section titled &ldquo;Risk Factors&rdquo; in the documents incorporated by reference herein for a discussion of factors you should carefully consider before investing in our Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #212529">NYSE Ticker-Symbol</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">Common Stock: &ldquo;GCTS&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; color: #212529">Warrants: &ldquo;GCTSW&rdquo;</P></TD></TR>
  </TABLE>



<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">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our Common Stock
involves substantial risk. You should carefully consider the risk factors disclosed below as well as those contained in our most recent
Annual Report on Form&nbsp;10-K, which is incorporated by reference herein, as updated by our subsequent filings under the Exchange Act,
and the other information contained in this prospectus before acquiring any of our common stock. These risks could have a material adverse
effect on our business, results of operations or financial condition and cause the value of our common stock to decline. You could lose
all or part of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus also contains
or incorporates by reference forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from those anticipated in the forward-looking statements as a result of certain factors, including the risks faced by us described or
incorporated by reference in this prospectus. See &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white; color: #212529"><B>Risks
Related to the Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>It
is not possible to predict the actual number of shares we will sell under the Purchase Agreement to B. Riley Principal Capital II, or
the actual gross proceeds resulting from those sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">On April
23, 2024, we entered into a Common Stock Purchase Agreement with B. Riley Principal Capital II (the &ldquo;Purchase Agreement&rdquo;),
pursuant to which B. Riley Principal Capital II has committed to purchasing up to $50,000,000 of shares of the Common Stock, subject to
certain limitations and conditions set forth in the Purchase Agreement. The shares of the Common Stock that may be issued under the Purchase
Agreement may be sold by us to B. Riley Principal Capital II at our discretion from time to time for a period of up to 24 months, unless
the Purchase Agreement is earlier terminated, beginning on the Commencement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">We generally
have the right to control the timing and amount of any sales of the shares of Common Stock to B. Riley Principal Capital II under the
Purchase Agreement. Sales of the Common Stock, if any, to B. Riley Principal Capital II under the Purchase Agreement will depend upon
market conditions and other factors to be determined by our company. We may ultimately decide to sell to B. Riley Principal Capital II
all, some, or none of the shares of the Common Stock that may be available for us to sell to B. Riley Principal Capital II pursuant to
the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Because
the per-share purchase price that B. Riley Principal Capital II will pay for Purchase Shares in any Market Open Purchase or Intraday Purchase
that we may elect to effect pursuant to the Purchase Agreement will be determined by reference to the VWAP during the applicable Market
Open Purchase Valuation Period or Intraday Purchase Valuation Period, respectively, on the applicable Purchase Date for such Market Open
Purchase or Intraday Purchase, as of the date of this prospectus, it is not possible for us to predict the number of shares of Common
Stock that we will sell to B. Riley Principal Capital II under the Purchase Agreement, the purchase price per share that B. Riley Principal
Capital II will pay for shares purchased from us under the Purchase Agreement, or the aggregate gross proceeds that we will receive from
those purchases by B. Riley Principal Capital II under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Although
the Purchase Agreement provides that we may sell up to an aggregate of $50,000,000 of the Common Stock to B. Riley Principal Capital II,
only 10,900,000 shares of the Common Stock are being registered under the Securities Act for resale by B. Riley Principal Capital II under
the registration statement that includes this prospectus. If it becomes necessary for us to issue and sell to B. Riley Principal Capital
II under the Purchase Agreement more than the 10,900,000 Purchase Shares being registered under the Securities Act for resale by B. Riley
Principal Capital II under the registration statement that includes this prospectus in order to receive aggregate gross proceeds equal
to $50,000,000 under the Purchase Agreement, we must first (i) obtain stockholder approval to issue shares of Common Stock in excess of
the Exchange Cap under the Purchase Agreement in accordance with applicable NYSE rules and (ii) file with the SEC one or more additional
registration statements to register under the Securities Act the resale by B. Riley Principal Capital II of any such additional shares
of the Common Stock we wish to sell from time to time under the Purchase Agreement, which the SEC must declare effective, in each case
before we may elect to sell any additional shares of the Common Stock to B. Riley Principal Capital II under the Purchase Agreement. Any
issuance and sale by us under the Purchase Agreement of a substantial amount of shares of Common Stock in addition to the 10,900,000 shares
of Common Stock being registered for resale by B. Riley Principal Capital II under this prospectus could cause additional substantial
dilution to our stockholders. The number of shares of the Common Stock ultimately offered for sale by B. Riley Principal Capital II is
dependent upon the number of shares of Common Stock, if any, we ultimately elect to sell to B. Riley Principal Capital II under the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Investors
who buy shares at different times will likely pay different prices and may experience different levels of dilution.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Pursuant
to the Purchase Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to
B. Riley Principal Capital II. If and when we elect to sell shares of the Common Stock to B. Riley Principal Capital II pursuant to the
Purchase Agreement, after B. Riley Principal Capital II has acquired such shares, it may resell all, some, or none of such shares at any
time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from B. Riley Principal
Capital II in this offering at different times will likely pay different prices for those shares and may experience different levels of
dilution, and in some cases substantial dilution, and different outcomes in their investment results. Investors may experience a decline
in the value of the shares they purchase from B. Riley Principal Capital II in this offering as a result of future sales made by us to
B. Riley Principal Capital II at prices lower than the prices such investors paid for their shares in this offering. In addition, if we
sell a substantial number of shares to B. Riley Principal Capital II under the Purchase Agreement, or if investors expect that we will
do so, the actual sales of shares or the mere existence of our arrangement with B. Riley Principal Capital II may make it more difficult
for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such
sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Our
management team will have broad discretion over the use of the net proceeds from shares of Common Stock issued to the Selling Securityholder
following our exercise of Warrants for cash, if any, and you may not agree with how we use the proceeds and the proceeds may not be invested
successfully.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Our
management team will have broad discretion regarding the utilization of the net proceeds from the sale of shares of Common Stock to B.
Riley Principal Capital II, if any, and we could allocate such proceeds for purposes other than those initially contemplated at the time
of this offering&rsquo;s commencement. Consequently, investors will depend on the judgment of our management team concerning the allocation
of these net proceeds, without the opportunity to evaluate whether they are being utilized appropriately as part of their investment
decision. The ineffective utilization of such funds by our management team could potentially result in significant adverse effects on
our business, financial condition, operating results, and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain information reporting requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
and, in accordance with these requirements, we file annual, quarterly and current reports, proxy statements and other information with
the SEC. Our SEC filings are available to you at the SEC&#8217;s website at http://www.sec.gov and our website at </FONT>https://investors.gctsemi.com/sec-filings.&nbsp;The
information contained in, or that can be accessed through, our website is not a part of this prospectus or any accompanying prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form&nbsp;S-3 relating to the securities offered by this prospectus. This prospectus is a part of that registration
statement, which includes additional information about us and the securities offered by this prospectus. You may review and obtain a copy
of the registration statement and the exhibits that are a part of the registration statement through the SEC&#8217;s website or our website.
You can also call or write us for a copy as described below under &#8220;<I>Documents Incorporated by Reference</I>.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DOCUMENTS INCORPORATED BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &#8220;incorporate
by reference&#8221; the information we file with the SEC under the Exchange Act, which means that we can disclose important information
to you by referring you to those documents. Information incorporated by reference is considered to be a part of this prospectus, and information
that we file later with the SEC will automatically update, modify and, where applicable, supersede this information. We incorporate by
reference into this prospectus the specific documents listed below and all documents filed by us with the SEC pursuant to Section&nbsp;13(a),
13(c), 14, or 15(d)&nbsp;of the Exchange Act between the date of this prospectus and the termination of the offering of securities under
this prospectus (other than, in each case, documents or information deemed to be furnished and not filed in accordance with SEC rules),
which future filings shall be deemed to be incorporated by reference into this prospectus and to be part of this prospectus from the date
we subsequently file such documents. The SEC file number for these documents is 1-41013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000095017025044438/gcts-20241231.htm" STYLE="-sec-extract: exhibit">Our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, filed with the SEC on March&nbsp;25, 2025;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Our Current Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000092963825000430/form8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;29,
                                                                                                                                           2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000092963825001242/form8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;25,
                                                                                                                                           2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000092963825001567/form8k.htm" STYLE="-sec-extract: exhibit">April 17, 2025</A> (excluding any portions thereof that are furnished and not filed); and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The
                                            description of our securities contained in <A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924043836/tm2411161d1_8a12ba.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A/A filed with the Commission on April&nbsp;5, 2024.</A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
this prospectus or in any document incorporated by reference into this prospectus shall be deemed to be modified or, where applicable,
superseded for the purposes of this prospectus to the extent that a statement contained in this prospectus or any subsequently filed document
that also is incorporated by reference into this prospectus modifies or supersedes such prior statement. Any statement so modified or
superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide to each person,
including any beneficial owner, to whom a prospectus is delivered, upon written or oral request and without charge, a copy of the documents
referred to above that we have incorporated by reference into this prospectus and a copy of the registration statement of which this prospectus
is a part. You can request copies of such documents if you write us at our principal executive offices at 2290 North 1st Street, Suite&nbsp;201
San Jose, CA 95131, or call our telephone number at (408) 434-6040.</P>

<P STYLE="font: 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">Exhibits to the documents
will not be sent, however, unless those exhibits have specifically been incorporated by reference into such document. You may also obtain
copies of our SEC filings statement as described above under the heading &#8220;<I>Where You Can Find More Information</I>.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus, any accompanying
prospectus supplement and the documents incorporated by reference herein and therein may contain forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995. Our forward-looking statements include, but are not limited to, statements regarding
our and our management team&#8217;s expectations, hopes, beliefs, intentions or strategies regarding the future. 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. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221;
 &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221;
 &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and
similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.</P>

<P STYLE="font: 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">Forward-looking statements
are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should
understand that the following important factors, among others, could affect the Company&#8217;s future results and could cause those results
or other outcomes to differ materially from those expressed or implied in the Company&#8217;s forward-looking statements:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our financial and business performance, including our financial projections and business metrics;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">changes in our strategy, future operations, financial position, estimated revenues and losses, forecasts,
projected costs, prospects and plans;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">unexpected increases in our expenses resulting from inflationary pressures and rising interest rates,
including manufacturing and operating expenses and interest expenses;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our inability to anticipate the future market demands and future needs of our customers;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our ability to develop new 5th generation (&#8220;5G&#8221;) products under collaboration agreements with
our major partners;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the impact of component shortages, suppliers&#8217; lack of production capacity, natural disasters or
pandemics on our sourcing operations and supply chain;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our future capital requirements and sources and uses of cash;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our ability to obtain funding for our operations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our anticipated financial performance, including gross margin, and the expectation that our future results
of operations will fluctuate on a quarterly basis for the foreseeable future;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our expected capital expenditures, cost of revenue and other future expenses, and the sources of funds
to satisfy our liquidity needs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the outcome of any legal proceedings that may be instituted against us following completion of the Business
Combination and transactions contemplated thereby;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our ability to maintain the listing of our Common Stock on the NYSE;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the risk that the Business Combination disrupts current plans and operations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the ability to recognize the anticipated benefits of the Business Combination, which may be affected by,
among other things, competition, and the ability of us to grow and manage growth profitably;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">costs related to the Business Combination; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">other risks and uncertainties indicated in this prospectus, including those under &#8220;Risk Factors&#8221;
herein, and other filings that have been made or will be made with the SEC.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These and other factors that
could cause actual results to differ from those implied by the forward-looking statements in this prospectus are more fully described
in the &#8220;<I>Risk Factors</I>&#8221; section. The risks described in &#8220;Risk Factors&#8221; are not exhaustive. These forward-looking
statements are based on information available as of the date of this prospectus, and current expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties. New risk factors emerge from time to time and it is not possible for us to
predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor
or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking
statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_008"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">All
of the shares of Common Stock offered by the Selling Securityholder pursuant to this prospectus will be sold by the Selling Securityholder
for its account. We will not receive any proceeds from the resale of shares of Common Stock included in this prospectus by the Selling
Securityholder. However, we may receive up to $50,000,000 in aggregate gross proceeds under the Purchase Agreement from sales of Common
Stock that we may elect to issue and sell to the Selling Securityholder pursuant to the Purchase Agreement, if any, from time to time
in our sole discretion, from and after the Commencement Date. The net proceeds from sales, if any, under the Purchase Agreement, will
depend on the frequency and prices at which we sell our Common Stock to B. Riley Principal Capital II after the date of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">We
expect that any proceeds received by us from sales to B. Riley Principal Capital II pursuant to the Purchase Agreement will be used for
working capital and general corporate purposes. As of the date of this prospectus, we cannot specify with certainty all of the particular
uses, and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will retain broad discretion
over the use of these proceeds.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">We
have engaged Seaport, a registered broker-dealer and FINRA member, to act as a qualified independent underwriter in this offering
and, in such capacity, participate in the preparation of the registration statement that includes this prospectus and exercise the </FONT>usual
standards of &#8220;due diligence&#8221; with respect thereto. B. Riley Principal Capital II has agreed to pay Seaport a cash fee of
$50,000 upon the completion of this offering as consideration for its services and to reimburse Seaport up to $5,000 for expenses
incurred in connection with acting as the qualified independent underwriter in this offering. In accordance with FINRA
Rule&nbsp;5110, such cash fee and expense reimbursement to be paid to Seaport for acting as the qualified independent underwriter in
this offering are deemed to be underwriting compensation in connection with sales of our Common Stock by B. Riley Principal Capital
II to the public.</P>

<P STYLE="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; color: #212529"><FONT STYLE="background-color: white"><B><A NAME="a_009"></A>THE
COMMITTED EQUITY FACILITY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">On
April&nbsp;23, 2024, we entered into the Purchase Agreement and the Registration Rights Agreement with B. Riley Principal Capital II.
Upon the terms and subject to the satisfaction of the conditions contained in the Purchase Agreement, from and after the Commencement
Date, we have the right, in our sold discretion, to sell to B. Riley Principal Capital II up to $50,000,000 in aggregate gross purchase
price of newly issued shares of our Common Stock, subject to certain limitations set forth in the Purchase Agreement, from time to time
after the date of this prospectus and during the term of the Purchase Agreement. Sales of Common Stock by us to B. Riley Principal Capital
II under the Purchase Agreement, and the timing of any such sales, are solely at our option, and we are under no obligation to sell any
securities to B. Riley Principal Capital II under the Purchase Agreement. In accordance with our obligations under the Registration Rights
Agreement, we have filed the registration statement that includes this prospectus with the SEC to register under the Securities Act the
resale by B. Riley Principal Capital II of up to 10,900,000 shares of Common Stock, consisting of (i)&nbsp;up to 10,843,182 shares that
we may, in our sole discretion, elect to sell to B. Riley Principal Capital II, from time to time from and after the Commencement Date
pursuant to the Purchase Agreement and (ii)&nbsp;the 56,818 Commitment Shares that we issued to B. Riley Principal Capital II, following
our execution of the Purchase Agreement, on April&nbsp;23, 2024, as consideration for its commitment to purchase shares of our Common
Stock that we may, in our sole discretion, direct B. Riley Principal Capital II to purchase from us pursuant to the Purchase Agreement,
from time to time after the date of this prospectus and during the term of the Purchase Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">We
do not have the right to commence any sales of our Common Stock to B. Riley Principal Capital II under the Purchase Agreement until the
Commencement Date, which is the date on which all of the conditions to B. Riley Principal Capital II&#8217;s purchase obligation set forth
in the Purchase Agreement have initially been satisfied, none of which are in B. Riley Principal Capital II&#8217;s control, including
that the registration statement that includes this prospectus shall have been declared effective by the SEC and the final form of this
prospectus shall have been filed with the SEC. From and after the Commencement Date, we have the right, but not the obligation, from time
to time at our sole discretion for a period of up to 24 months beginning on the Commencement Date, to direct B. Riley Principal Capital
II to purchase a specified maximum amount of shares of Common Stock in one or more Purchases or Intraday Purchases as set forth in the
Purchase Agreement, by timely delivering a written Purchase Notice for each Purchase, or timely delivering a written Intraday Purchase
Notice for each Intraday Purchase, as applicable, to B. Riley Principal Capital II in accordance with the Purchase Agreement on any trading
day we select as the Purchase Date therefor, so long as (i)&nbsp;the closing sale price of our Common Stock on the trading day immediately
prior to such Purchase Date is not less than the Threshold Price and (ii)&nbsp;all shares of Common Stock subject to all prior Purchases
and all prior Intraday Purchases effected by us under the Purchase Agreement (as applicable) have been received by B. Riley Principal
Capital II in the manner set forth in the Purchase Agreement, prior to the time we deliver such notice to B. Riley Principal Capital II.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">From
and after Commencement, the Company will control the timing and amount of any sales of Common Stock to B. Riley Principal Capital II.
Actual sales of shares of our Common Stock to B. Riley Principal Capital II under the Purchase Agreement will depend on a variety of factors
to be determined by us from time to time, including, among other things, market conditions, the trading price of our Common Stock and
determinations by us as to the appropriate sources of funding for our company and its operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">Under
the applicable NYSE rules, in no event may we issue to B. Riley Principal Capital II under the Purchase Agreement shares of Common Stock
in excess of the Exchange Cap, unless (i)&nbsp;we obtain stockholder approval to issue shares of Common Stock in excess of the Exchange
Cap in accordance with applicable NYSE rules, or (ii)&nbsp;the average price per share paid by B. Riley Principal Capital II for all of
the shares of Common Stock that we direct B. Riley Principal Capital II to purchase from us pursuant to the Purchase Agreement, if any,
equals or exceeds $4.43 per share (with the minimum price used to calculate such per share amount representing the lower of (a)&nbsp;the
official closing price of our Common Stock on the NYSE on the trading day immediately preceding the date of the execution of the Purchase
Agreement and (b)&nbsp;the average official closing price of our Common Stock on the NYSE for the five consecutive trading days ending
on the trading day immediately preceding the date of the execution of the Purchase Agreement, adjusted as required by the NYSE), so that
the Exchange Cap limitation will not apply to issuances and sales of Common Stock pursuant to the Purchase Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">Moreover,
we may not issue or sell any shares of Common Stock to B. Riley Principal Capital II under the Purchase Agreement which, when aggregated
with all other shares of Common Stock then beneficially owned by B. Riley Principal Capital II and its affiliates (as calculated pursuant
to Section&nbsp;13(d)&nbsp;of the Exchange Act and Rule&nbsp;13d-3 thereunder), would result in B. Riley Principal Capital II beneficially
owning shares of Common Stock in excess of the Beneficial Ownership Limitation, which is defined in the Purchase Agreement as 4.99% of
the outstanding shares of our Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">The
net proceeds to us from sales of Common Stock that we elect to make to B. Riley Principal Capital II under the Purchase Agreement, if
any, will depend on the frequency and prices at which we sell shares of our Common Stock to B. Riley Principal Capital II. We expect that
any proceeds received by us from such sales to B. Riley Principal Capital II will be used for working capital and general corporate purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">Neither
we nor B. Riley Principal Capital II may assign or transfer our respective rights and obligations under the Purchase Agreement or the
Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived
by us or B. Riley Principal Capital II.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">As
consideration for B. Riley Principal Capital II&#8217;s commitment to purchase shares of Common Stock at our direction upon the
terms and subject to the conditions set forth in the Purchase Agreement, following our execution of the Purchase Agreement, we
issued 56,818 Commitment Shares to B. Riley Principal Capital II, which Commitment Shares have a total aggregate value equal to
0.50% of B. Riley Principal Capital II&#8217;s $50,000,000 total aggregate purchase commitment under the Purchase Agreement
(assuming a purchase price of $4.40 per Commitment Share, representing the official closing price of the Common Stock on the NYSE on
the trading </FONT>day immediately preceding the date of execution of the Purchase Agreement). Under the terms of the Purchase
Agreement, in certain circumstances set forth in the Purchase Agreement, we may be required to pay B. Riley Principal Capital II up
to $250,000 (or 0.50% of B. Riley Principal Capital II&#8217;s $50,000,000 aggregate purchase commitment under the Purchase
Agreement), in cash, as a &#8220;make-whole&#8221; payment to the extent the aggregate amount of cash proceeds, if any, received by
B. Riley Principal Capital II from their resale of the Commitment Shares offered for resale by this prospectus, prior to certain
times set forth in the Purchase Agreement, is less than $250,000, in exchange for B. Riley Principal Capital II returning to us for
cancelation all of the Commitment Shares we originally issued to them upon execution of the Purchase Agreement that were not
previously resold by B. Riley Principal Capital II prior to the times specified in the Purchase Agreement, if any. In addition, we
have agreed to reimburse B. Riley Principal Capital II for the reasonable legal fees and disbursements of B. Riley Principal Capital
II&#8217;s legal counsel in an amount not to exceed (i)&nbsp;$75,000 upon our execution of the Purchase Agreement and Registration
Rights Agreement and (ii)&nbsp;$5,000 per fiscal quarter, in each case in connection with the transactions contemplated by the
Purchase Agreement and the Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529; background-color: white">The
Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification
obligations of the parties. Copies of the agreements have been filed as exhibits to the registration statement</FONT> that includes this
prospectus and are available electronically on the SEC&#8217;s website at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Purchases of Common Stock Under the Purchase
Agreement</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"><I>Purchases</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From and after the Commencement
Date, we will have the right, but not the obligation, from time to time at our sole discretion for a period of up to 24 months beginning
on the Commencement Date, to direct B. Riley Principal Capital II to purchase a specified number of shares of Common Stock, not to exceed
the applicable Purchase Maximum Amount, in a Purchase under the Purchase Agreement, by timely delivering a written Purchase Notice to
B. Riley Principal Capital II, prior to 9:00 a.m., New York City time, on any trading day that we select as the Purchase Date for such
Purchase, so long as:</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.4in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 0.3in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the closing sale price of our Common Stock on the trading day immediately prior to such Purchase Date is not less than the Threshold Price; and</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all shares of Common Stock subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement (as applicable) have been received by B. Riley Principal Capital II, in the manner set forth in the Purchase Agreement, prior to the time we deliver such Purchase Notice to B. Riley Principal Capital II.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Maximum Amount
applicable to such Purchase will be equal to the lesser of:</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.4in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 0.3in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000 shares of Common Stock; and</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Purchase Percentage (as specified in the applicable Purchase Notice for such Purchase) of the total aggregate number (or volume) of shares of our Common Stock traded on the NYSE during the applicable Purchase Valuation Period for such Purchase.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The actual number of shares
of Common Stock that B. Riley Principal Capital II will be required to purchase in a Purchase, referred to as the Purchase Share Amount,
will be equal to the number of shares that we specify in the applicable Purchase Notice, subject to adjustment to the extent necessary
to give effect to the applicable Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement, including
the Beneficial Ownership Limitation and, if then applicable, the Exchange Cap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that B. Riley Principal Capital II will be required to pay for the Purchase Share Amount in a Purchase effected by us pursuant to the
Purchase Agreement, if any, will be equal to the VWAP of our Common Stock for the applicable Purchase Valuation Period on the Purchase
Date for such Purchase, less a fixed 3.0% discount to the VWAP for such Purchase Valuation Period. The Purchase Valuation Period for a
Purchase is defined in the Purchase Agreement as the period beginning at the official open (or &#8220;commencement&#8221;) of the regular
trading session on the NYSE on the applicable Purchase Date for such Purchase, and ending at the earliest to occur of:</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%; background-color: white; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">3:59 p.m., New York City time, on such Purchase Date or such earlier time publicly announced by the NYSE
as the official close of the regular trading session on such Purchase Date;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">such time that the total aggregate number (or volume) of shares of Common Stock traded on the NYSE during
such Purchase Valuation Period (calculated in accordance with the Purchase Agreement) reaches the applicable Purchase Share Volume Maximum
for such Purchase, which will be determined by dividing (a)&nbsp;the applicable Purchase Share Amount for such Purchase, by (b)&nbsp;the
Purchase Percentage we specified in the applicable Purchase Notice for such Purchase); and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">if we further specify in the applicable Purchase Notice for such Purchase that a Limit Order Discontinue
Election shall apply to such Purchase, such time that the trading price of our Common Stock on the NYSE during such Purchase Valuation
Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price Threshold.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement,
for purposes of calculating the volume of shares of Common Stock traded during a Purchase Valuation Period, including for purposes of
determining whether the applicable Purchase Share Volume Maximum for a Purchase has been reached, for purposes of calculating the VWAP
of our Common Stock for the applicable Purchase Valuation Period, and to the extent that we specify in the applicable Purchase Notice
that the Limit Order Discontinue Election will apply, the following transactions, to the extent they occur during such Purchase Valuation
Period, shall be excluded: (x)&nbsp;the opening or first purchase of Common Stock at or following the official open of the regular trading
session on the NYSE on the applicable Purchase Date for such Purchase, (y)&nbsp;the last or closing sale of Common Stock at or prior to
the official close of the regular trading session on the NYSE on the applicable Purchase Date for such Purchase, and (z)&nbsp;if we have
specified in the applicable Purchase Notice for such Purchase that a Limit Order Continue Election shall apply to such Purchase (instead
of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common Stock on the NYSE during such Purchase
Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Purchase.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the Purchases
described above, from and after the Commencement Date, we will also have the right, but not the obligation, subject to the continued satisfaction
of the conditions set forth in the Purchase Agreement, to direct B. Riley Principal Capital II to make Intraday Purchases, whether or
not a Purchase is effected on such Purchase Date, not to exceed the applicable Intraday Purchase Maximum Amount, under the Purchase Agreement,
by timely delivering a written Intraday Purchase Notice to B. Riley Principal Capital II, after 10:00 a.m., New York City time (and after
the Purchase Valuation Period for any earlier Purchase and the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase
effected on the same Purchase Date as such applicable Intraday Purchase, if applicable, have ended), and prior to 3:30 p.m., New York
City time, on such Purchase Date, so long as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the closing sale price of our Common Stock on the NYSE on the trading day immediately prior to such Purchase
Date is not less than the Threshold Price; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">all shares of Common Stock subject to all prior Purchases and all prior Intraday Purchases effected by
us under the Purchase Agreement (as applicable) have been received by B. Riley Principal Capital II in the manner set forth in the Purchase
Agreement, prior to the time we deliver such Intraday Purchase Notice to B. Riley Principal Capital II.</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">The Intraday Purchase Maximum Amount applicable
to such Intraday Purchase will be equal to the lesser of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">1,000,000 shares of Common Stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the Purchase Percentage (as specified by us in the applicable Intraday Purchase Notice for such Intraday
Purchase) of the total aggregate number (or volume) of shares of our Common Stock traded on the NYSE during the applicable Intraday Purchase
Valuation Period for such Intraday Purchase.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The actual number of shares
of Common Stock that B. Riley Principal Capital II will be required to purchase in an Intraday Purchase, referred to as the Intraday Purchase
Share Amount, will be equal to the number of shares that we specify in the applicable Intraday Purchase Notice, subject to adjustment
to the extent necessary to give effect to the applicable Intraday Purchase Maximum Amount and other applicable limitations set forth in
the Purchase Agreement, including the Beneficial Ownership Limitation and, if then applicable, the Exchange Cap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The per share purchase price
that B. Riley Principal Capital II will be required to pay for the Intraday Purchase Share Amount in an Intraday Purchase effected by
us pursuant to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a Purchase (including the same
fixed percentage discounts to the applicable VWAP used to calculate the per share purchase price for a Purchase as described above), provided
that the VWAP used to determine the purchase price for the Intraday Purchase Share Amount to be purchased in an Intraday Purchase will
be equal to the VWAP for the applicable Intraday Purchase Valuation Period on the Purchase Date for such Intraday Purchase. The Intraday
Purchase Valuation Period for an Intraday Purchase is defined in the Purchase Agreement as the period during the regular trading session
on the NYSE on such Purchase Date, beginning at the latest to occur of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">such time of confirmation of B. Riley Principal Capital II&#8217;s receipt of the applicable Intraday
Purchase Notice;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">such time that the Purchase Valuation Period for any prior regular Purchase effected on the same Purchase
Date (if any) has ended; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">such time that the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected
on the same Purchase Date (if any) has ended</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">and ending at the earliest to occur of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">3:59 p.m., New York City time, on such Purchase Date or such earlier time publicly announced by the NYSE
as the official close of the regular trading session on such Purchase Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">such time that the total aggregate number (or volume) of shares of Common Stock traded on the NYSE during
such Intraday Purchase Valuation Period reaches the applicable Intraday Purchase Share Volume Maximum for such Intraday Purchase, which
will be determined by dividing (a)&nbsp;the applicable Intraday Purchase Share Amount for such Intraday Purchase, by (b)&nbsp;the Purchase
Percentage we specified in the applicable Intraday Purchase Notice for determining the applicable Intraday Purchase Share Amount for such
Intraday Purchase; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">if we further specify a Limit Order Discontinue Election in the applicable Intraday Purchase Notice for
such Intraday Purchase, such time that the trading price of our Common Stock on the NYSE during such Intraday Purchase Valuation Period
(calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price Threshold.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As with Purchases, for purposes
of calculating the volume of shares of Common Stock traded during an Intraday Purchase Valuation Period, including for purposes of determining
whether the applicable Intraday Purchase Share Volume Maximum for an Intraday Purchase has been reached, and for purposes of calculating
the VWAP of our Common Stock for the applicable Intraday Purchase Valuation Period, the following transactions, to the extent they occur
during such Intraday Purchase Valuation Period, are excluded: (x)&nbsp;the opening or first purchase of Common Stock at or following the
official open of the regular trading session on the NYSE on the applicable Purchase Date for such Intraday Purchase, (y)&nbsp;the last
or closing sale of Common Stock at or prior to the official close of the regular trading session on the NYSE on the applicable Purchase
Date for such Intraday Purchase, and (z)&nbsp;if we have specified in the applicable Intraday Purchase Notice for such Intraday Purchase
that a Limit Order Continue Election shall apply to such Intraday Purchase (instead of specifying that a Limit Order Discontinue Election
shall apply), all purchases and sales of Common Stock on the NYSE during such Intraday Purchase Valuation Period at a price per share
that is less than the applicable Minimum Price Threshold for such Intraday Purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, in our sole
discretion, timely deliver multiple Intraday Purchase Notices to B. Riley Principal Capital II prior to 3:30 p.m., New York City
time, on a single Purchase Date to effect multiple Intraday Purchases on such same Purchase Date, provided that the Purchase
Valuation Period for any earlier regular Purchase effected on the same Purchase Date (as applicable) and the Intraday Purchase
Valuation Period for the most recent prior Intraday Purchase effected on the same Purchase Date have ended prior to 3:30 p.m., New
York City time, on such Purchase Date, and so long as all shares of Common Stock subject to all prior Purchases and all prior
Intraday Purchases effected by us under the Purchase Agreement, including all prior purchases effected on the same Purchase Date as
such applicable Intraday Purchase, have been received by B. Riley Principal Capital II in the manner set forth in the Purchase
Agreement prior to the time that we deliver to B. Riley Principal Capital II a new Intraday Purchase Notice to effect an additional
Intraday Purchase on the same Purchase Date as an earlier Purchase (as applicable) and one or more earlier Intraday Purchases
effected on such same Purchase Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms and limitations
that will apply to each subsequent additional Intraday Purchase effected on the same Purchase Date will be the same as those applicable
to any earlier Purchase (as applicable) and any earlier Intraday Purchase effected on the same Purchase Date as such subsequent additional
Intraday Purchase, and the per share purchase price for the shares of Common Stock that we elect to sell to B. Riley Principal Capital
II in each subsequent additional Intraday Purchase effected on the same Purchase Date as an earlier Purchase (as applicable) and/or earlier
Intraday Purchase(s)&nbsp;effected on such Purchase Date will be calculated in the same manner as in the case of such earlier Purchase
(as applicable) and such earlier Intraday Purchase(s)&nbsp;effected on the same Purchase Date as such subsequent additional Intraday Purchase,
with the exception that the Intraday Purchase Valuation Period for each subsequent additional Intraday Purchase will begin and end at
different times (and may vary in duration) during the regular trading session on such Purchase Date, in each case as determined in accordance
with the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of Purchases and
Intraday Purchases effected by us under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase
price per share of Common Stock to be purchased by B. Riley Principal Capital II in a Purchase or an Intraday Purchase (as applicable),
or in determining the applicable maximum purchase share amounts or applicable volume or price threshold amounts in connection with any
such Purchase or Intraday Purchase (as applicable), in each case, will be equitably adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate such per
share purchase price, maximum purchase share amounts or applicable volume or price threshold amounts.</P>

<P STYLE="font: 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">At or prior to 5:30 p.m.,
New York City time, on the applicable Purchase Date for a Purchase or Intraday Purchase, B. Riley Principal Capital II will provide us
with a written confirmation for such Purchase or Intraday Purchase, as applicable, setting forth the applicable purchase price (both on
a per share basis and the total aggregate purchase price) to be paid by B. Riley Principal Capital II for the shares of Common Stock purchased
by B. Riley Principal Capital II in such Purchase or Intraday Purchase, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The payment for, against delivery
of, shares of Common Stock purchased by B. Riley Principal Capital II in any Purchase or any Intraday Purchase under the Purchase Agreement
will be fully settled within two trading days immediately following the applicable Purchase Date for such Purchase or such Intraday Purchase
(as applicable), as set forth in the Purchase Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conditions Precedent to Commencement and Each
Purchase or Intraday Purchase</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. Riley Principal Capital
II&#8217;s obligation to accept VWAP Purchase Notices and Intraday VWAP Purchase Notices that are timely delivered by us under the Purchase
Agreement and to purchase shares of our Common Stock in Purchases and Intraday Purchases under the Purchase Agreement, are subject to
(i)&nbsp;the initial satisfaction, at the Commencement, and (ii)&nbsp;the satisfaction, at the applicable Purchase Condition Satisfaction
Time (as such term is defined in the Purchase Agreement) on the applicable Purchase Date for each Purchase and Intraday Purchase after
the Commencement Date, of the conditions precedent thereto set forth in the Purchase Agreement, all of which are entirely outside of B.
Riley Principal Capital II&#8217;s control, which conditions include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the accuracy in all material respects of the representations and warranties of the Company included in
the Purchase Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the Company having performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the registration statement that includes this prospectus (and any one or more additional registration
statements filed with the SEC that include shares of Common Stock that may be issued and sold by the Company to B. Riley Principal Capital
II under the Purchase Agreement) having been declared effective under the Securities Act by the SEC, and B. Riley Principal Capital II
being able to utilize this prospectus (and the prospectus included in any one or more additional registration statements filed with the
SEC under the Registration Rights Agreement) to resell all of the shares of Common Stock included in this prospectus (and included in
any such additional prospectuses);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the SEC shall not have issued any stop order suspending the effectiveness of the registration statement
that includes this prospectus (or any one or more additional registration statements filed with the SEC that include shares of Common
Stock that may be issued and sold by the Company to B. Riley Principal Capital II under the Purchase Agreement) or prohibiting or suspending
the use of this prospectus (or the prospectus included in any one or more additional registration statements filed with the SEC under
the Registration Rights Agreement), and the absence of any suspension of qualification or exemption from qualification of the Common Stock
for offering or sale in any jurisdiction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">FINRA shall not have provided an objection to, and shall have confirmed in writing that it has determined
not to raise any objections with respect to the fairness and reasonableness of, the terms and arrangements of the transactions contemplated
by the Purchase Agreement and the Registration Rights Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">there shall not have occurred any event, and there shall not exist any condition or state of facts, which
makes any statement of a material fact made in the registration statement that includes this prospectus (or in any one or more additional
registration statements filed with the SEC that include shares of Common Stock that may be issued and sold by the Company to B. Riley
Principal Capital II under the Purchase Agreement) untrue or which requires the making of any additions to or changes to the statements
contained therein in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make
the statements then made therein (in the case of this prospectus or the prospectus included in any one or more additional registration
statements filed with the SEC under the Registration Rights Agreement, in the light of the circumstances under which they were made) not
misleading;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">this prospectus, in final form, shall have been filed with the SEC under the Securities Act prior to Commencement,
and all reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company
with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">trading in the Common Stock shall not have been suspended by the SEC or the NYSE, the Company shall not
have received any final and non-appealable notice that the listing or quotation of the Common Stock on the NYSE shall be terminated on
a date certain (unless, prior to such date, the Common Stock is listed or quoted on any other Eligible Market, as such term is defined
in the Purchase Agreement), and there shall be no suspension of, or restriction on, accepting additional deposits of the Common Stock,
electronic trading or book-entry services by The Depository Trust Company with respect to the Common Stock that is continuing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the Company shall have complied with all applicable federal, state and local governmental laws, rules,
regulations and ordinances in connection with the execution, delivery and performance of the Purchase Agreement and the Registration Rights
Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the absence of any statute, regulation, order, decree, writ, ruling or injunction by any court or governmental
authority of competent jurisdiction which prohibits the consummation of or that would materially modify or delay any of the transactions
contemplated by the Purchase Agreement or the Registration Rights Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the absence of any action, suit or proceeding before any arbitrator or any court or governmental authority
seeking to restrain, prevent or change the transactions contemplated by the Purchase Agreement or the Registration Rights Agreement, or
seeking material damages in connection with such transactions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">all of the shares of Common Stock that may be issued pursuant to the Purchase Agreement shall have been
approved for listing or quotation on the NYSE (or if the Common Stock is not then listed on the NYSE, then on any Eligible Market), subject
only to notice of issuance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">no condition, occurrence, state of facts or event constituting a Material Adverse Effect (as such term
is defined in the Purchase Agreement) shall have occurred and be continuing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the absence of any bankruptcy proceeding against the Company commenced by a third party, and the Company
shall not have commenced a voluntary bankruptcy proceeding, consented to the entry of an order for relief against it in an involuntary
bankruptcy case, consented to the appointment of a custodian of the Company or for all or substantially all of its property in any bankruptcy
proceeding, or made a general assignment for the benefit of its creditors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the receipt by B. Riley Principal Capital II of the legal opinions, negative assurances, audit comfort
letters and certificates of the Chief Financial Officer of the Company (&#8220;CFO Certificates&#8221;) and bring-down legal opinions
and negative assurances, audit comfort letters and CFO Certificates, in each case as required under the Purchase Agreement.</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"><B>Termination of the Purchase Agreement</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">Unless earlier terminated
as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the first day of the month next following the 24-month anniversary of the Commencement Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the date on which B. Riley Principal Capital II shall have purchased shares of Common Stock under the
Purchase Agreement for an aggregate gross purchase price equal to $50,000,000;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the date on which the Common Stock shall have failed to be listed or quoted on the NYSE or any other Eligible
Market;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the 30th trading day after the date on which a voluntary or involuntary bankruptcy proceeding involving
our Company has been commenced that is not discharged or dismissed prior to such trading day; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the date on which a bankruptcy custodian is appointed for all or substantially all of our property, or
we make a general assignment for the benefit of our creditors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have the right to terminate
the Purchase Agreement at any time after Commencement, at no cost or penalty to us, upon 10 trading days&#8217; prior written notice to
B. Riley Principal Capital II. We and B. Riley Principal Capital II may also terminate the Purchase Agreement at any time by mutual written
consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. Riley Principal Capital
II also has the right to terminate the Purchase Agreement upon 10 trading days&#8217; prior written notice to us, but only upon the occurrence
of certain events, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the occurrence and continuation of a Material Adverse Effect (as such term is defined in the Purchase
Agreement);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the occurrence of a Fundamental Transaction (as such term defined in the Purchase Agreement) involving
our Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">if any registration statement is not filed by the applicable Filing Deadline (as defined in the Registration
Rights Agreement) or declared effective by the SEC by the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement),
or the Company is otherwise in breach or default in any material respect under any of the other provisions of the Registration Rights
Agreement, and, if such failure, breach or default is capable of being cured, such failure, breach or default is not cured within 10 trading
days after notice of such failure, breach or default is delivered to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">if we are in breach or default in any material respect of any of our covenants and agreements in the Purchase
Agreement or in the Registration Rights Agreement, and, if such breach or default is capable of being cured, such breach or default is
not cured within 10 trading days after notice of such breach or default is delivered to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the effectiveness of the registration statement that includes this prospectus or any additional
                                                                                                                                                                                                registration statement we file with the SEC pursuant to the Registration Rights Agreement lapses for any reason (including the
                                                                                                                                                                                                issuance of a stop order by the SEC), or this prospectus or the prospectus included in any additional registration statement we file
                                                                                                                                                                                                with the SEC pursuant to the Registration Rights Agreement otherwise
becomes unavailable to B. Riley Principal Capital II for the resale of all of the shares of Common Stock included therein, and such lapse
or unavailability continues for a period of 45 consecutive trading days or for more than an aggregate of 90 trading days in any 365-day
period, other than due to acts of B. Riley Principal Capital II; or</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">trading in the Common Stock on the NYSE (or if the Common Stock is then listed on an Eligible Market,
trading in the Common Stock on such Eligible Market) has been suspended for a period of five consecutive trading days.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">No termination
of the Purchase Agreement by us or by B. Riley Principal Capital II will become effective prior to the fifth trading day immediately following
the date on which any pending Purchase and any pending Intraday Purchase has been fully settled in accordance with the terms and conditions
of the Purchase Agreement, and no termination will affect any of the respective rights and obligations of the Company or B. Riley Principal
Capital II under the Purchase Agreement with respect to any pending Purchase, any pending Intraday Purchase, the Commitment Shares, including
any cash &#8220;make-whole&#8221; payment we may be required to pay to B. Riley Principal Capital II under certain circumstances as specified
in the Purchase Agreement, and any fees and disbursements of B. Riley Principal Capital II&#8217;s legal counsel in connection with the
transactions contemplated by the Purchase Agreement and the Registration Rights Agreement. Both we and B. Riley Principal Capital II have
agreed to complete our respective obligations with respect to any such pending Purchase and any pending Intraday Purchase under the Purchase
Agreement. Furthermore, no termination of the Purchase Agreement will affect the Registration Rights Agreement, which will survive any
termination of the Purchase Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>No
Short-Selling or Hedging by B. Riley Principal Capital II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">B. Riley Principal
Capital II has agreed that none of B. Riley Principal Capital II, its sole member, any of their respective officers, or any entity managed
or controlled by B. Riley Principal Capital II or its sole member will engage in or effect, directly or indirectly, for its own account
or for the account of any other of such persons or entities, any short sales of the Common Stock or hedging transactions that establishes
a net short position in the Common Stock during the term of the Purchase Agreement. Furthermore, B. Riley Principal Capital II has agreed
that, during the term of the Purchase Agreement, with respect to each brokerage account in which shares of Common Stock beneficially owned
by B. Riley Principal Capital II are held or to be held, it shall provide written instructions to the applicable broker that it does not
wish to participate in, and expressly opts out of, any &#8220;fully paid lending program&#8221; or similar program with respect to such
brokerage account so that shares of Common Stock beneficially owned that are, or to be held in, such brokerage account will not be made
available by the broker for lending to any third person in connection with, to effect, or otherwise to facilitate any short sale of Common
Stock by any person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Prohibition
on Dilutive Issuances and Other Similar Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">With certain
limited exceptions, we are prohibited from entering into certain types of &#8220;dilutive&#8221; equity transactions during the period
beginning on the trading day immediately prior to the applicable Purchase Date for a Purchase or Intraday Purchase (as applicable), and
ending on the third trading day after the full settlement thereof under the Purchase Agreement, and we are prohibited from effecting or
entering into any agreement to effect an &#8220;equity line of credit,&#8221; an &#8220;at the market offering&#8221; or other substantially
similar continuous offering, other than pursuant to the Purchase Agreement, in which the Company may offer, issue or sell Common Stock
or any securities exercisable, exchangeable or convertible into Common Stock at a future-determined price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Qualified
Independent Underwriter</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">We have engaged
Seaport, a registered broker-dealer and FINRA member, to act as a qualified independent underwriter in this offering. B. Riley Principal
Capital II has agreed to pay Seaport a cash fee of $50,000 upon the completion of this offering as consideration for its services and
to reimburse Seaport up to $5,000 for expenses incurred in connection with acting as the qualified independent underwriter in this offering.
In accordance with FINRA Rule&nbsp;5110, such cash fee and expense reimbursement to be paid to Seaport for acting as the qualified independent
underwriter in this offering are deemed to be underwriting compensation in connection with sales of our Common Stock by B. Riley Principal
Capital II to the public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Effect
of Sales of our Common Stock under the Purchase Agreement on our Stockholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">All shares
of Common Stock that may be issued or sold by us to B. Riley Principal Capital II under the Purchase Agreement that are being registered
under the Securities Act for resale by B. Riley Principal Capital II in this offering are expected to be freely tradable. The shares of
Common Stock being registered for resale in this offering may be issued and sold by us to B. Riley Principal Capital II from time to time
at our discretion over a period of up to 24 months commencing on the Commencement Date. The resale by B. Riley Principal Capital II of
a significant amount of shares registered for resale in this offering at any given time, or the perception that these sales may occur,
could cause the market price of our Common Stock to decline or to be highly volatile. Sales of our Common Stock, if any, to B. Riley Principal
Capital II under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately
decide to sell to B. Riley Principal Capital II all, some, or none of the shares of our Common Stock that may be available for us to sell
to B. Riley Principal Capital II pursuant to the Purchase Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">If
and when we do elect to sell shares of our Common Stock to B. Riley Principal Capital II pursuant to the Purchase Agreement, after B.
Riley Principal Capital II has acquired such shares, B. Riley Principal Capital II may resell all, some, or none of such shares at any
</FONT>time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from B. Riley Principal
Capital II in this offering at different times will likely pay different prices for those shares, and so may experience different levels
of dilution, and in some cases substantial dilution, and different outcomes in their investment results. Investors may experience a decline
in the value of the shares they purchase from B. Riley Principal Capital II in this offering as a result of future sales made by us to
B. Riley Principal Capital II at prices lower than the prices such investors paid for their shares in this offering. In addition, if we
sell a substantial number of shares of our Common Stock to B. Riley Principal Capital II under the Purchase Agreement, or if investors
expect that we will do so, the actual sales of shares of our Common Stock, or the mere existence of our arrangement with B. Riley Principal
Capital II, may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that
we might otherwise wish to effect such sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">Because
the purchase price per share to be paid by B. Riley Principal Capital II for the shares of Common Stock that we may elect to sell to
B. Riley Principal Capital II under the Purchase Agreement, if any, will fluctuate based on the market price of our Common Stock
during the applicable Purchase Valuation Period for each Purchase, and during the applicable Intraday Purchase Valuation Period for
each Intraday Purchase, made pursuant to the Purchase Agreement, if any, as of the date of this prospectus, it is not possible for
us to predict the number of shares of Common Stock that we will sell to B. Riley Principal Capital II under the Purchase Agreement,
the actual purchase price per share of Common Stock to be paid by B. Riley Principal Capital II for those shares, or the actual
gross proceeds to be raised by us from those sales, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">As of April&nbsp;23,
2024, there were 45,833,346 shares of our Common Stock outstanding, of which 31,472,685 shares were held by non-affiliates of our Company.
Although the Purchase Agreement provides that we may sell up to $50,000,000 of our Common Stock to B. Riley Principal Capital II, only
10,900,000 shares of our Common Stock are being registered under the Securities Act for resale by B. Riley Principal Capital II under
this prospectus, which represents (i)&nbsp;the 56,818 Commitment Shares that we issued to B. Riley Principal Capital II, following our
execution of the Purchase Agreement, on April&nbsp;23, 2024, and (ii)&nbsp;up to 10,843,182 shares of Common Stock that may be issued
to B. Riley Principal Capital II from and after the Commencement Date, if and when we elect to sell shares to B. Riley Principal Capital
II under the Purchase Agreement. If all of the 10,900,000 shares offered for resale by B. Riley Principal Capital II under this prospectus
were issued and outstanding as of the date hereof (without taking into account the Exchange Cap limitation), such shares would represent
approximately 19.2% of the total number of outstanding shares of Common Stock and approximately 25.7% of the total number of outstanding
shares of Common Stock held by non-affiliates of our Company, in each case as of April&nbsp;23, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">If we elect
to issue and sell to B. Riley Principal Capital II more than the 10,900,000 shares of Common Stock being registered under the Securities
Act for resale by B. Riley Principal Capital II under the registration statement that includes this prospectus, which we have the right,
but not the obligation, to do, we must first (i)&nbsp;to the extent applicable, obtain stockholder approval to issue shares of Common
Stock in excess of the Exchange Cap under the Purchase Agreement in accordance with applicable NYSE rules&nbsp;and (ii)&nbsp;file with
the SEC one or more additional registration statements to register under the Securities Act for the offer and resale by B. Riley Principal
Capital II of any such additional shares of our Common Stock we wish to sell from time to time under the Purchase Agreement, which the
SEC must declare effective, in each case before we may elect to sell any additional shares of our Common Stock to B. Riley Principal Capital
II under the Purchase Agreement. Any issuance and sale by us under the Purchase Agreement of a substantial amount of shares of Common
Stock in addition to the 10,900,000 shares of Common Stock being registered for resale by B. Riley Principal Capital II under the registration
statement that includes this prospectus could cause additional substantial dilution to our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The
number of shares of Common Stock ultimately offered for resale by B. Riley Principal Capital II through this prospectus is dependent upon</FONT>
the number of shares of Common Stock, if any, we elect to sell to B. Riley Principal Capital II under the Purchase Agreement from and
after the Commencement Date. The issuance of our Common Stock to B. Riley Principal Capital II pursuant to the Purchase Agreement will
not affect the rights or privileges of our existing stockholders, except that the economic and voting interests of each of our existing
stockholders will be diluted. Although the number of shares of our Common Stock that our existing stockholders own will not decrease,
the shares of our Common Stock owned by our existing stockholders will represent a smaller percentage of our total outstanding shares
of our Common Stock after any such issuance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #212529">The following
table sets forth the amount of gross proceeds we would receive from B. Riley Principal Capital II from our sale of shares of Common Stock
to B. Riley Principal Capital II under the Purchase Agreement at varying purchase prices:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Percentage&nbsp;of</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Gross&nbsp;Proceeds&nbsp;from&nbsp;the</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Outstanding&nbsp;Shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Sale&nbsp;of&nbsp;Shares&nbsp;to&nbsp;B.&nbsp;Riley</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Assumed Average</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Number&nbsp;of&nbsp;Registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">After&nbsp;Giving&nbsp;Effect&nbsp;to</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Principal&nbsp;Capital&nbsp;II</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Purchase Price Per</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Shares&nbsp;to&nbsp;be&nbsp;Issued</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">the&nbsp;Issuance&nbsp;to&nbsp;B.&nbsp;Riley</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Under&nbsp;the&nbsp;Purchase</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Share</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>if&nbsp;Full&nbsp;Purchase</B></FONT><FONT STYLE="font-size: 10pt; color: #212529"><SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Principal&nbsp;Capital&nbsp;II</B></FONT><FONT STYLE="font-size: 10pt; color: #212529"><SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Agreement</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="width: 23%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">3.50</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">9,166,668</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">16.6</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">32,083,338.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">4.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">9,166,668</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">16.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">41,250,006.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">4.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">9,166,668</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">16.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">42,350,006.16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">5.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">9,090,909</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">16.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">49,999,999.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">6.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">7,692,307</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">14.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">49,999,995.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">7.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">6,666,666</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">12.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">49,999,995.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(1)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Excluding the 56,818 Commitment Shares that we issued
to B. Riley Principal Capital II upon the execution of the Purchase Agreement, on April&nbsp;23, 2024. Although the Purchase Agreement
provides that we may sell up to $50,000,000 of our Common Stock to B. Riley Principal Capital II, we are only registering 10,900,000 shares
of our Common Stock under the registration statement that includes this prospectus, which may or may not cover all of the shares we ultimately
sell to B. Riley Principal Capital II under the Purchase Agreement. We will not issue more than an aggregate of 9,166,668 shares of our
Common Stock (the Exchange Cap, unless, to the extent applicable, otherwise approved by our stockholders or if the average price per share
paid by B. Riley Principal Capital II for all of the shares of Common Stock that we direct B. Riley Principal Capital II to purchase from
us pursuant to the Purchase Agreement, if any, equals or exceeds $4.43 per share). The number of shares to be issued as set forth in this
column (i)&nbsp;gives effect to the Exchange Cap and (ii)&nbsp;is without regard for the Beneficial Ownership Limitation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(2)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The denominator is based on 45,890,164 shares of Common Stock outstanding as of April&nbsp;23, 2024 (which, for these purposes, includes the 56,818 Commitment Shares we issued to B. Riley Principal Capital II on April&nbsp;23, 2024), adjusted to include the issuance of the number of shares set forth in the adjacent column that we would have sold to B. Riley Principal Capital II, assuming the average purchase price in the first column. The numerator is based on the number of shares of Common Stock issuable under the Purchase Agreement (that are the subject of this offering) at the corresponding assumed average purchase price set forth in the first column.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(3)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The closing sale price of our Common Stock on the NYSE on April&nbsp;23, 2024.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>SELLING
SECURITYHOLDER</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">This
prospectus relates to the offer and sale by B. Riley Principal Capital II of up to 10,900,000 shares of our Common Stock that have
been or may be issued by us to B. Riley Principal Capital II under the Purchase Agreement. For additional information regarding the
shares of our Common Stock included in this prospectus, see the section titled &#8220;The Committed Equity Facility&#8221; above. We
are registering the shares of our Common Stock included in this prospectus pursuant to the provisions of the Registration Rights
Agreement we entered into with B. Riley Principal Capital II on April&nbsp;23, 2024 in order to permit the Selling Securityholder to
offer the shares included in this prospectus for resale from time to time. Except for the transactions contemplated by the Purchase
Agreement and the Registration Rights Agreement and as set forth in the section titled &#8220;Plan of Distribution (Conflict of
Interest)&#8221; in this prospectus, B. Riley Principal Capital II has not had any material relationship with us within the past
three years. As used in this prospectus, the term &#8220;Selling Securityholder&#8221; means B. Riley Principal Capital II, LLC.</P>

<P STYLE="font: 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; background-color: white; color: #212529">The
table below presents information regarding the Selling Securityholder and the shares of our Common Stock that may be resold by the Selling
Securityholder from time to time under this prospectus. This table is prepared based on information supplied to us by the Selling Securityholder
and reflects holdings as of April&nbsp;23, 2024. The number of shares in the column &#8220;Maximum Number of Shares of Common Stock to
be Offered Pursuant to this Prospectus&#8221; represents all of the shares of our Common Stock being offered for resale by the Selling
Securityholder under this prospectus. The Selling Securityholder may sell some, all or none of the shares being offered for resale in
this offering. We do not know how long the Selling Securityholder will hold the shares before selling them and, except as set forth in
the section titled &#8220;Plan of Distribution (Conflict of Interest)&#8221; in this prospectus, we are not aware of any existing arrangements
between the Selling Securityholder and any other stockholder, broker, dealer, underwriter or agent relating to the sale or distribution
of the shares of our Common Stock being offered for resale by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Beneficial
ownership is determined in accordance with Rule&nbsp;13d-3(d)&nbsp;promulgated by the SEC under the Exchange Act, and includes shares
of our Common Stock with respect to which the Selling Securityholder has sole or shared voting and investment power. The percentage of
shares of our Common Stock beneficially owned by the Selling Securityholder prior to the offering shown in the table below is based on
an aggregate of 45,833,346 shares of our Common Stock outstanding on April&nbsp;23, 2024. Because the purchase price to be paid by the
Selling Securityholder for shares of our Common Stock, if any, that we may elect to sell to the Selling Securityholder in one or more
VWAP Purchases and one or more Intraday VWAP Purchases from time to time under the Purchase Agreement will be determined on the applicable
Purchase Dates therefor, the actual number of shares of our Common Stock that we may sell to the Selling Securityholder under the Purchase
Agreement may be fewer than the number of shares being offered for resale under this prospectus. The fourth column assumes the resale
by the Selling Securityholder of all of the shares of our Common Stock being offered for resale pursuant to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Please
see the section titled &#8220;<I>Plan of Distribution (Conflict of Interest)</I>&#8221; for further information regarding the Selling
Securityholder method of distributing these shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; border-bottom: Black 1pt solid">Name of Selling <BR>
Securityholder</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center; border-bottom: Black 1pt solid">Shares<BR> Beneficially<BR> Owned&nbsp;Prior<BR> to Offering</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-transform: uppercase; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-transform: uppercase; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none; color: rgb(33,37,41)"><B>Maximum
    Number of<BR> Shares of Common&nbsp;Stock<BR> to be Offered&nbsp;Pursuant<BR> to this prospectus<SUP>(3)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-transform: uppercase">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Shares of<BR> Common Stock<BR> Beneficially Owned&nbsp;<BR> After Offering<SUP>(4)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Number<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Percentage&nbsp;<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; border-bottom: Black 1pt solid">Number</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">B. Riley Principal Capital II, LLC<SUP>(5)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">56,818</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">*</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">10,900,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #212529">* Represents beneficial ownership
of less than 1.0% of the outstanding shares of our Common Stock</P>

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

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

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

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(1)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Represents the 56,818 shares of our Common Stock we issued to B. Riley Principal Capital II on April&nbsp;25, 2024 as Commitment Shares in consideration for entering into the Purchase Agreement with us. In accordance with Rule&nbsp;13d-3(d)&nbsp;under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the shares that B. Riley Principal Capital II may be required to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of B. Riley Principal Capital II&#8217;s control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Market Open Purchases and the Intraday Purchases of our Common Stock under the Purchase Agreement are subject to certain agreed upon maximum amount limitations set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any shares of our Common Stock to B. Riley Principal Capital II to the extent such shares, when aggregated with all other shares of our Common Stock then beneficially owned by B. Riley Principal Capital II, would cause B. Riley Principal Capital II&#8217;s beneficial ownership of our Common Stock to exceed the 4.99% Beneficial Ownership Limitation. The Purchase Agreement also prohibits us from issuing or selling shares of our Common Stock under the Purchase Agreement in excess of the 19.99% Exchange Cap, unless we obtain stockholder approval to do so, or unless the average price for all shares of our Common Stock purchased by B. Riley Principal Capital II under the Purchase Agreement equals or exceeds $4.43 per share, such that the Exchange Cap limitation would not apply under applicable NYSE rules. Neither the Beneficial Ownership Limitation nor the Exchange Cap (to the extent applicable under NYSE) may be amended or waived under the Purchase Agreement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(2)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Applicable percentage ownership is based on 45,833,346 shares of our Common Stock outstanding as of April&nbsp;23, 2024.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(3)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Under the terms of the Purchase Agreement, in certain circumstances set forth in the Purchase Agreement, we may be required to pay B. Riley Principal Capital II up to $250,000, in cash, as a &#8220;make-whole&#8221; payment to the extent the aggregate amount of cash proceeds, if any, received by B. Riley Principal Capital II from their resale of the Commitment Shares offered for resale by this prospectus, prior to certain times set forth in the Purchase Agreement, is less than $250,000, in exchange for B. Riley Principal Capital II returning to us for cancelation all of the Commitment Shares we originally issued to them upon execution of the Purchase Agreement that were not previously resold by B. Riley Principal Capital II prior to the times specified in the Purchase Agreement, if any, in which case the total number of shares of our Common Stock being offered for resale pursuant to this prospectus would be less than the maximum number of shares of Common Stock to be offered for resale pursuant to this prospectus set forth in this column by the number of Commitment Shares that B. Riley Principal Capital II may be required to return to us for cancelation in exchange for such cash &#8220;make whole&#8221; payment. See &#8220;Plan of Distribution (Conflict of Interest)&#8221; for more information about the terms of the commitment fee to be received by B. Riley Principal Capital II under the Purchase Agreement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(4)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Assumes the sale of all shares of our Common Stock being offered for resale pursuant to this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(5)</FONT></TD>
    <TD STYLE="width: 98%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The business address of B. Riley Principal Capital II, LLC (&#8220;BRPC II&#8221;) is 11100 Santa Monica Blvd., Suite&nbsp;800, Los Angeles, California 90025. BRPC II&#8217;s principal business is that of a private investor. BRPC II is a wholly-owned subsidiary of B. Riley Principal Investments, LLC (&#8220;BRPI&#8221;). As a result, BRPI may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II. B. Riley Financial,&nbsp;Inc. (&#8220;BRF&#8221;) is the parent company of BRPC II and BRPI. As a result, BRF may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Each of BRF, BRPI and Bryant R. Riley expressly disclaims beneficial ownership of the securities of the company held of record by BRPC II, except to the extent of its/his pecuniary interest therein. We have been advised that none of BRF, BRPI or BRPC II is a member of the Financial Industry Regulatory Authority,&nbsp;Inc. (&#8220;FINRA&#8221;) or an independent broker-dealer&#894; however, each of BRF, BRPI, BRPC II and Bryant R. Riley is an affiliate of B. Riley Securities,&nbsp;Inc. (&#8220;BRS&#8221;), a registered broker-dealer and FINRA member, and Bryant R. Riley is an associated person of BRS. BRS will act as an executing broker that will effectuate resales of our Common Stock that have been and may be acquired by BRPC II from us pursuant to the Purchase </FONT>Agreement to the public in this offering. See &#8220;Plan of Distribution (Conflict of Interest)&#8221; for more information about the relationship between BRPC II and BRS.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF SECURITIES</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; background-color: white; color: #212529"><I>The
following summary of the material terms of our securities is not intended to be a complete summary of the rights and preferences of such
securities. The descriptions below are qualified by reference to the actual text of our Charter. We urge you to read our Charter in its
entirety for a complete description of the rights and preferences of our securities.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Authorized
and Outstanding Capital Stock</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; background-color: white; color: #212529">Our
Charter authorizes the issuance of 400,000,000&nbsp;shares of Common Stock, $0.0001 par value per share and 40,000,000&nbsp;shares of
Preferred Stock, $0.0001 par value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Voting
Power</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Except
as otherwise provided by the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) or our Charter and subject to the rights of holders
of any series of Preferred Stock, all of the voting power of our stockholders will be vested in the holders of our Common Stock, and each
holder of our Common Stock will have one vote for each share held by such holder on all matters voted upon by the stockholders of the
Company; provided, however, that, except as otherwise required by law, holders of our Common Stock, as such, will not be entitled to vote
on any amendment to our Charter (or on any amendment to a certificate of designations of any series of Preferred Stock) that alters or
changes the powers, preferences, rights or other terms of one or more outstanding series of Preferred Stock if the holders of such affected
series of Preferred Stock are entitled to vote, either separately or together with the holders of one or more other such series, on such
amendment pursuant to our Charter (or pursuant to a certificate of designations of any series of Preferred Stock) or pursuant to the DGCL.
There will be no cumulative voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Dividends</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Except
as otherwise provided by the DGCL or our Charter, dividends may be declared and paid on our Common Stock from funds lawfully available
therefor if, as and when determined by our Board and subject to any preferential dividend rights of any then outstanding shares of Preferred
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Liquidation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Upon
the dissolution or liquidation or winding up of the affairs of the Company, whether voluntary or involuntary, holders of our Common Stock
will be entitled to receive all our assets available for distribution to our stockholders equally on a per share basis, subject to any
preferential rights of any then outstanding shares of Preferred Stock and after payment or provision for payment of our debts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Preemptive
Rights; Redemption Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">The
holders of our Common Stock will have no preemptive rights to subscribe for any shares of any class of our stock<I>.&nbsp;</I>Our Common
Stock will not be convertible into, or exchangeable for, shares of any other class or classes or of any other series of the same class
of our capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Election
of Directors</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Board is divided into three classes, each of which generally serve for a term of three&nbsp;years with only one class of directors being
elected in each&nbsp;year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Preferred
Stock</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; background-color: white; color: #212529">Our
Charter provides that shares of our Preferred Stock may be issued from time to time in one or more series. Our Board will be authorized
to establish the voting rights, if any, designations, preferences and relative, participating, optional or other special rights of the
shares of such series, and the qualifications, limitations or restrictions thereof, applicable to the shares of each series of our Preferred
Stock. Our Board can, without stockholder approval, issue our Preferred Stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of our Common Stock and could have anti-takeover&nbsp;effects. The ability of our Board
to issue our Preferred Stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control
or the removal of existing management. We have no Preferred Stock outstanding at the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">As
of April 22, 2025, there were 26,273,653 of our Warrants to purchase our Common Stock outstanding, consisting of 17,250,000 Public Warrants
and 6,580,000 Private Placement Warrants held by the Sponsors and Affiliated Stockholder and 2,295,333 GCT Warrants. Each whole Warrant
entitles the registered holder to purchase one share of our Common Stock at a price of $11.50 per share for Public Warrants and Private
Placement Warrants, and $5.00, $10.00, $18.75 for GCT Warrants, subject to adjustment as discussed below, at any time commencing on the
later of 30 days after the completion of an initial business combination or 12 months from the closing of the IPO. Our Warrants will expire
on the fifth anniversary of Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</P>

<P STYLE="font: 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; background-color: white; color: #212529">Holders
of our Warrants will not be exercisable for cash unless we have an effective and current registration statement covering the shares of
our Common Stock issuable upon exercise of our Warrants and a current prospectus relating to such shares of our Common Stock. Notwithstanding
the foregoing, if a registration statement covering the shares of our Common Stock issuable upon exercise of the Public Warrants is not
effective within a specified period following the consummation of the Business Combination, holders of Public Warrants may, until such
time as there is an effective registration statement and during any period when we have failed to maintain an effective registration statement,
exercise Public Warrants on a cashless basis pursuant to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of the Securities Act, provided
that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
Public Warrants on a cashless basis. In the event of such a cashless exercise, each holder would pay the exercise price by surrendering
the Public Warrants for that number of shares of our Common Stock equal to the quotient obtained by dividing (x)&nbsp;the product of the
number of shares of our Common Stock underlying the Public Warrants, multiplied by the difference between the exercise price of the Public
Warrants and the &#8220;fair market value&#8221; (as defined below) by (y)&nbsp;the fair market value. The &#8220;fair market value&#8221;
for this purpose means the average reported last sale price of the shares of our Common Stock for the ten trading&nbsp;days ending on
the third trading day prior to the date of exercise.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
may call our Warrants for redemption (excluding the Private Placement Warrants and any Warrants underlying the working capital loans made
to us), in whole and not in part, at a price of $0.01 per Warrant, (i)&nbsp;at any time after our Warrants become exercisable, (ii)&nbsp;upon
not less than 30&nbsp;days&#8217; prior written notice of redemption to each holder of our Warrants after the Warrants become exercisable,
(iii)&nbsp;if, and only if, the reported last sale price of the shares of our Common Stock equals or exceeds $18.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading&nbsp;days within a 30 trading day period
commencing after our Warrants become exercisable and ending on the third business day prior to the notice of redemption to holders of
our Warrants, and (iv)&nbsp;if, and only if, there is a current registration statement in effect with respect to the shares of our Common
Stock underlying such Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">The
right to exercise will be forfeited unless our Warrants are exercised prior to the date specified in the notice of redemption. On and
after the redemption date, a record holder of our Warrant will have no further rights except to receive the redemption price for such
holder&#8217;s Warrant upon surrender of such Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">If
we call our Warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
Warrants to do so on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering our Warrants
for that number of shares of our Common Stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares
of our Common Stock underlying our Warrants, multiplied by the difference between the exercise price of the Warrants and the &#8220;fair
market value&#8221; (as defined below) by (y)&nbsp;the fair market value. The &#8220;fair market value&#8221; for this purpose means volume-weighted
average price of our Common Stock as reported during the ten (10)&nbsp;trading day period ending on the trading day prior to the date
of exercise.</P>

<P STYLE="font: 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; background-color: white; color: #212529">The
exercise price and number of shares of our Common Stock issuable on exercise of our Warrants may be adjusted in certain circumstances
including in the event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
except as described below, our Warrants will not be adjusted for issuances of shares of our Common Stock at a price below their respective
exercise prices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">In
addition, if (x)&nbsp;we issue additional shares of our Common Stock or equity-linked&nbsp;securities for capital raising purposes in
connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share
of our Common Stock (with such issue price or effective issue price to be determined in good faith by our Board, and in the case of any
such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder Shares held by them prior
to such issuance), (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business
combination (net of redemptions), and (z)&nbsp;the &#8220;market value&#8221; (as defined below) is below $9.20 per share, the exercise
price of our Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i)&nbsp;the market value or (ii)&nbsp;the
price at which we issue the additional shares of our Common Stock or equity-linked&nbsp;securities. The &#8220;market value&#8221; for
this purpose means the volume weighted average trading price of our Common Stock during the 20 trading day period starting on March&nbsp;25,
2024, the trading day prior to the day on which we consummated the Business Combination.</P>

<P STYLE="font: 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; background-color: white; color: #212529">No
fractional shares will be issued upon exercise of our Warrants. If, upon exercise of our Warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of our Common Stock
to be issued to the Warrant holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Convertible
Promissory Note</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; background-color: white; color: #212529">On
February&nbsp;26, 2024, GCT issued a convertible promissory note (the &#8220;Note&#8221;) to the Noteholder in the principal amount of
$5,000,000. On or after the earlier of (i)&nbsp;six&nbsp;months from the issuance date of the Note&nbsp;and (ii)&nbsp;the Closing, the
Noteholder may demand the Company to convert all principal and interests due under the Note&nbsp;into shares of Common Stock, at a conversion
price of $10.00 per share. The Note&nbsp;matures on the second anniversary of the issuance date, and bears an interest rate of 5% per
annum. The Note&nbsp;includes customary representations, warranties and events of default, as well as a covenant relating to the performance
of obligations by the Company related to the Company&#8217;s 5G activity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Dividends</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; background-color: white; color: #212529">We
have not paid any cash dividends on our Common Stock to date and do not intend to pay cash dividends. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition. The
payment of any cash dividends will be within the discretion of our Board. Our ability to declare dividends may also be limited by
restrictive covenants pursuant to any debt financing agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Listing
of Securities</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; background-color: white; color: #212529">Our
Common Stock and our Warrants are currently listed on the NYSE under the symbols &#8220;GCTS&#8221; and &#8220;GCTSW,&#8221; respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Transfer
Agent and Registrar</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; background-color: white; color: #212529">The
transfer agent and registrar for our Common Stock is Continental Stock Transfer&nbsp;&amp; Trust Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Certain
Anti-Takeover Provisions of Delaware Law</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; background-color: white; color: #212529"><B><I>Classified
Board of Directors</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Charter provides that our Board will be divided into three classes of directors, with the classes to be as nearly equal in number as possible,
and with each director serving a three-year&nbsp;term. As a result, approximately one-third&nbsp;of our Board will be elected each&nbsp;year.
The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Authorized
but Unissued Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">The
authorized but unissued shares of our Common Stock and Preferred Stock are available for future issuance without stockholder approval,
subject to any limitations imposed by the listing standards of the NYSE. These additional shares may be used for a variety of corporate
finance transactions, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Common Stock and
Preferred Stock could make more difficult or discourage an attempt to obtain control of over the Company by means of a proxy contest,
tender offer, merger or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Stockholder
Action; Special Meetings of Stockholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Charter provides that stockholders may not take action by written consent, but may only take action at annual or special meetings of stockholders.
As a result, a holder controlling a majority of our capital stock would not be able to amend our Bylaws or remove directors without holding
a meeting of stockholders called in accordance with our Bylaws. This restriction does not apply to actions taken by the holders of any
series of Preferred Stock of the Company to the extent expressly provided in the applicable Preferred Stock Designation. Further, our
Charter provides that, subject to any special rights of the holders of Preferred Stock of the Company, special meetings of stockholders
of the Company may be called only by or at the direction of our Board pursuant to a resolution adopted by a majority of the total number
of directors, thus prohibiting a holder of our Common Stock from calling a special meeting. These provisions might delay the ability of
stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action,
including the removal of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">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. To be timely, a stockholder&#8217;s notice will need to
be delivered to, or mailed and received at, our principal executive offices (x)&nbsp;not later than the close of business on the ninetieth
(90th) calendar day, nor earlier than the close of business on the one hundred twentieth (120th) calendar day in advance of the anniversary
of the previous&nbsp;year&#8217;s annual meeting if such meeting is to be held on a day which is not more than thirty (30) calendar&nbsp;days
in advance of the anniversary of the previous&nbsp;year&#8217;s annual meeting or not later than sixty (60) calendar&nbsp;days after the
anniversary of the previous&nbsp;year&#8217;s annual meeting; and (y)&nbsp;with respect to any other annual meeting of stockholders, the
close of business on the tenth (10th) calendar day following the date of public disclosure of the date of such meeting. In no event shall
the Public Disclosure of an adjournment or postponement of an annual meeting commence a new notice time period (or extend any notice time
period).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Bylaws also specify certain requirements as to the form and content of a stockholders&#8217; notice. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Amendment
of Charter or Bylaws</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Bylaws may be amended or repealed by the Board at any regular or special meeting by the affirmative vote of a majority of all of the members
of the Board, provided in the case of any special meeting at which all of the members of the Board are not present, that the notice of
such meeting will have stated that the amendment of these Bylaws was one of the purposes of the meeting; but these Bylaws and any amendment
thereof, including the Bylaws adopted by the Board, may be altered, amended or repealed and other Bylaws may be adopted by the affirmative
vote of holders of at least fifty&nbsp;percent (50%) of the outstanding shares of capital stock of the Company entitled to vote in the
election of directors or class of directors, voting together as a single class, provided, in the case of any special meeting, that notice
of such proposed alteration, amendment, repeal or adoption is included in the notice of the meeting.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
also reserve the right to amend, alter, change or repeal any provision contained in our Certificate of Incorporation, in the manner prescribed
by the DGCL.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Board
Vacancies</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Except
as the DGCL may otherwise require, any new directorships or vacancies in our Board, including new directorships resulting from any increase
in the number of directors to serve in the Board and/or any unfilled vacancies by reason of death, resignation, disqualification, removal
for cause, failure to elect or otherwise with respect to any director, may be filled only by the vote of a majority of the remaining directors
then in office, although less than a quorum, or by the sole remaining director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Forum
Selection</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Charter provides that unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for: i) (a)&nbsp;any derivative action
or proceeding brought on behalf of the Company, (b)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any current
or former director, officer, other employee or stockholder of the Company to the Company or our stockholders, (c)&nbsp;any action asserting
a claim against us or our current or directors, officers, employees, or stockholders arising pursuant to any provision of the DGCL, our
Charter or our Bylaws (as either may be amended or restated) or as to which the DGCL confers jurisdiction on the Court of Chancery of
the State of Delaware or (d)&nbsp;any action asserting a claim against us or our current or former directors, officers, employees, or
stockholders governed by the internal affairs doctrine of the law of the State of Delaware. In addition, our Charter designates the federal
district courts of the United&nbsp;States of America as the exclusive forum for the resolution of any complaint asserting a cause of action
arising under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Section&nbsp;27
of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules&nbsp;and regulations thereunder. As a result, the exclusive forum provision in our Charter will not apply to suits brought
to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.</P>

<P STYLE="font: 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; background-color: white; color: #212529">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 and officers, although our stockholders will not be deemed to have
waived its compliance with federal securities laws and the rules&nbsp;and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Section&nbsp;203
of the DGCL</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">We
are subject to the provisions of Section&nbsp;203 of the DGCL. In general, Section&nbsp;203 prohibits a Delaware corporation that is listed
on a national securities exchange or held of record by more than 2,000 stockholders from engaging in a &#8220;business combination&#8221;
with an &#8220;interested stockholder&#8221; for a three-year&nbsp;period following the time that such stockholder becomes an interested
stockholder, unless the business combination is approved in a prescribed manner. A &#8220;business combination&#8221; includes, among
other things, certain mergers, asset or stock sales or other transactions resulting in a financial benefit to the interested stockholder.
An &#8220;interested stockholder&#8221; is a person who, together with affiliates and associates, owns, or did own within three&nbsp;years
prior to the determination of interested stockholder status, 15% or more of the corporation&#8217;s outstanding voting stock. Under Section&nbsp;203,
a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #212529"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">before the stockholder became interested, our Board approved either the business combination or the transaction
which resulted in the stockholder becoming an interested stockholder;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced,
excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee
stock plans, in some instances; or</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #212529"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">at or after the time the stockholder became interested, the business combination was approved by the Board
of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least 66 2/3% of the
outstanding voting stock which is not owned by the interested stockholder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Under
certain circumstances, Section&nbsp;203 of the DGCL will make it more difficult for a person who would be an &#8220;interested stockholder&#8221;
to effect various business combinations with a corporation for a three-year period. This provision may encourage companies interested
in acquiring us to negotiate in advance with our Board because the stockholder approval requirement would be avoided if our Board approves
either the business combination or the transaction which results in the stockholder becoming an interested stockholder. Section&nbsp;203
of the DGCL also may have the effect of preventing changes in our Board and may make it more difficult to accomplish transactions which
stockholders may otherwise deem to be in their best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Limitation
on Liability and Indemnification of Directors and Officers</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; background-color: white; color: #212529">Our
Charter provides that the liability of the directors and officers of the Company to the Company or our stockholders for monetary damages
for breach of fiduciary duty as a director or officer, as applicable, shall be eliminated or limited to the fullest extent permitted under
applicable law as it now exists or may in the future be amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Our
Bylaws also permit us to purchase and maintain insurance on behalf of any officer, director, employee or agent of the Company for any
liability arising out of his or her status as such, regardless of whether the DGCL would permit indemnification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder&#8217;s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced
directors and officers.</P>

<P STYLE="font: 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; background-color: white; color: #212529">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="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="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PLAN
OF DISTRIBUTION </B></FONT><B><FONT STYLE="text-transform: uppercase"><A NAME="a_012"></A>(Conflict of interest)</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: 0.5in; background-color: white; color: #212529">The
shares of our Common Stock offered by this prospectus are being offered by the Selling Securityholder, B. Riley Principal Capital II,
LLC. The shares may be sold or distributed from time to time by the Selling Securityholder directly to one or more purchasers or through
brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the
prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the shares of our Common Stock offered
by this prospectus could be effected in one or more of the following methods.</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #212529"></FONT><FONT STYLE="color: #212529">ordinary
brokers&#8217; transactions;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol; color: #212529"></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">transactions involving cross or block trades;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">through brokers, dealers, or underwriters who may act solely
as agents;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol; color: #212529"></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">&#8220;at the market&#8221; into an existing market for
our Common Stock;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol; color: #212529"></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">in other ways not involving market makers or established
business markets, including direct sales to purchasers or sales effected through agents;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol; color: #212529"></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">in privately negotiated transactions; or</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%"></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol; color: #212529"></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="color: #212529">any combination
of the foregoing.</FONT></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; text-indent: 0.5in; background-color: white; color: #212529">In
order to comply with the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed
brokers or dealers. In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale
in the state or an exemption from the state&#8217;s registration or qualification requirement is available and complied with.</P>

<P STYLE="font: 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; background-color: white; color: #212529">B.
Riley Principal Capital II is an &#8220;underwriter&#8221; within the meaning of Section&nbsp;2(a)(11) of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">B.
Riley Principal Capital II has informed us that it presently anticipates using, but is not required to use, BRS, a registered broker-dealer
and FINRA member and an affiliate of B. Riley Principal Capital II, as a broker to effectuate resales, if any, of our Common Stock that
it may acquire from us pursuant to the Purchase Agreement, and that it may also engage one or more other registered broker-dealers to
effectuate resales, if any, of such Common Stock that it may acquire from us. Such resales will be made at prices and at terms then prevailing
or at prices related to the then current market price. Each such registered broker-dealer will be an underwriter within the meaning of
Section&nbsp;2(a)(11) of the Securities Act. B. Riley Principal Capital II has informed us that each such broker-dealer it engages to
effectuate resales of our Common Stock on its behalf, excluding BRS, may receive commissions from B. Riley Principal Capital II for executing
such resales for B. Riley Principal Capital II and, if so, such commissions will not exceed customary brokerage commissions.</P>

<P STYLE="font: 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; background-color: white; color: #212529">B.
Riley Principal Capital II is an affiliate of BRS, a registered broker-dealer and FINRA member, which will act as an executing broker
that will effectuate resales of our Common Stock that may be acquired by B. Riley Principal Capital II from us pursuant to the Purchase
Agreement to the public in this offering. Because B. Riley Principal Capital II will receive all the net proceeds from such resales of
our Common Stock made to the public through BRS, BRS is deemed to have a &#8220;conflict of interest&#8221; within the meaning of FINRA
Rule&nbsp;5121. Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule&nbsp;5121, which requires
that a &#8220;qualified independent underwriter,&#8221; as defined in FINRA Rule&nbsp;5121, participate in the preparation of the registration
statement that includes this prospectus and exercise the usual standards of &#8220;due diligence&#8221; with respect thereto. Accordingly,
we have engaged Seaport Global Services LLC, a registered broker-dealer and FINRA member (&#8220;Seaport&#8221;), to be the qualified
independent underwriter in this offering and, in such capacity, participate in the preparation of the registration statement that includes
this prospectus and exercise the usual standards of &#8220;due diligence&#8221; with respect thereto. B. Riley Principal Capital II has
agreed to pay Seaport a cash fee of $50,000 upon the initial filing of the registration statement that includes this prospectus with the
SEC as consideration for its services and to reimburse Seaport up to $5,000 for expenses incurred in connection with acting as the qualified
independent underwriter in this offering. In accordance with FINRA Rule&nbsp;5110, such cash fee and expense reimbursement to be paid
to Seaport for acting as the qualified independent underwriter in this offering are deemed to be underwriting compensation in connection
with sales of our Common Stock by B. Riley Principal Capital II to the public. Seaport will receive no other compensation for acting as
the qualified independent underwriter in this offering. In accordance with FINRA Rule&nbsp;5121, BRS is not permitted to sell shares of
our Common Stock in this offering to an account over which it exercises discretionary authority without the prior specific written approval
of the account holder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Except
as set forth above, we know of no existing arrangements between the Selling Securityholder and any other stockholder, broker, dealer,
underwriter or agent relating to the sale or distribution of the shares of our Common Stock offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">Brokers,
dealers, underwriters or agents participating in the distribution of the shares of our Common Stock offered by this prospectus may receive
compensation in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent,
of the shares sold by the Selling Securityholder through this prospectus. The compensation paid to any such particular broker-dealer by
any such purchasers of shares of our Common Stock sold by the Selling Securityholder may be less than or in excess of customary commissions.
Neither we nor the Selling Securityholder can presently estimate the amount of compensation that any agent will receive from any purchasers
of shares of our Common Stock sold by the Selling Securityholder.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
may from time to time file with the SEC one or more supplements to this prospectus or amendments to the registration statement of
which this prospectus forms a part to amend, supplement or update information contained in this prospectus, including, if and when
required under the Securities Act, to disclose certain information relating to a particular sale of shares offered by this
prospectus by the Selling Securityholder, including with respect to any compensation paid or payable by the Selling Securityholder
to any brokers, dealers, underwriters or agents that participate in the distribution of such shares by the Selling Securityholder,
and any other related information required to be disclosed under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">We
will pay the expenses incident to the registration under the Securities Act of the offer and sale of the shares of our Common Stock covered
by this prospectus by the Selling Securityholder.</P>

<P STYLE="font: 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; background-color: white; color: #212529">As
consideration for its irrevocable commitment to purchase our Common Stock at our direction under the Purchase Agreement, we have agreed
to (i)&nbsp;issue to B. Riley Principal Capital II 56,818 shares of our Common Stock as Commitment Shares, which Commitment Shares have
a total aggregate value equal to 0.5% of B. Riley Principal Capital II&#8217;s $50,000,000 total dollar amount purchase commitment under
the Purchase Agreement (assuming a value of $4.40 per Commitment Share, representing the lower of (i)&nbsp;the NYSE official closing price
of the Common Stock on the Trading Market (as reflected on NYSE.com) on the Trading Day immediately prior to the date of this Agreement
and (ii)&nbsp;the average NYSE official closing price of the Common Stock on the Trading Market (as reflected on NYSE.com) for the five
(5)&nbsp;consecutive Trading Days ending on the Trading Day immediately prior to the date of this Agreement), upon execution of the Purchase
Agreement and the Registration Rights Agreement and (ii)&nbsp;pay B. Riley Principal Capital II a cash commitment fee in the amount of
$0 (the &#8220;Cash Commitment Fee&#8221;), upon the settlement of the first purchase, if any, that we direct B. Riley Principal Capital
II to make under the Purchase Agreement. If we do not direct B. Riley Principal Capital II to make any purchases under the Purchase Agreement,
or if the Commencement does not occur, then we have agreed to pay the $0 Cash Commitment Fee to B. Riley Principal Capital II within three
trading days following the termination of the Purchase Agreement in accordance with its terms. In accordance with FINRA Rule&nbsp;5110,
the 56,818 Commitment Shares and the $0 Cash Commitment Fee are deemed to be underwriting compensation in connection with sales of our
shares of Common Stock by B. Riley Principal Capital II to the public.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">We
have further agreed that if, after the Commencement Date, the aggregate amount of cash proceeds received by B. Riley Principal Capital
II from their resale of all of the Commitment Shares is less than $250,000, or 0.50% of B. Riley Principal Capital II&#8217;s $50,000,000
total dollar amount purchase commitment under the Purchase Agreement, then we will pay B. Riley Principal Capital II, in cash, the amount
by which $250,000 exceeds the aggregate net proceeds received by B. Riley Principal Capital II from their resale of all of the Commitment
Shares offered through this prospectus. Furthermore, we have agreed that if B. Riley Principal Capital has not resold all of the Commitment
Shares that we had issued to them upon execution of the Purchase Agreement, all of which are being offered for resale through this prospectus,
prior to the earliest of (i)&nbsp;the effective date of the termination of the Purchase Agreement by us or B. Riley Principal Capital
II in accordance with its terms, (ii)&nbsp;the 121st calendar day after the date of this prospectus, (iii)&nbsp;the calendar day on which
the effectiveness of the registration statement that includes this prospectus lapses, or this prospectus otherwise becomes unavailable
for any reason to B. Riley Principal Capital II for the resale of all of the Commitment Shares being offered hereby, or (iv)&nbsp;the
date on which our Common Stock fails to be listed or has ceased to trade on the NYSE (or another eligible national securities exchange
under the Purchase Agreement) for a period of three trading days, other than due to any material breach by B. Riley Principal Capital
II of its obligations under the Purchase Agreement, and if the aggregate amount of cash proceeds received by B. Riley Principal Capital
II from their resale of any of the Commitment Shares that B. Riley Principal Capital II was able to resell before such earliest date is
less than $250,000, then we will pay B. Riley Principal Capital II, in cash, the amount by which $250,000 exceeds the aggregate net proceeds
received by B. Riley Principal Capital II from their resale of the Commitment Shares that B. Riley Principal Capital II was able to resell
before such earliest date, in exchange for B. Riley Principal Capital II returning to us for cancelation all of the Commitment Shares
we originally issued to them that they were not able to resell before such earliest date.</P>

<P STYLE="font: 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; background-color: white; color: #212529">Lastly,
if, for any reason whatsoever, other than due to any material breach by B. Riley Principal Capital II of its obligations under the Purchase
Agreement or the Registration Rights Agreement, either the registration statement that includes this prospectus is not declared effective
by the SEC or the Commencement fails to occur under the Purchase Agreement, in either case prior to the 181st calendar day after the date
of the Purchase Agreement (or October&nbsp;21, 2024) and, as a result, B. Riley Principal Capital II was not able to resell any of the
Commitment Shares we originally issued to them prior to such 181st calendar day, then we will pay $250,000 in cash to B. Riley Principal
Capital II, in exchange for B. Riley Principal Capital II returning to us for cancelation all of the Commitment Shares we originally issued
to them pursuant to the Purchase Agreement. In this prospectus, we sometimes refer to this cash &#8220;make-whole&#8221; payment that
we may be required to pay to B. Riley Principal Capital II under the Purchase Agreement under the circumstances described above (as applicable)
as the &#8220;Cash Make-Whole Payment.&#8221; We will not make any Cash Make-Whole Payment to B. Riley Principal Capital II if, after
the Commencement under the Purchase Agreement, the aggregate net proceeds received by B. Riley Principal Capital II from their resale
of all or any portion of the Commitment Shares being offered by this prospectus equals or exceeds $250,000. In accordance with FINRA Rule&nbsp;5110,
the $250,000 Cash Make-Whole Payment that we may be required to pay to B. Riley Principal Capital II under the Purchase Agreement is deemed
to be underwriting compensation in connection with sales of our Common Stock by B. Riley Principal Capital II to the public.</P>

<P STYLE="font: 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; background-color: white; color: #212529">In
addition, we have agreed to reimburse B. Riley Principal Capital II for the reasonable legal fees and disbursements of B. Riley Principal
Capital II&#8217;s legal counsel in an amount not to exceed (i)&nbsp;$75,000 upon the execution of the Purchase Agreement and Registration
Rights Agreement and (ii)&nbsp;$5,000 per fiscal quarter, in each case in connection with the transactions contemplated by this Agreement
and the Registration Rights Agreement. In accordance with FINRA Rule&nbsp;5110, these reimbursed fees and expenses are deemed to be underwriting
compensation in connection with sales of our Common Stock by B. Riley Principal Capital II to the public. Moreover, in accordance with
FINRA Rule&nbsp;5110, the 3.0% fixed discount to current market prices of our Common Stock reflected in the purchase prices payable by
B. Riley Principal Capital II for our Common Stock that we may require it to purchase from us from time to time under the Purchase Agreement
is deemed to be underwriting compensation in connection with sales of our Common Stock by B. Riley Principal Capital II to the public.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
also have agreed to indemnify B. Riley Principal Capital II and certain other persons against certain liabilities in connection with the
offering of shares of our Common Stock offered hereby, including liabilities arising under the Securities Act or, if such indemnity is
unavailable, to contribute amounts required to be paid in respect of such liabilities. B. Riley Principal Capital II has agreed to indemnify
us against liabilities under the Securities Act that may arise from certain written information furnished to us by B. Riley Principal
Capital II specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in
respect of such liabilities. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors,
officers, and controlling persons, we have been advised that in the opinion of the SEC this indemnification is against public policy as
expressed in the Securities Act and is therefore, unenforceable.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
estimate that the total expenses for the offering will be approximately $735,119.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">B.
Riley Principal Capital II has represented to us that at no time prior to the date of the Purchase Agreement has B. Riley Principal Capital
II, its sole member, any of their respective officers, or any entity managed or controlled by B. Riley Principal Capital II or its sole
member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own account or for the account of any of its
affiliates, any short sale (as such term is defined in Rule&nbsp;200 of Regulation SHO of the Exchange Act) of our Common Stock or any
hedging transaction, which establishes a net short position with respect to our Common Stock. B. Riley Principal Capital II has agreed
that during the term of the Purchase Agreement, none of B. Riley Principal Capital II, its sole member, any of their respective officers,
or any entity managed or controlled by B. Riley Principal Capital II or its sole member, will enter into or effect, directly or indirectly,
any of the foregoing transactions for its own account or for the account of any other such person or entity.</P>

<P STYLE="font: 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; background-color: white; color: #212529">We
have advised the Selling Securityholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain
exceptions, Regulation M precludes the Selling Securityholder, any affiliated purchasers, and any broker-dealer or other person who participates
in the distribution from bidding for or purchasing or attempting to induce any person to bid for or purchase any security which is the
subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order
to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability
of the securities offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">This
offering will terminate on the date that all shares of our Common Stock offered by this prospectus have been sold by the Selling Securityholder.</P>

<P STYLE="font: 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; background-color: white; color: #212529">Our
Common Stock is currently listed on the NYSE under the symbol &#8220;GCTS&#8221;.</P>

<P STYLE="font: 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; background-color: white; color: #212529">B.
Riley Principal Capital II and/or one or more of its affiliates has provided, currently provides and/or from time to time in the future
may provide various investment banking and other financial services for us and/or one or more of our affiliates that are unrelated to
the transactions contemplated by the Purchase Agreement and the offering of shares for resale by B. Riley Principal Capital II to which
this prospectus relates, for which investment banking and other financial services they have received and may continue to receive customary
fees, commissions and other compensation from <FONT STYLE="background-color: white">us, aside from any discounts, fees and other compensation
that B. Riley Principal Capital II has received and may receive in connection with the transactions contemplated by the Purchase Agreement
including (i)&nbsp;the $0 cash commitment fee we have agreed to pay to B. Riley Principal Capital II and (ii)&nbsp;the 56,818 Commitment
Shares we have agreed to issue to B. Riley Principal Capital II as consideration for its irrevocable commitment to purchase shares of
our Common Stock from us at our direction under the Purchase Agreement, as well as the up to $250,000 Cash Make-Whole Payment we may be
required to pay B. Riley Principal Capital II to the extent the aggregate net proceeds received by B. Riley Principal Capital II from
their resale of all or any portion of the Commitment Shares being offered by this prospectus is less than $250,000, (ii)&nbsp;the 3.0%
fixed discount to current market prices of our Common Stock reflected in the purchase prices payable by B. Riley Principal Capital II
for our Common Stock that we may require it to purchase from us from time to time under the Purchase Agreement, and (iii)&nbsp;our reimbursement
of up to an aggregate of $115,000 of B. Riley Principal Capital II&#8217;s legal fees ($75,000 upon execution of the Purchase Agreement
and $5,000 per fiscal quarter for the maximum two year term of the Purchase Agreement) in connection with the transactions contemplated
by the Purchase Agreement and the Registration Rights Agreement.</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; background-color: white"><A NAME="a_0016"></A><FONT STYLE="color: #212529"><B>MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></FONT>&nbsp;</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; background-color: white; color: #212529">The following
discussion is a summary of the U.S. federal income tax considerations generally applicable to the ownership and disposition of our Common
Stock and Warrants, which we refer to collectively as our securities. This summary is based upon U.S. federal income tax law as of the
date of this prospectus, which is subject to change or differing interpretations, possibly with retroactive effect. This summary does
not discuss all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances,
including investors subject to special tax rules&nbsp;(e.g., financial institutions, insurance companies, broker-dealers, tax-exempt organizations
(including private foundations), taxpayers that have elected mark-to-market accounting, S corporations, regulated investment companies,
real estate investment trusts, passive foreign investment companies, controlled foreign corporations, investors that will hold Common
Stock or Warrants as part of a straddle, hedge, conversion, or other integrated transaction for U.S. federal income tax purposes, or investors
that have a functional currency other than the U.S. dollar), all of whom may be subject to tax rules&nbsp;that differ materially from
those summarized below. In addition, this summary does not discuss other U.S. federal tax consequences (e.g., estate or gift tax), any
state, local, or non-U.S. tax considerations or the Medicare tax or alternative minimum tax. In addition, this summary is limited to investors
that will hold our securities as &ldquo;capital assets&rdquo; (generally, property held for investment) under the Internal Revenue Code
of 1986, as amended, (the &ldquo;Code&rdquo;). No ruling from the Internal Revenue Service, (the &ldquo;IRS&rdquo;) has been or will be
sought regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain
a position contrary to any of the tax aspects set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">For purposes
of this summary, a &ldquo;U.S. Holder&rdquo; is a beneficial holder of securities who or that, for U.S. federal income tax purposes is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">an individual who is a United States citizen or resident of the United States;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">a corporation or other entity treated as a corporation for United States federal income tax purposes created in, or organized under the law of, the United States or any state or political subdivision thereof;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">a trust (A)&nbsp;the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B)&nbsp;that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">A &ldquo;non-U.S.
Holder&rdquo; is a beneficial holder of securities that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">If a
partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities, the
tax treatment of a partner, member or other beneficial owner in such partnership will generally depend upon the status of the partner,
member or other beneficial owner, the activities of the partnership and certain determinations made at the partner, member or other beneficial
owner level. If you are a partner, member or other beneficial owner of a partnership holding our securities, you are urged to consult
your tax advisor regarding the tax consequences of the ownership and disposition of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">THIS
DISCUSSION MATERIAL OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE
HOLDERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF OUR SECURITIES,
AS WELL AS THE APPLICATION OF ANY, STATE, LOCAL AND NON-U.S. INCOME, ESTATE AND OTHER TAX CONSIDERATIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>U.S.
Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Taxation
of Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">We have
not paid cash dividends on our capital stock, and we do not anticipate paying any dividends on our Common Stock in the foreseeable future.
However, if we do pay distributions to U.S. Holders of shares of our Common Stock, such distributions will constitute dividends for U.S.
federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal
income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that
will be applied against and reduce (but not below zero) the U.S. Holder&rsquo;s adjusted tax basis in our Common Stock. Any remaining
excess will be treated as gain realized on the sale or other disposition of the Common Stock and will be treated as described under &ldquo;<I>U.S.
Holders-Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Dividends
we pay to a U.S. Holder that is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding
period is satisfied. With certain exceptions (including dividends treated as investment income for purposes of investment interest deduction
limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. Holder will generally
constitute &ldquo;qualified dividends&rdquo; that will be subject to tax at the maximum tax rate accorded to long-term capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">A U.S.
Holder will recognize gain or loss on the sale, taxable exchange or other taxable disposition of our Common Stock. Any such gain or loss
will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder&rsquo;s holding period for the Common Stock
so disposed of exceeds one&nbsp;year. The amount of gain or loss recognized will generally be equal to the difference between (1)&nbsp;the
sum of the amount of cash and the fair market value of any property received in such disposition and (2)&nbsp;the U.S. Holder&rsquo;s
adjusted tax basis in its Common Stock so disposed of. A U.S. Holder&rsquo;s adjusted tax basis in its Common Stock will generally equal
the U.S. Holder&rsquo;s acquisition cost less any prior distributions treated as a return of capital. The deductibility of capital losses
is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Redemption
of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">In the
event that a U.S. Holder&rsquo;s Common Stock is redeemed by us, including pursuant to an open market transaction, the treatment of the
transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies as sale of the Common Stock under Section&nbsp;302
of the Code. If the redemption qualifies as a sale of Common Stock under the tests described below, the tax consequences to the U.S. Holder
will be the same as described under &ldquo;<I>U.S. Holders-Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Common
Stock</I>&rdquo; above. If the redemption does not qualify as a sale of Common Stock, the U.S. Holder will be treated as receiving a corporate
distribution, the tax consequences of which are described above under &ldquo;<I>U.S. Holders-Taxation of Distributions</I>.&rdquo; Whether
the redemption qualifies for sale treatment will depend primarily on the total number of shares of our stock treated as held by the U.S.
Holder (including any stock constructively owned by the U.S. Holder as a result of owning Warrants) both before and after the redemption.
The redemption of Common Stock will generally be treated as a sale of the Common Stock (rather than as a corporate distribution) if the
redemption (1)&nbsp;is &ldquo;substantially disproportionate&rdquo; with respect to the U.S. Holder, (2)&nbsp;results in a &ldquo;complete
termination&rdquo; of the U.S. Holder&rsquo;s interest in us or (3)&nbsp;is &ldquo;not essentially equivalent to a dividend&rdquo; with
respect to the U.S. Holder. These tests are explained more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">In determining
whether any of the foregoing tests are satisfied, a U.S. Holder takes into account not only stock actually owned by the U.S. Holder, but
also shares of our stock that are constructively owned by it. A U.S. Holder may constructively own, in addition to stock owned directly,
stock owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest in such U.S.
Holder, as well as any stock the U.S. Holder has a right to acquire by exercise of an option, which would generally include which could
be acquired pursuant to the exercise of the Warrants. A redemption of a U.S. Holder&rsquo;s stock will be substantially disproportionate
with respect to the U.S. Holder if the&nbsp;percentage of our outstanding voting stock actually and constructively owned by the U.S. Holder
immediately following the redemption of Common Stock is, among other requirements, less than 80% of the&nbsp;percentage of our outstanding
voting stock actually and constructively owned by the U.S. Holder immediately before the redemption. There will be a complete termination
of a U.S. Holder&rsquo;s interest if either (1)&nbsp;all of the shares of our stock actually and constructively owned by the U.S. Holder
are redeemed or (2)&nbsp;all of the shares of our stock actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible
to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S.
Holder does not constructively own any other stock (including any stock constructively owned by the U.S. Holder as a result of owning
Warrants). The redemption of the Common Stock will not be essentially equivalent to a dividend if the redemption results in a &ldquo;meaningful
reduction&rdquo; of the U.S. Holder&rsquo;s proportionate interest in us. Whether the redemption will result in a meaningful reduction
in a U.S. Holder&rsquo;s proportionate interest in us will depend on the particular facts and circumstances. The IRS has indicated in
a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation
who exercises no control over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo; A U.S. Holder is urged to consult
its tax advisors as to the tax consequences of a redemption, including the application of the constructive ownership rules&nbsp;described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">If none
of the foregoing tests is satisfied, the redemption will be treated as a corporate distribution, the tax consequences of which are described
under &ldquo;<I>U.S. Holders-Taxation of Distributions</I>,&rdquo; above. After the application of those rules, any remaining tax basis
of the U.S. Holder in the redeemed Common Stock should be added to the U.S. Holder&rsquo;s adjusted tax basis in its remaining stock,
or, if it has none, to the U.S. Holder&rsquo;s adjusted tax basis in its Warrants or possibly in other stock constructively owned by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Exercise
of a Warrant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Except
as discussed below with respect to the cashless exercise of a Warrant, a U.S. Holder will not recognize gain or loss upon the exercise
of a Warrant. The U.S. Holder&rsquo;s tax basis in the share of our Common Stock received upon exercise of the Warrant will generally
be an amount equal to the sum of the U.S. Holder&rsquo;s initial investment in the Warrant and the exercise price of such Warrant. It
is unclear whether a U.S. Holder&rsquo;s holding period for the Common Stock received upon exercise of the Warrant would commence on the
date of exercise of the Warrant or the day following the date of exercise of the Warrant; however, in either case the holding period will
not include the period during which the U.S. Holder held the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The tax
consequences of a cashless exercise of a Warrant are not clear under current tax law. A cashless exercise may be nontaxable, either because
the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes.
In either situation, a U.S. Holder&rsquo;s tax basis in the Common Stock received would generally equal the holder&rsquo;s tax basis in
the Warrant. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. Holder&rsquo;s holding
period for the Common Stock would commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant.
If, however, the cashless exercise were treated as a recapitalization, the holding period of the Common Stock would include the holding
period of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">It is
also possible that a cashless exercise could be treated as a taxable exchange in which gain or loss is recognized. In such event, a U.S.
Holder would be deemed to have surrendered a number of Warrants having a fair market value equal to the exercise price. The U.S. Holder
would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Common Stock represented
by the Warrants deemed surrendered and the U.S. Holder&rsquo;s tax basis in the Warrants deemed surrendered. In this case, a U.S. Holder&rsquo;s
tax basis in the Common Stock received would equal the sum of the U.S. Holder&rsquo;s initial investment in the Warrants exercised and
the exercise price of such Warrants. It is unclear whether a U.S. Holder&rsquo;s holding period for the Common Stock would commence on
the date of exercise of the Warrant or the day following the date of exercise of the Warrant; however, in either case the holding period
will not include the period during which the U.S. Holder held the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Due to
the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. Holder&rsquo;s holding
period would commence with respect to the Common Stock received, there can be no assurance which, if any, of the alternative tax consequences
and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders are urged to consult their
tax advisors regarding the tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Sale,
Exchange, Redemption or Expiration of a Warrant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Upon
a sale, exchange (other than by exercise), redemption (other than a redemption for Common Stock), or expiration of a Warrant, a U.S. Holder
will recognize taxable gain or loss in an amount equal to the difference between (1)&nbsp;the amount realized upon such disposition or
expiration and (2)&nbsp;the U.S. Holder&rsquo;s tax basis in the Warrant. Such gain or loss will generally be treated as long-term capital
gain or loss if the Warrant is held by the U.S. Holder for more than one&nbsp;year at the time of such disposition or expiration. If a
Warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder&rsquo;s tax basis
in the Warrant. The deductibility of capital losses is subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">A redemption
of Warrants for Common Stock described in this prospectus under &ldquo;<I>Description of Securities&nbsp;- Warrants</I>&rdquo; should
be treated as a &ldquo;recapitalization&rdquo; within the meaning of Section&nbsp;368(a)(1)(E)&nbsp;of the Code. Accordingly, you should
not recognize any gain or loss on the redemption of Warrants for shares of our Common Stock. Your aggregate tax basis in the shares of
Common Stock received in the redemption should equal your aggregate tax basis in your Warrants redeemed and your holding period for the
shares of Common Stock received in redemption of your Warrants should include your holding period for your surrendered Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Possible
Constructive Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The terms
of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to the exercise
price of the Warrant in certain events, as discussed in the section of this prospectus captioned &ldquo;<I>Description of Securities&nbsp;-
Warrants</I>.&rdquo; An adjustment which has the effect of preventing dilution is generally not a taxable event. Nevertheless, a U.S.
Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases the holder&rsquo;s
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of Common Stock that would
be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock which is taxable to such
holders as a distribution as described under &ldquo;<I>U.S. Holders-Taxation of Distributions</I>&rdquo; above. Such constructive distribution
would be subject to tax as described under that section in the same manner as if such U.S. Holder received a cash distribution from us
equal to the fair market value of such increased interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B>Non-U.S.
Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Taxation
of Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">In general,
any distributions (including constructive distributions) we make to a non-U.S. Holder of shares of our Common Stock, to the extent paid
out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles), will constitute dividends
for U.S. federal income tax purposes and, provided such dividends are not effectively connected with the non-U.S. Holder&rsquo;s conduct
of a trade or business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of
30%, unless such non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides
proper certification of its eligibility for such reduced rate (usually on an IRS Form&nbsp;W-8BEN or W-8BEN-E, as applicable). In the
case of any constructive dividend, it is possible that this tax would be withheld from any amount owed to a non-U.S. Holder by the applicable
withholding agent, including cash distributions on other property or sale proceeds from Warrants or other property subsequently paid or
credited to such holder. Any distribution not constituting a dividend will be treated first as reducing (but not below zero) the non-U.S.
Holder&rsquo;s adjusted tax basis in its shares of our Common Stock and, to the extent such distribution exceeds the non-U.S. Holder&rsquo;s
adjusted tax basis, as gain realized from the sale or other disposition of the Common Stock, which will be treated as described under
 &ldquo;<I>Gain on Sale, Taxable Exchange or Other Taxable Disposition of Common Stock and Warrants</I>&rdquo; below. In addition, if we
determine that we are classified as a &ldquo;United States real property holding corporation&rdquo; (see &ldquo;<I>Gain on Sale, Taxable
Exchange or Other Taxable Disposition of Common Stock and Warrants</I>&rdquo; below), we will withhold 15% of any distribution that exceeds
our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Dividends
we pay to a non-U.S. Holder that are effectively connected with such non-U.S. Holder&rsquo;s conduct of a trade or business within the
United States (or if a tax treaty applies are attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S.
Holder) will generally not be subject to U.S. withholding tax, provided such non-U.S. Holder complies with certain certification and disclosure
requirements (usually by providing an IRS Form&nbsp;W-8ECI). Instead, such dividends will generally be subject to U.S. federal income
tax, net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. Holders. If the non-U.S. Holder
is a corporation, dividends that are effectively connected income may also be subject to a &ldquo;branch profits tax&rdquo; at a rate
of 30% (or such lower rate as may be specified by an applicable income tax treaty).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Exercise
of a Warrant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The U.S.
federal income tax treatment of a non-U.S. Holder&rsquo;s exercise of a Warrant generally will correspond to the U.S. federal income tax
treatment of the exercise of a Warrant by a U.S. Holder, as described under &ldquo;<I>U.S. Holders-Exercise of a Warrant</I>&rdquo; above,
although to the extent a cashless exercise results in a taxable exchange, the tax consequences to the non-U.S. Holder would be the same
as those described below in &ldquo;<I>Non-U.S. Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Redemption
of Warrants for Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The U.S.
federal income tax treatment to a non-U.S. Holder upon a redemption of Warrants for Common Stock described in this prospectus under &ldquo;<I>Description
of Securities&nbsp;- Warrants</I>&rdquo; generally will correspond to the U.S. federal income tax treatment to a U.S. Holder, as described
in the second paragraph under &ldquo;<I>U.S. Holders- Sale, Exchange,&nbsp;</I>Redemption<I>&nbsp;or Expiration of a Warran</I>t.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Gain
on Sale, Exchange or Other Taxable Disposition of Common Stock and Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">A non-U.S.
Holder will generally not be subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange
or other taxable disposition of our Common Stock or a sale, taxable exchange, expiration, redemption or other taxable disposition of our
Warrants unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">the gain is effectively connected with the conduct of a trade or business by the non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. Holder);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">the non-U.S. Holder is an individual who is present in the United States for 183&nbsp;days or more in the taxable&nbsp;year of disposition and certain other conditions are met; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 2%; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">&#9679;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: #212529">we are or have been a &ldquo;United States real property holding corporation&rdquo; for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the non-U.S. Holder held our Common Stock, and, in the case where shares of our Common Stock are regularly traded on an established securities market, the non-U.S. Holder has owned, directly or constructively, more than 5% of our Common Stock at any time within the shorter of the five-year period preceding the disposition or such non-U.S. Holder&rsquo;s holding period for the shares of our Common Stock. There can be no assurance that our Common Stock will be treated as regularly traded on an established securities market for this purpose.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">Gain
described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates. Any gains described
in the first bullet point above of a non-U.S. Holder that is a foreign corporation may also be subject to an additional &ldquo;branch
profits tax&rdquo; at a 30% rate (or lower applicable treaty rate). Gain described in the second bullet point above will generally be
subject to a flat 30% U.S. federal income tax. Non-U.S. Holders are urged to consult their tax advisors regarding possible eligibility
for benefits under income tax treaties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">If the
third bullet point above applies to a non-U.S. Holder, gain recognized by such holder on the sale, exchange or other disposition of our
Common Stock or Warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Common
Stock or Warrants from such holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized upon such disposition.
We will be classified as a United States real property holding corporation if the fair market value of our &ldquo;United States real property
interests&rdquo; equals or exceeds 50% of the sum of the fair market value of our worldwide real property interests plus our other assets
used or held for use in a trade or business, as determined for U.S. federal income tax purposes. We do not believe we currently are or
will become a United States real property holding corporation, however there can be no assurance in this regard. Non-U.S. Holders are
urged to consult their tax advisors regarding the application of these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Possible
Constructive Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The terms
of each Warrant provide for an adjustment to the number of shares of Common Stock for which the Warrant may be exercised or to the exercise
price of the Warrant in certain events, as discussed in the section of this prospectus captioned &ldquo;<I>Description of Securities&nbsp;-
Warrants</I>.&rdquo; An adjustment which has the effect of preventing dilution is generally not a taxable event. Nevertheless, a non-U.S.
Holder of Warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases the holder&rsquo;s
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of Common Stock that would
be obtained upon exercise) as a result of a distribution of cash to the holders of shares of our Common Stock which is taxable to such
holders as a distribution, as described under &ldquo;<I>Non-U.S. Holders-Taxation of Distributions</I>&rdquo; above. A non-U.S. Holder
would be subject to U.S. federal income tax withholding under that section in the same manner as if such non-U.S. Holder received a cash
distribution from us equal to the fair market value of such increased interest without any corresponding receipt of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Redemption
of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">The characterization
for U.S. federal income tax purposes of the redemption of a non-U.S. Holder&rsquo;s Common Stock will generally correspond to the U.S.
federal income tax characterization of such a redemption of a U.S. Holder&rsquo;s Common Stock, as described under &ldquo;<I>U.S. Holders-Redemption
of Common Stock</I>&rdquo; above, and the consequences of the redemption to the non-U.S. Holder will be as described above under &ldquo;<I>Non-U.S.
Holders-Taxation of Distributions</I>&rdquo; and &ldquo;<I>Non-U.S. Holders-Gain on Sale, Exchange or Other Taxable Disposition of Common
Stock and Warrants</I>,&rdquo; as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>Foreign
Account Tax Compliance Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white; color: #212529">Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred as the
 &ldquo;Foreign Account Tax Compliance Act&rdquo; or &ldquo;FATCA&rdquo;) generally impose withholding at a rate of 30% in certain circumstances
on dividends in respect of, and the gross proceeds of dispositions of, our securities which are held by or through certain foreign financial
institutions (including investment funds), unless any such institution (1)&nbsp;enters into, and complies with, an agreement with the
IRS to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned
by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain
payments, or (2)&nbsp;if required under an intergovernmental agreement between the United States and an applicable foreign country, reports
such information to its local tax authority, which will exchange such information with the U.S. authorities. Under proposed Treasury Regulations
promulgated by the Treasury Department on December&nbsp;13, 2018, which state that taxpayers may rely on the proposed Treasury Regulations
until final Treasury Regulations are issued, this withholding tax will not apply to the gross proceeds from the sale or disposition of
our securities. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements.
Accordingly, the entity through which our securities are held will affect the determination of whether such withholding is required. Similarly,
dividends in respect of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under certain
exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1)&nbsp;certifies to us or the applicable
withholding agent that such entity does not have any &ldquo;substantial United States owners&rdquo; or (2)&nbsp;provides certain information
regarding the entity&rsquo;s &ldquo;substantial United States owners,&rdquo; which will in turn be provided to the U.S. Department of
Treasury. Prospective investors should consult their tax advisors regarding the possible implications of FATCA on their investment in
our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white; color: #212529"></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; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
offered by this prospectus will be passed upon for us by Morgan, Lewis&nbsp;&amp; Bockius LLP, Palo Alto, California.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of the Company as of December&nbsp;31, 2024 and 2023, and for each of the two years in the period ended December&nbsp;31, 2024,
incorporated in this registration statement by reference to the Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000095017025044438/gcts-20241231.htm" STYLE="-sec-extract: exhibit">Form&nbsp;10-K for the year ended December&nbsp;31, 2024</A>,
have been so incorporated in reliance on the report (which contains an explanatory paragraph relating to the Company&#8217;s ability to
continue as a going concern as described in Note 1 to the consolidated financial statements)&nbsp; of BPM LLP, an independent registered
public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>PART&nbsp;II
- INFORMATION NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
14.&nbsp;Other Expenses of Issuance and Distribution.</B></FONT><FONT STYLE="background-color: fuchsia">&#8203;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Expenses of Issuance and Distribution ($ thousands)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount<BR> to be Paid</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">*</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">FINRA filing fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Transfer agent, trustee and registrar fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Printing expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Blue Sky fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Miscellaneous expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left"></TD></TR>
  </TABLE>

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

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

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

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

<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated fees and expenses are not presently known. The foregoing sets forth the general categories of fees and expenses (other than underwriting discounts and commissions) that we anticipate we will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate fees and expenses in connection with the issuance and distribution of securities offered hereby will be included in the prospectus supplement applicable to such offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 15.&nbsp;Indemnification of Directors
and Officers.</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">Section&nbsp;145 of the DGCL
provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including
attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection
with any threatened, pending or completed actions, suits or proceedings in which such person is made a party by reason of such person
being or having been a director, officer, employee or agent of the Registrant. The DGCL provides that Section&nbsp;145 is not exclusive
of other rights to which those seeking indemnification may be entitled under any bylaws, agreement, vote of stockholders or disinterested
directors or otherwise. The Registrant&#8217;s Charter and Bylaws provide for indemnification by the Registrant of its directors and officers
to the fullest extent permitted by the DGCL.</P>

<P STYLE="font: 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">Section&nbsp;102(b)(7)&nbsp;of
the DGCL permits a corporation to provide in its Charter that a director of the corporation shall not be personally liable to the corporation
or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (1)&nbsp;for any breach of the
director&#8217;s duty of loyalty to the corporation or its stockholders, (2)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (3)&nbsp;for unlawful payments of dividends or unlawful stock repurchases redemptions
or other distributions or (4)&nbsp;for any transaction from which the director derived an improper personal benefit. The Registrant&#8217;s
Charter provides for such limitation of liability to the fullest extent permitted by the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant has entered
into indemnification agreements with each of its directors and executive officers to provide contractual indemnification in addition to
the indemnification provided in our Charter. Each indemnification agreement provides for indemnification and advancements by the Registrant
of certain expenses and costs relating to claims, suits or proceedings arising from his or her service to the Registrant or, at our request,
service to other entities, as officers or directors to the maximum extent permitted by applicable law. We believe that these provisions
and agreements are necessary to attract qualified directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant also maintains
standard policies of insurance under which coverage is provided (1)&nbsp;to its directors and officers against loss arising from claims
made by reason of breach of duty or other wrongful act, while acting in their capacity as directors and officers of the Registrant and
(2)&nbsp;to the Registrant with respect to payments which may be made by the Registrant to such officers and directors pursuant to any
indemnification provision contained in the Registrant&#8217;s Charter and Bylaws or otherwise as a matter of law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 16.&nbsp;Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #212529"><B>Exhibit&nbsp;Index</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center; width: 8%"><B>Exhibit</B><BR>
    <B>No.</B></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center; width: 90%"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924041823/tm249933d1_ex3-1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924041823/tm249933d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Second
    Amended and Restated Certificate of Incorporation of GCT Semiconductor Holding,&nbsp;Inc., dated as of March&nbsp;26, 2024 (incorporated
    by reference to Exhibit&nbsp;3.1 to the Registrant&#8217;s Current Report on Form&nbsp;8-K filed with the SEC on April&nbsp;1, 2024).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924041823/tm249933d1_ex3-2.htm" STYLE="-sec-extract: exhibit">3.2</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924041823/tm249933d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Amended
    and Restated Bylaws of GCT Semiconductor Holding,&nbsp;Inc., dated as of March&nbsp;26, 2024 (incorporated by reference to Exhibit&nbsp;3.2
    to the Registrant&#8217;s Current Report on Form&nbsp;8-K filed with the SEC on April&nbsp;1, 2024).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921062968/tm2110911d2_ex4-2.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921062968/tm2110911d2_ex4-2.htm" STYLE="-sec-extract: exhibit">Specimen
    Common Stock Certificate of GCT Semiconductor Holding,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;4.2 to Concord III&#8217;s
    Form&nbsp;S-4 filed with the SEC on November&nbsp;13, 2023).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921062968/tm2110911d2_ex4-4.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921062968/tm2110911d2_ex4-4.htm" STYLE="-sec-extract: exhibit">Specimen
    Warrant Certificate of GCT Semiconductor Holding,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;4.3 to Concord III&#8217;s
    Form&nbsp;S-1/A filed with the SEC on May&nbsp;7, 2021).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921136168/tm2132193d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465921136168/tm2132193d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Warrant
    Agreement, dated November&nbsp;3, 2021, by and between the Registrant and Continental Stock Transfer&nbsp;&amp; Trust Company (incorporated
    by reference to Exhibit&nbsp;4.1 to the Registrant&#8217;s Current Report on Form&nbsp;8-K, filed with the SEC on November&nbsp;9,
    2021).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex5-1.htm">5.1*</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex5-1.htm">Opinion of Morgan, Lewis&nbsp;&amp; Bockius
    LLP</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924051246/tm2412338d1_ex10-1.htm">10.1</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924051246/tm2412338d1_ex10-1.htm">Common Stock Purchase Agreement, dated April 23, 2024 by and between GCT Semiconductor Holding, Inc. and B. Riley Principal Capital II, LLC (incorporated by reference to Exhibit 10.1 to the Registrant&rsquo;s Current Report on Form 8-K, filed with the SEC on April 24, 2024)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000141057824000946/tmb-20240331xs1.htm">10.2</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1851961/000141057824000946/tmb-20240331xs1.htm">Amendment No. 1 to Common Stock Purchase Agreement, dated May 21, 2024, by and
    between GCT Semiconductor Holding, Inc. and B. Riley Principal Capital II, LLC (incorporated by reference to Exhibit 10.25 to the
    Registrant&rsquo;s Registration Statement on Form S-1 filed with the SEC on May 22, 2024).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924051246/tm2412338d1_ex10-2.htm">10.3</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1851961/000110465924051246/tm2412338d1_ex10-2.htm">Registration Rights Agreement, dated April 23, 2024 by and between GCT Semiconductor Holding, Inc. and B. Riley Principal Capital II, LLC (incorporated by reference to Exhibit 10.2 to the Registrant&rsquo;s Current Report on Form 8-K, filed with the SEC on April 24, 2024).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex5-1.htm">23.1*</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex5-1.htm">Consent of Morgan, Lewis&nbsp;&amp; Bockius LLP (included in Exhibit&nbsp;5.1)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex23-2.htm">23.2*</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex23-2.htm">Consent of BPM LLP, an independent public
    accounting firm</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_001">24.1*</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="#a_001">Power of Attorney (included on the signature page&nbsp;hereto).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex-filingfees.htm">107*</A></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><A HREF="tm2512456d1_ex-filingfees.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Filed
herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 17.&nbsp;Undertakings.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: (i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of Securities Act; (ii)&nbsp;to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of a prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
Fee&#8221; table in the effective registration statement; and (iii)&nbsp;to include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement; provided, however, that clauses (i), (ii)&nbsp;and (iii)&nbsp;do not apply if the registration statement is on Form&nbsp;S-3
and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished
to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that
is part of the registration statement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">that, for the purpose of determining liability under the Securities Act of any purchaser, each prospectus
filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a registration statement relating to an offering, other than registration statements
relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall be deemed to be part of and included in
the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract
of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately prior to such date of first use; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">that, for the purpose of determining liability of the registrant under the Securities Act to any such
purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities
of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule&nbsp;424;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant
or used or referred to by the undersigned registrant; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">the portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual
report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#8217;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, GCT Semiconductor Holding,&nbsp;Inc. certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in San Jose, California, on April&nbsp;23, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GCT SEMICONDUCTOR HOLDING,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John Schlaefer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Schlaefer&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY</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; color: #212529">KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints John Schlaefer and Edmond Cheng, and each one of them, as his
or her true and lawful attorneys-in-fact and agents, with full power to act alone, with full powers of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this registration statement on Form&nbsp;S-3, and to sign any registration statement for the same offering covered by this
registration statement that is to be effective on filing pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act of 1933, as amended,
and all post-effective amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith,
with the SEC, granting unto said attorneys-in-fact and agents, and each one of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or her substitute or
resubstitute, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529">Pursuant to the requirements of
the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Title</B></FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Kyeongho Lee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Chairman of the Board</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Kyeongho Lee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>

<TR STYLE="background-color: white">
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    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ John Schlaefer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Chief Executive Officer<BR>
(Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">John Schlaefer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
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    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Edmond Cheng</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Edmond Cheng</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Robert Barker</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Director</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Kukjin Chun</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Director</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Kukjin Chun</FONT></TD>
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    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Hyunsoo Shin</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Hyunsoo Shin</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Jeff Tuder</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Director</FONT></TD>
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    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/ Nelson Chan</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-top: 0.2pt; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">April&nbsp;23, 2025</FONT></TD></TR>
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    <TD STYLE="padding: 0.7pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nelson Chan</FONT></TD>
    <TD STYLE="padding: 0.7pt 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.7pt 0.75pt">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2512456d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GCT Semiconductor Holding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2290 North 1st Street, Suite 201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Jose, CA 95131</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">
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    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 95%"><FONT STYLE="font-size: 10pt"><U>GCT Semiconductor Holding, Inc. Registration Statement on Form S-3</U>&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have acted as counsel
to GCT Semiconductor Holding, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the filing of the Registration
Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Registration Statement relates to the offer and resale
by B. Riley Principal Capital II, LLC (the &ldquo;Selling Securityholder&rdquo;) of up to 10,900,000 shares (the &ldquo;Shares&rdquo;)
of the Company&rsquo;s common stock, par value $0.00001 per share (the &ldquo;Common Stock&rdquo;) consisting of (a) <FONT STYLE="color: #212529">up
to 10,843,182 shares of Common Stock that the Company may elect, in its sole discretion, to issue and sell to the Selling </FONT>Securityholder<FONT STYLE="color: #212529">,
pursuant to that certain Common Stock Purchase Agreement, dated as of April 23, 2024, between the Company and the Selling Securityholder
(the &ldquo;Purchase Agreement&rdquo;) and (b) 56,818 shares of Common Stock that the Company issued to the Selling Securityholder, upon
the execution of the Purchase Agreement, as consideration for its commitment to purchase shares of the Company&rsquo;s Common Stock in
one or more purchases that the Company may, in its sole discretion, direct them to make, from time to time after the effective date of
the Registration Statement,</FONT> including the related prospectus contained therein and forming a part thereof, pursuant to and subject
to the satisfaction of the conditions contained in <FONT STYLE="color: #212529">the Purchase Agreement.</FONT></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">In connection with this opinion letter, we have
examined the Registration Statement and originals, or copies certified or otherwise identified to our satisfaction, of the Third Amended
and Restated Certificate of Incorporation of the Company, as amended through the date hereof (the &ldquo;Certificate&rdquo;), and the
Amended and Restated Bylaws of the Company, as in effect on the date hereof (the &ldquo;Bylaws&rdquo;), certain resolutions of the Company&rsquo;s
Board of Directors relating to the Registration Statement, and such other documents, records and other instruments as we have deemed appropriate
for purposes of the opinion set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with the originals
of all documents submitted to us as certified, facsimile or photostatic copies and the authenticity of the originals of all documents
submitted to us as copies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon the foregoing and subject to the qualifications
and assumptions stated herein, we are of the opinion that the Shares will be duly authorized, validly issued, fully paid and non-assessable
when sold pursuant to the Registration Statement and the terms of the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not express any opinion with respect to
the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and
other similar laws affecting creditors&rsquo; rights generally, and the opinions stated herein are limited by such laws and by general
principles of equity (regardless of whether enforcement is sought in equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed herein are limited to the
DGCL and the laws of the State of New York, and we express no opinion with respect to the laws of any other state or jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use of this opinion as
Exhibit 5.1 to the Registration Statement and to the reference to us under the caption &ldquo;Legal Matters&rdquo; in the prospectus included
in the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose
consent is required under Section 7 of the Securities Act or the rules or regulations of the SEC thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature Page Follows</I>]</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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Morgan, Lewis &amp; Bockius LLP</P>

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

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

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

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2512456d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM </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: justify">We hereby consent to the incorporation by reference
in this Registration Statement on Form&nbsp;S-3 of our report (which contains an explanatory paragraph relating to the Company&rsquo;s
ability to continue as a going concern as described in Note 1 to the consolidated financial statements) dated March 25, 2025, relating
to the consolidated financial statements of GCT Semiconductor Holding, Inc., which appears in the Annual Report on Form 10-K of GCT Semiconductor
Holding, Inc., for the year ended December 31, 2024. We also consent to the reference to us under the heading &ldquo;Experts&rdquo; in
such Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ BPM LLP</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">San Jose, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2025</P>

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2512456d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>S-3</B></P>

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

<P STYLE="font: 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>GCT SEMICONDUCTOR HOLDING, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered and Carry Forward
Securities</U></P>

<P STYLE="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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 0%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Security<BR>
Type</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Security<BR>
Class<BR>
Title</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Amount<BR>
Registered<BR>
</FONT>&nbsp;</TD>
    <TD STYLE="width: 0%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit (1)</FONT></TD>
    <TD STYLE="width: 0%; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maximum<BR>
Aggregate<BR>
Offering<BR>
Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee<BR>
Rate</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Amount of<BR>
Registration<BR>
Fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry<BR>
Forward<BR>
Form<BR>
Type</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry<BR>
Forward<BR>
File<BR>
Number</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry<BR>
Forward<BR>
Initial<BR>
effective<BR>
date</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filing Fee<BR>
    Previously<BR>
    Paid In<BR>
    Connection<BR>
    with<BR>
    Unsold<BR>
    Securities<BR>
    to be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carried<BR>
    Forward</P></TD></TR>
  <TR>
    <TD COLSPAN="25" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center">Newly Registered Securities</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Fees to be Paid</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">Equity</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock, par value</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$0.0001 per share</P></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">457(c)</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">10,900,000<SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">$1.46<SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">$15,914,000<SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">0.00015310</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">$2,436.43</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&mdash;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&mdash;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&mdash;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&mdash;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: right">Total Offering Amounts</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">$15,914,000</TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">$2,436.43</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: right">Total Fees Previously Paid</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: right">Total Fee Offsets</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">$2,436.43</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: right">Net Fee Due</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">-</TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">-</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&mdash;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 2: Fee Offset Claims and Sources</U></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: bottom">
    <TD STYLE="border: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Registrant or Filer Name</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Form of Filing Type</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">File Number</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Initial Filing Date</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Filing Date</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Fee Offset Claimed</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Security Type Associated with Fee Offset Claimed</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Security Title Associated with Fee Offset Claimed</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Unsold Securities Associated with Fee Offset Claimed</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Unsold Aggregate Offering Amount Associated with Fee Offset Claimed</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">Fee Paid with Fee Offset Source</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Rule 457(p)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Offset Claims</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">GCT Semiconductor Holding, Inc.</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">S-1</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">333-279600</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">May 22, 2024</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">$2,436.43</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">Equity</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock, par value</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$0.0001 per share</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">10,900,000<SUP>(3)</SUP></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">$57,007,000.00</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Offset Source</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">GCT Semiconductor Holding, Inc.</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">S-1</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">333-279600</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">May 22, 2024</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">$2,436.43<SUP>(4)</SUP></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">Shares of Common Stock will be offered for resale by the Selling Securityholder pursuant to the prospectus contained in the registration statement to which this exhibit is attached. The registration statement registers the resale of an aggregate of 10,900,000 shares of the registrant&rsquo;s Common Stock. Pursuant to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the shares of Common Stock being registered hereunder include an indeterminable number of additional shares of Common Stock that may be issuable as a result of stock splits, stock dividends or similar transactions.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">Estimated in accordance with Rule 457(c) solely for purposes of calculating the registration fee. The proposed maximum offering price per unit and the maximum aggregate offering price are based on the average of the $1.53 (high) and $1.40 (low) sales price of the registrant&rsquo;s common stock as reported on the New York Stock Exchange on April 21, 2025, which date is within five business days prior to the filing of this registration statement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(3)</TD>
    <TD>On May 22, 2024, the registrant filed a registration statement on Form S-1 (File No. 333-279600) (the &ldquo;Prior Registration Statement&rdquo;) with the Securities and Exchange Commission registering an indeterminate number of securities with a proposed maximum aggregate offering price of $57,007,000.00.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(4)</TD>
    <TD STYLE="text-align: justify">Pursuant to Rule 457(p) under the Securities Act, the registration fee for this registration
    statement of $2,436.43 is being offset by the previously paid registration fee in connection with the Prior Registration Statement. The registrant has terminated or completed any offerings that included the unsold securities under the Prior Registration Statement.</TD></TR>
  </TABLE>
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