<SEC-DOCUMENT>0001753926-21-000802.txt : 20211220
<SEC-HEADER>0001753926-21-000802.hdr.sgml : 20211220
<ACCEPTANCE-DATETIME>20211217213644
ACCESSION NUMBER:		0001753926-21-000802
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211220
DATE AS OF CHANGE:		20211217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Soluna Holdings, Inc
		CENTRAL INDEX KEY:			0000064463
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				141462255
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-261427
		FILM NUMBER:		211503514

	BUSINESS ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205
		BUSINESS PHONE:		518-218-2500

	MAIL ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MECHANICAL TECHNOLOGY INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>g082517_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 424(b)(5)<BR>
Registration Statement No. 333-261427</P>

<P STYLE="font: bold 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: justify; color: red"><B>The information in this
preliminary prospectus supplement is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus supplement is not an offer
to sell these securities and it is not soliciting offers 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; text-align: justify; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>PRELIMINARY PROSPECTUS SUPPLEMENT</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(To Prospectus dated December
        16, 2021)</B></P></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="color: red"><B>SUBJECT TO COMPLETION</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; text-align: right"><FONT STYLE="color: red"><B>DATED DECEMBER 17, 2021</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SOLUNA HOLDINGS, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 12pt"><B>Shares
of 9.0% Series A Cumulative Perpetual Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Liquidation
Preference $25.00 per Share</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soluna Holdings, Inc. (the &ldquo;Company&rdquo;,
&ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) is offering on a firm commitment basis, pursuant to this prospectus supplement
and the accompanying base prospectus, an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;shares (the &ldquo;Shares&rdquo;) of our 9.0% Series
A Cumulative Perpetual Preferred Stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the &ldquo;Series
A Preferred Stock&rdquo;), at a public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;per share. A description of the determination
of the public offering price is included in &ldquo;Underwriting&mdash;Pricing of the Offering.&rdquo; This offering is a re-opening
of our original issuance of Series A Preferred Stock, which occurred on August 23, 2021. The additional shares of Series A Preferred
Stock will form a single series, and be fully fungible, with the outstanding shares of our Series A Preferred Stock. As of the
date of this prospectus supplement, there were 806,585 shares of our Series A Preferred Stock issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the preferential rights, if any,
of the holders of any class or series of our capital stock ranking senior to the Series A Preferred Stock as to the dividends (of
which none exist at this time), dividends on the Series A Preferred Stock, when, as and if declared by our board of directors (the
&ldquo;Board&rdquo;) or a duly authorized committee thereof, will be payable in cash on the $25.00 liquidation preference amount
(based on an annual rate of 9.0% of such liquidation preference per year, equivalent to $2.25 per year), on a cumulative basis,
monthly in arrears on the final day of each month (each, a &ldquo;Dividend Payment Date&rdquo;), if a business day, and if such
Dividend Payment Date is not a business day, then such next succeeding business day. The first dividend on the Series A Preferred
Stock offered pursuant to this prospectus supplement will be paid on &nbsp;&nbsp;&nbsp;&nbsp;, 202 , which will include a period of
less than a full month after the issuance of the Series A Preferred Stock pursuant to this prospectus supplement and will cover the
period from the first date we issue and sell such shares of Series A Preferred Stock pursuant to this prospectus supplement through
&nbsp;&nbsp;&nbsp;&nbsp;, 202 .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock is perpetual,
has no maturity date and is not redeemable prior to August 23, 2026, except under the circumstances described under &ldquo;Description
of the Series A Preferred Stock&mdash;Special Optional Redemption.&rdquo; On or after August 23, 2026, the Series A Preferred
Stock may be redeemed at our option, in whole or in part, from time to time, at a redemption price of $25.00 per share of Series
A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to,
but not including, the date of such redemption, upon the giving of notice, as described below under &ldquo;Description of the
Series A Preferred Stock&mdash;Optional Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Delisting Event
or a Change of Control (each as defined below), as applicable, each holder of Series A Preferred Stock will have the right (unless
we have provided or provide notice of our election to redeem the Series A Preferred Stock pursuant to the Certificate of Designations
of the Series A Preferred Stock (the &ldquo;Certificate of Designations&rdquo;)) to convert some or all of the shares of Series
A Preferred Stock held by such holder on the Delisting Event Conversion Date or Change of Control Conversion Date (each defined
below), as applicable, into a number of shares of our common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;)
(or equivalent value of alternative consideration), per share of Series A Preferred Stock according to the formula provided in
the Certificate of Designations and as described under &ldquo;Description of the Series A Preferred Stock&mdash;Limited Conversion
Rights&rdquo;. In addition, upon a Change of Control, we may, at our option, redeem the Series A Preferred Stock, in whole or
in part and within 120 days after the first date on which such Change of Control occurs, by paying $25.00 per share of Series
A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to,
but not including, the date of such redemption.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock will not
have voting rights, subject to certain exceptions provided in the Certificate of Designations and described further under &ldquo;Description
of the Series A Preferred Stock&mdash;Limited Voting Rights.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in shares of Series A Preferred
Stock involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page S-7 of this prospectus supplement, page
4 of the accompanying base prospectus and the risks discussed in the documents incorporated by reference in this prospectus supplement
and the accompanying base prospectus, as they may be amended, updated or modified periodically in our reports filed with the Securities
and Exchange Commission. You should carefully read and consider these risk factors before you invest in our Series A Preferred
Stock. </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Per Share</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Total</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 70%; text-align: justify">Public offering price</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Underwriting discounts<SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">Proceeds to us before expenses&nbsp;<SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">See &ldquo;Underwriting&mdash;Potential Conflicts of Interest&rdquo; on page S-40 of
    this prospectus supplement for a description of all underwriting compensation payable in connection with this offering.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">The amount of offering proceeds to us presented in this table does not give effect to any
    exercise of the over-allotment option (if any) we have granted to the underwriter as described below.</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">We have granted the underwriters an option
to purchase from us at any time and from time to time up to (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
additional shares of Series A Preferred Stock at the public offering price, less underwriting discounts and commissions, within
45 days from the date of this prospectus supplement. If the underwriters exercise this option in full, the total underwriting
discounts and commissions will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and the total proceeds, before expenses, to us will be
$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock and our Series A Preferred
Stock are currently listed on The Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbols &ldquo;SLNH&rdquo; and &ldquo;SLNHP&rdquo;,
respectively. On December 16, 2021, the last reported sale price of our Common Stock was $10.20 per share and the last reported
sale price of our Series A Preferred Stock was $22.4999 per share.</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 will deliver the shares of Series A
Preferred Stock being issued to purchasers upon closing and receipt of investor funds for the purchase of the shares of Series
A Preferred Stock offered pursuant to this prospectus supplement. The underwriters expect to deliver the shares of Series A Preferred
Stock to the purchasers in this offering on or before &nbsp;&nbsp;&nbsp;&nbsp;, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of the securities offered hereby
or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="img001_v1.jpg" ALT=""></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021</P>

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


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

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b001_v1">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt">S-ii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b002_v1">ABOUT THIS OFFERING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b003_v1">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b004_v1">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b005_v1">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b006_v1">CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b008_v1">DESCRIPTION OF THE SERIES A PREFERRED STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b009_v1">UNDERWRITING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b010_v1">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b011_v1">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b012_v1">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt"><A HREF="#b013_v1">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">S-43</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-bottom: 5pt"><A HREF="#a001_v1">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-bottom: 5pt">ii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a002_v1">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a003_v1">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a004_v1">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a005_v1">THE SECURITIES THAT WE MAY OFFER</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a006_v1">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a007_v1">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a008_v1">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a009_v1">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a010_v1">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a011_v1">SELLING STOCKHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a012_v1">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a013_v1">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a014_v1">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a015_v1">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 5pt"><A HREF="#a016_v1">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-bottom: 5pt">51</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b001_v1"></A><B>ABOUT
THIS PROSPECTUS SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This document is in
two parts, this prospectus supplement and the accompanying base prospectus, both of which are part of a registration statement
on Form S-3, as amended (File No. 333-261427) (the &ldquo;Registration Statement&rdquo;), that we filed with the U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo; registration process and which was declared effective
by the SEC on December 16, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The two parts of this
document include: (1)&nbsp;this prospectus supplement, which describes the specific details regarding this offering of the shares
of Series A Preferred Stock; and (2)&nbsp;the accompanying base prospectus included in the Registration Statement, which provides
a general description of the securities that we may offer, some of which may not apply to this offering. Generally, when we refer
to this &ldquo;prospectus,&rdquo; we are referring to both documents combined. If information in this prospectus supplement is
inconsistent with the accompanying base prospectus, you should rely on this prospectus supplement. You should read this prospectus
supplement together with the additional information described below under the heading &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Incorporation of Documents by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any statement made in
this prospectus supplement or in a document incorporated or deemed to be incorporated by reference into this prospectus supplement,
the accompanying base prospectus and the Registration Statement will be deemed to be modified or superseded for purposes of this
prospectus supplement to the extent that a statement contained in this prospectus supplement or in any other subsequently filed
document that is also incorporated by reference into this prospectus supplement modifies or supersedes that statement. Any statements
so modified or superseded will be deemed not to constitute a part of this prospectus supplement except as so modified or superseded.
In addition, to the extent of any inconsistencies between the statements in this prospectus supplement and similar statements
in any previously filed report incorporated by reference into this prospectus supplement, the accompanying base prospectus and
the Registration Statement, the statements in this prospectus supplement will be deemed to modify and supersede such prior statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Registration Statement
that contains the accompanying base prospectus and this prospectus supplement, including the exhibits to the Registration Statement
and the information incorporated by reference herein and therein, contains additional information about the shares of Series A
Preferred Stock offered under this prospectus supplement. The Registration Statement can be read on the SEC&rsquo;s website or
at the SEC&rsquo;s offices mentioned below under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are responsible for
the information contained and incorporated by reference in this prospectus supplement, the accompanying base prospectus and any
related free writing prospectus that we prepare or authorize. Neither we nor the underwriters have authorized anyone to provide
you with different or additional information, and we take no responsibility for any other information that others may give you.
If you receive any other information, you should not rely on it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus supplement
and the accompanying base prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the shares of Series A Preferred Stock to which this prospectus supplement relates, nor do this prospectus supplement
and the accompanying base prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction
to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should not assume
that the information in this prospectus supplement and the accompanying base prospectus is accurate at any date other than the
date indicated on the cover page&nbsp;of this prospectus supplement or that any information that we have incorporated by reference
in this prospectus supplement and the accompanying base prospectus is correct on any date subsequent to the date of the document
incorporated by reference. Our business, financial condition, results of operations or prospects may have changed since that date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should not rely
on or assume the accuracy of any representation or warranty in any agreement that we have filed in connection with this offering
or that we may otherwise publicly file in the future because any such representation or warranty may be subject to exceptions
and qualifications contained in separate disclosure schedules, may represent the applicable parties&rsquo; risk allocation in
the particular transaction, may be qualified by materiality standards that differ from what may be viewed as material for securities
law purposes or may no longer continue to be true as of any given date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless the context
requires otherwise, references in this prospectus supplement to &ldquo;SHI&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Soluna Holdings, Inc. together with its consolidated subsidiaries. SHI, our logo
and our other registered or common law trademarks, trade names or service marks, to the extent any such marks have been registered,
appearing in this prospectus supplement and the accompanying base prospectus are owned by us. Solely for convenience, trademarks
and trade names referred to in this prospectus supplement and the accompanying base prospectus, including logos, artwork and other
visual displays, may appear without the &reg; or &trade; symbols, but such references are not intended to indicate in any way that
we will not assert, to the fullest extent under applicable law, our rights of the applicable licensor to these trademarks and trade
names. Unless otherwise stated in this prospectus supplement and the accompanying base prospectus, we do not intend our use or
display of other companies&rsquo; trade names or trademarks 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; text-align: justify; background-color: white">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY</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"><I>Unless the context requires otherwise
in this prospectus, the terms &ldquo;SHI&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, or &ldquo;our&rdquo;
refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, &ldquo;SCI&rdquo; refers to Soluna Computing, Inc.,
formerly known as EcoChain, Inc., and &ldquo;MTI Instruments&rdquo; refers to MTI Instruments, Inc.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soluna Holdings, Inc. currently conducts
our businesses through our two wholly-owned subsidiaries, SCI and MTI Instruments. SCI is presently engaged in the mining of cryptocurrency
through data centers that can be powered by renewable energy sources. MTI Instruments is engaged in the design, manufacture, and
sale of vibration measurement and system balancing solutions, precision linear displacement sensors, instruments and system solutions,
and wafer inspection tools. Recently, SCI has built and intends to continue to develop and build modular data centers that are
currently used for cryptocurrency mining and that in the future can be used for computing intensive, batchable applications, such
as artificial intelligence and machine learning, with the goal of providing a cost-effective alternative to battery storage or
transmission lines. Headquartered in Albany, New York, the Company uses technology and intentional design to solve complex, real-world
challenges.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SCI was incorporated in Delaware on January
8, 2020 as EcoChain, Inc., which has a cryptocurrency mining facility that integrates with the cryptocurrency blockchain network
in Washington State and, through our recent acquisition of&nbsp;Soluna Computing, Inc., SCI also has a pipeline of certain cryptocurrency
mining projects previously owned by&nbsp;Harmattan Energy, Ltd. (formerly Soluna Technologies, Ltd.), a Canadian corporation incorporated
under the laws of the Province of British Colombia that develops vertically-integrated, utility-scale computing facilities focused
on cryptocurrency mining and cutting-edge blockchain applications. SCI changed its name from &ldquo;EcoChain, Inc.&rdquo; to &ldquo;Soluna
Computing, Inc.&rdquo; on November 15, 2021, following such acquisition.</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">MTI Instruments was incorporated in New
York on March 8, 2000 and is a supplier of vibration measurement and balancing systems, precision linear displacement solutions,
and wafer inspection tools. MTI Instruments&rsquo; products consist of engine vibration analysis systems for both military and
commercial aircraft and electronic gauging instruments for position, displacement and vibration application within the industrial
manufacturing markets, as well as in the research, design and process development markets. These systems, tools and solutions
are developed for markets and applications that require consistent operation of complex machinery and the precise measurements
and control of products, processes, the development and implementation of automated manufacturing and assembly.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soluna Holdings, Inc., formerly known
as Mechanical Technology, Incorporated, was incorporated in Nevada on March 24, 2021, and is the successor to Mechanical Technology,
Inc., which was incorporated in the State of New York in 1961, as a result of a merger which became effective on March 29, 2021,
and is headquartered in Albany, New York. Effective November 2, 2021, the Company changed its name from &ldquo;Mechanical Technology,
Incorporated&rdquo; to &ldquo;Soluna Holdings, Inc.&rdquo;&nbsp;Our principal executive offices are located at 325 Washington
Avenue Extension, Albany, NY 12205 and our website is http://www.solunacomputing.com. Information contained on our website does
not constitute part of and is not incorporated into this prospectus supplement, the accompanying base prospectus or the Registration
Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Letter of Intent for Potential
Sale of MTI Instruments</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December 17,
2021, the Company announced that we have entered into a non-binding letter of intent with a potential buyer (the &ldquo;Buyer&rdquo;)
regarding the potential sale of MTI Instruments (the &ldquo;LOI&rdquo;). Pursuant to the LOI, the Buyer would acquire 100% of
the issued and outstanding common stock of MTI Instruments (the &ldquo;Sale&rdquo;). Pursuant to the LOI, subject to certain exceptions
and to any extensions provided therein, neither the Company nor MTI Instruments is permitted to, directly or indirectly, solicit
or pursue an unsolicited offer from any party other than the Buyer for the sale of MTI Instruments for a prespecified time. The
LOI is non-binding except for terms relating to the Buyer&rsquo;s access to MTI Instruments&rsquo; due diligence documentation,
solicitation by the Company or MTI Instruments of other offers to buy MTI Instruments, expenses, non-disclosure and the Buyer&rsquo;s
assignment rights. The LOI only represents a mutual indication of interest regarding the Sale and the terms of the Sale are subject
to a number of contingencies, including the completion of customary due diligence and the negotiation and execution of definitive
agreements. If the Sale is completed, the Company expects that we will exit the instrumentation business and expects that we will
be focused on developing and monetizing green, zero carbon computing and cryptocurrency mining facilities.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b002_v1"></A><FONT STYLE="text-transform: uppercase"><B>ABOUT
THIS OFFERING</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 30%"><B>Series A Preferred Stock offered by us</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 68%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares at a public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share of Series A Preferred
Stock (not including any shares issuable upon exercise by the underwriters of their over-allotment option). These additional shares
of Series A Preferred Stock will be consolidated, form a single series, and be fully fungible with the outstanding shares of our
Series A Preferred Stock. We reserve the right to further reopen this series and issue additional shares of Series A Preferred
Stock either through public or private sales at any time and from time to time.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Number of shares of Series A Preferred Stock Issued and Outstanding Immediately Prior to
    this Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">806,585 shares.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Dividends</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the preferential rights,
        if any, of the holders of any class or series of capital stock of the Company ranking senior to the Series A Preferred
        Stock as to dividends, the holders of the Series A Preferred Stock will be entitled to receive, when, as and if declared
        by the Board (or a duly authorized committee of the Board), only out of funds legally available for the payment of dividends,
        cumulative cash dividends at the annual rate of&nbsp;9.0% of the $25.00 liquidation preference&nbsp;per year (equivalent
        to $2.25 per year). Dividends on the Series A Preferred Stock will accumulate and be cumulative from, and including, the
        date of original issue by us of the Series A Preferred Stock.</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">Such dividends will be payable monthly in
        arrears on each any Dividend Payment Date, and if such Dividend Payment Date is not a business day, then such next succeeding
        business day. No interest, additional dividends or other sums will accumulate on the amounts so payable for the period from and
        after that Dividend Payment Date to the next succeeding business day. The first dividend on the Series A Preferred Stock sold
        pursuant to this prospectus supplement will be paid on &nbsp;&nbsp;&nbsp;&nbsp;, 202 , which will include a period  of less than a
        full month after the issuance of the Series A Preferred Stock pursuant to this prospectus supplement and will cover the period from
        the first date we issue and sell such shares of Series A Preferred Stock pursuant to this prospectus supplement through &nbsp;&nbsp;&nbsp;&nbsp;, 202 .</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">See &ldquo;Description of the
        Series A Preferred Stock&mdash;Dividends&rdquo;.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Restrictions on Dividends, Redemption and Repurchases</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as any share of Series
        A Preferred Stock remains outstanding, unless we also have either paid or declared and set apart for payment full cumulative
        dividends on the Series A Preferred Stock for all past completed dividend periods, we will not during any dividend period:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay
        or declare and set apart for payment any dividends or declare or make any distribution of cash or other property on Common
        Stock or other capital stock that ranks junior to or on parity with the Series A Preferred Stock with respect to dividend
        rights and rights to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding
        up (other than, in each case, (a) a dividend paid in Common Stock or other stock ranking junior to the Series A Preferred
        Stock with respect to dividend rights and rights to the distribution of assets upon our voluntary or involuntary liquidation,
        dissolution or winding up or (b) any declaration of a Common Stock dividend in connection with any stockholders&rsquo;
        rights plan, or the issuance of rights, stock or other property under any stockholders&rsquo; rights plan, or the redemption
        or repurchase of rights pursuant to such plan);</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;redeem,
        purchase or otherwise acquire Common Stock or other capital stock that ranks junior to or on parity with the Series A
        Preferred Stock (other than the Series A Preferred Stock) with respect to dividend rights and rights to the distribution
        of assets upon our voluntary or involuntary liquidation, dissolution or winding up (other than (a) by conversion into
        or exchange for Common Stock or other capital stock ranking junior to the Series A Preferred Stock with respect to dividend
        rights and rights to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding
        up, (b) the redemption of shares of capital stock pursuant to the provisions of our articles of incorporation, as amended,
        relating to the restrictions upon ownership and transfer of our capital stock, (c) a purchase or exchange offer made on
        the same terms to holders of all outstanding shares of Series A Preferred Stock and any other capital stock that ranks
        on parity with the Series A Preferred Stock with respect to dividend rights and rights to the distribution of assets upon
        our voluntary or involuntary liquidation, dissolution or winding up, (d) purchases, redemptions or other acquisitions
        of shares of our capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights
        to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up pursuant to any
        employment contract, dividend reinvestment and stock purchase plan, benefit plan or other similar arrangement with or
        for the benefit of employees, officers, directors, consultants or advisors, (e) through the use of the proceeds of a substantially
        contemporaneous sale of stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights
        to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up, or (f) purchases
        or other acquisitions of shares of our capital stock pursuant to a contractually binding stock repurchase plan existing
        prior to the preceding Dividend Payment Date on which dividends were not paid in full); or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;redeem,
        purchase or otherwise acquire Series A Preferred Stock (other than (a) by conversion into or exchange for Common Stock
        or other capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the
        distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up, (b) a purchase or exchange
        offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock or (c) with respect to redemptions,
        a redemption pursuant to which all shares of Series A Preferred Stock are redeemed).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;Description of the
        Series A Preferred Stock&mdash;Restrictions on Dividends, Redemption and Repurchases&rdquo;.</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Optional Redemption</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock is
        not redeemable prior to August 23, 2026, except under the circumstances described under &ldquo;&mdash;Special Optional
        Redemption.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or after August 23, 2026, the
        Series A Preferred Stock may be redeemed at our option, in whole or in part, from time to time, at a redemption price
        of $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on
        the Series A Preferred Stock up to, but not including, the date of such redemption, upon the giving of notice. See &ldquo;Description
        of the Series A Preferred Stock &ndash; Redemption &ndash; Optional Redemption.&rdquo;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 30%"><B>Special Optional Redemption</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During any Delisting Event (defined
        below), whether before or after August 23, 2026, we may, at our option, redeem the Series A Preferred Stock, in whole
        or in part and within 90 days after the date of the Delisting Event, by paying $25.00 per share of Series A Preferred
        Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but
        not including, the date of such redemption.</P></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In
                                         addition, during any period of time (whether before or after August 23, 2026), upon the
                                         occurrence of a Change of Control (defined below), we may, at our option, redeem the
                                         Series A Preferred Stock, in whole or in part and within 120 days after the first date
                                         on which such Change of Control occurred, by paying $25.00 per share of Series A Preferred
                                         Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series
                                         A Preferred Stock up to, but not including, the date of such redemption.</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">If, prior to the Delisting Event
        Conversion Date or Change of Control Conversion Date (each defined below), as applicable, we have provided or provide
        notice of redemption with respect to the Series A Preferred Stock (whether pursuant to our optional redemption right described
        above under &ldquo;Description of the Series A Preferred Stock&mdash;Optional Redemption&rdquo; or our special optional
        redemption described here), the holders of Series A Preferred Stock will not be permitted to exercise the conversion right
        described below under &ldquo;&mdash; Conversion Right Upon a Change of Control&rdquo; in respect of their shares called
        for redemption. See &ldquo;Description of the Series A Preferred Stock&mdash;Special Optional Redemption.&rdquo;</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Ranking</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock will,
        with respect to dividend rights and rights as to the distribution of assets upon our liquidation, dissolution or winding-up,
        rank:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;
        senior to all classes or series of our Common Stock and to all other capital stock issued by us expressly designated as
        ranking junior to the Series A Preferred Stock;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
        parity with any future class or series of our capital stock expressly designated as ranking on parity with the Series
        A Preferred Stock, none of which exist on the date hereof (&ldquo;Parity Stock&rdquo;);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;
        &nbsp; &nbsp;junior to any future class or series of our capital stock expressly designated as ranking senior to the Series
        A Preferred Stock, none of which exist on the date hereof (&ldquo;Senior Stock&rdquo;); and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#9679;&nbsp;
        &nbsp; &nbsp;junior to all of our existing and future indebtedness (including subordinated indebtedness and any
        indebtedness convertible into Common Stock or preferred stock) and other liabilities with respect to assets available
        to satisfy claims against us and structurally subordinated to the indebtedness and other liabilities of (as well as any
        preferred equity interests held by others in) our existing or future subsidiaries.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%; text-align: justify">We may issue junior capital stock described in the first
    bullet above and parity capital stock described in the second bullet above at any time and from time to time in one or more
    series without the consent of the holders of the Series A Preferred Stock. Our ability to issue any Senior Stock described
    in the third bullet above is limited as described under &ldquo;Description of the Series A Preferred Stock&mdash;Limited Voting
    Rights.&rdquo;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Liquidation Rights</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">In the event of the voluntary or involuntary liquidation, dissolution or winding up of our
    affairs, the holders of shares of Series A Preferred Stock will be entitled to be paid out of our assets legally available
    for distribution to our stockholders (<I>i.e.</I>, after satisfaction of all our liabilities to creditors, if any) and, subject
    to the rights of holders of any shares of each other class or series of capital stock ranking, as to rights to the distribution
    of assets upon our voluntary or involuntary liquidation, dissolution or winding-up, senior to the Series A Preferred Stock,
    a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends to the date of
    payment (whether or not declared), before any distribution or payment may be made to holders of shares of Common Stock or
    any other class or series of our capital stock ranking, as to rights to the distribution of assets upon any voluntary or involuntary
    liquidation, dissolution or winding up, junior to the Series A Preferred Stock. See &ldquo;Description of the Series A Preferred
    Stock&mdash;Liquidation Preference&rdquo;.</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><B>Limited Voting Rights</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 68%">Holders of Series A Preferred Stock generally will have no voting rights, except
    with respect to certain amendments to the terms of the Series A Preferred Stock and as otherwise applicable by law. See &ldquo;Description
    of the Series A Preferred Stock&mdash;Limited Voting Rights&rdquo; beginning on page S-26 of this prospectus supplement.</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><B>No Maturity Date</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">The Series A Preferred Stock is perpetual and has no maturity date, and we are not required
    to redeem the Series A Preferred Stock. Accordingly, all shares of Series A Preferred Stock will remain outstanding indefinitely,
    unless and until we decide to redeem such shares or they are converted in connection with a Delisting Event or Change of Control.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Preemptive and Conversion Rights</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Holders of Series A Preferred Stock will have no preemptive rights,
    nor any conversion rights, except as described under &ldquo;Description of the Series A Preferred Stock&mdash;Conversion&rdquo;.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>Conversion Right Upon a Change of Control or Delisting Event</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Upon the occurrence of a Delisting Event or a Change of Control, as
    applicable, each holder of Series A Preferred Stock will have the right (unless, prior to the Delisting Event Conversion Date
    or Change of Control Conversion Date, as applicable, we have provided or provide notice of our election to redeem the Series
    A Preferred Stock as described above under &ldquo;&mdash; Special Optional Redemption&rdquo; or &ldquo;&mdash;Optional Redemption&rdquo;)
    to convert some or all of the shares of Series A Preferred Stock held by such holder&nbsp;on the Delisting Event Conversion
    Date or Change of Control Conversion Date (each defined below), as applicable, into a number of shares of our Common Stock
    (or equivalent value of alternative consideration) per share of Series A Preferred Stock equal to Common Stock Conversion
    Consideration (defined below).&nbsp;See &ldquo;Description of the Series A Preferred Stock&mdash;Limited Conversion Rights&rdquo;.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top"><B>Representative&rsquo;s Warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">We will issue to the representative of the
        underwriters in this offering warrants to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Common Stock (or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Common Stock if the underwriters
        exercise their over-allotment option in full). The representative&rsquo;s warrants will have an exercise price of $ &nbsp;&nbsp;&nbsp;&nbsp;per share of
        common stock, will be exercisable upon issuance and will expire five years from the commencement of sales of this offering.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 30%"><B>Over-allotment Option</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 68%; text-align: justify">We have granted a 45-day option to the underwriters to
    purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of Series A Preferred Stock (representing
    15% of the number of the shares of Series A Preferred Stock sold in this offering) on the same terms as the Series A Preferred
    Stock sold in this offering, less underwriting discounts payable by us, solely to cover over-allotments, if any. If the underwriters
    exercise the option in full, the total underwriting discounts payable by us will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
    the total proceeds to us, before expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Listing</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Series A Preferred Stock is listed on Nasdaq under the symbol
    &ldquo;SLNHP&rdquo;.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Use of Proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that we will receive
        net proceeds, after deducting estimated underwriting discounts and fees and estimated expenses payable by us, of approximately
        $&nbsp;&nbsp;&nbsp;&nbsp; from this offering, assuming no exercise of the underwriters&rsquo; over-allotment option, and approximately $ &nbsp;&nbsp;&nbsp;&nbsp;, assuming
        full exercise of the over-allotment option.</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 intend to use the net proceeds of this offering for the acquisition, development and growth of data centers,
including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software
and real property (<I>i.e.,&nbsp;</I>land and buildings) and business, and for working capital and general corporate purposes,
which include, but are not limited to, operating expenses. See &ldquo;Use of Proceeds&rdquo; on page S-15 for more information.</P></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 30%"><B>Transfer Agent and Registrar for the Series A Preferred
    Stock</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 68%">American Stock Transfer &amp; Trust Company, LLC</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Risk Factors</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Investing in our shares of Series A Preferred Stock involves a high
    degree of risk. As an investor you should be prepared to lose your entire investment See &ldquo;Risk Factors&rdquo; beginning
    on page S-7, page 4 of the accompanying base prospectus,&nbsp;and the risks discussed in the documents incorporated by reference
    in this prospectus supplement and the accompanying base prospectus, as they may be amended, updated or modified periodically
    in our reports filed with the SEC and other information herein and therein. Additional risks and uncertainties not presently
    known to us or that we currently deem to be immaterial may also impair our business and operations.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b003_v1"></A><B>RISK
FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Investing
in our Series A Preferred Stock involves a high degree of risk. Before deciding whether to invest in the Series A Preferred Stock,
you should consider carefully the risks and uncertainties described under the heading &ldquo;Risk Factors&rdquo; contained in
this prospectus supplement and in the accompanying base prospectus, described under the section entitled &ldquo;Risk Factors&rdquo;
contained in our most recent annual report on Form 10-K, as well as any amendments thereto reflected in subsequent filings with
the SEC, which are incorporated by reference into this prospectus supplement, together with other information in this prospectus
supplement and the accompanying base prospectus (including the documents incorporated by reference herein and therein). The risks
described in these documents are not the only ones we face, but are those that we consider to be material. There may be other
unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects
on our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends
should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial
condition, results of operations, cash flow or prospects could be seriously harmed. This could cause the trading price of our
Common Stock and/or Series A Preferred Stock to decline, resulting in a loss of all or part of your investment. Please also carefully
read the section below entitled &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Except
as to the risk factors set forth below and the risks discussed with respect to our MTI Instruments business, which will only be
applicable to us for so long as we continue to own and operate the MTI Instruments business, and to the extent that information
disclosed elsewhere in this prospectus supplement and the accompanying base prospectus forming a part of the Registration Statement,
including the documents incorporated by reference herein and therein, relates to such risk factor, there have been no material
changes to our risk factors disclosed in the Registration Statement and such documents incorporated by reference therein. Those
risk factors continue to be relevant to an understanding of our business, financial condition and operating results, however,
and, accordingly, you should review and consider such risk factors in making any investment decision with respect to the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B>Risks
Related to the Potential Sale of MTI Instruments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>We
have entered into the LOI with the Buyer for the Sale. There is no assurance that the Sale will be completed on the terms contained
in the LOI or otherwise.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">On
December 17, 2021, we announced that we have entered into the non-binding LOI. See &ldquo;Prospectus Supplement Summary &ndash;
Recent Developments&rdquo;. The amount and structure of the consideration could change as a result of subsequent negotiations,
due diligence or other factors. Any definitive agreement with respect to the Sale would be subject to approval by the respective
parties to the LOI, including approval by our board of directors, and would likely include a number of customary provisions, including
without limitation, representations and warranties of MTI Instruments and us, restrictive covenants and indemnification provisions.
The LOI is non-binding other than with respect to certain due diligence, solicitation, expenses, non-disclosure and assignment
provisions, and the term of the LOI may be extended under certain circumstances. There can be no assurance that the LOI parties
will ultimately negotiate and enter into definitive transaction agreements on the terms contemplated by the LOI or otherwise.
In particular, the timing of closing of any such transaction and the aggregate consideration that we may receive may materially
differ from that currently contemplated by the LOI. In addition, in the event that the Sale does not occur, we may, in the future,
enter into other non-binding or binding letters of intent, as well as definitive documentation relating to the sale of MTI Instruments,
however there can be no assurance that we will do so and that any sale of MTI Instruments or our instruments business will occur.
If we do not complete the disposition of MTI Instruments pursuant to the LOI, other letters of intent and any related transaction
documentation, we will have incurred expenses without our stockholders realizing any benefit therefrom. Additionally, if we fail
to consummate such anticipated Sale, such failure could result in fluctuations to the price of our Common Stock and Series A Preferred
Stock, and may have a material adverse impact on our financial condition and results of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><B><I>In
the event that we consummate the Sale pursuant to the LOI and definitive documentation, we will no longer be involved in the instruments
business in which MTI Instruments operates and will be solely reliant on SCI&rsquo;s business, which is currently focused on cryptocurrency
mining and we expect in the future that we will be focused on green data center development.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In the event that the
LOI parties enter into definitive agreements regarding the Sale and then consummate the Sale, the Company will be solely reliant
on the business of SCI, which is currently focused on cryptocurrency mining, and the Company expects will soon be focused on green
data center development. The Company intends to concentrate our resources on such business upon the Sale, including potential
acquisitions in the future to support such business. SCI has a limited operating history and operates in a volatile industry which
currently is and may in the future be dependent on and affected by the cryptocurrency market. Accordingly, any adverse effects
experienced by SCI and its line of business will have a greater impact on the Company&rsquo;s financial condition, results of
operations and the value of the Company&rsquo;s securities, including the Common Stock, than such effects may have had prior to
the Sale. For further information regarding the risks of this business, please see &ldquo;Risk Factors &ndash; Risks Related to
our SCI Business and Cryptocurrency&rdquo; in the accompanying base prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>The Company&rsquo;s
business model is&nbsp;evolving and is subject to various uncertainties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The likelihood of the
Company&rsquo;s success must be considered in light of our ability to generate revenues by providing relevant services to our
partners in an uncertain industry or industries, including the cryptocurrency and blockchain industry in which SCI currently operates
and the data center development industry in which the Company intends to operate, which in the Company&rsquo;s view, creates and
will continue to create an uncertain business environment for the Company. As the Company&rsquo;s business model evolves, it is
possible that we will decide to modify our business strategy and commence operations in an entirely different industry than the
ones in which the Company currently operates. The Company cannot offer any assurance that these or any other modifications will
be successful or will not result in harm to our business. The Company may not be able to manage our growth effectively, which
could damage our reputation, limit our growth and negatively affect our operating results. Further, the Company cannot provide
any assurance that we will successfully identify all emerging trends and growth opportunities in any particular business sector
and the Company may lose out on business opportunities. Additionally, current global and regional economic conditions may have
a material effect on the demand for the Company&rsquo;s services, which could also materially affect the Company&rsquo;s partners.
Deterioration in the global macroeconomic environment or in certain regions could impact the Company&rsquo;s financial condition
and operations and, depending upon the severity and duration of these factors, the Company&rsquo;s profitability and liquidity
position could be negatively impacted. All such circumstances could have a material adverse effect on the Company&rsquo;s business,
prospects and/or operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Risks Related to
the Shares of Series A Preferred Stock Offered Hereby</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>The market price
of the Series A Preferred Stock may be volatile and may fluctuate in a way that is disproportionate to our operating performance.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The market price of
the Series A Preferred Stock may experience substantial volatility as a result of a number of factors, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">sales or potential sales of substantial amounts of the Series A Preferred Stock;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">conditions in the energy or cryptocurrency industries;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">changes in our financial condition or results of operations, such as in earnings,
    revenues or other measure of company value;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify">governmental regulation and legislation;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify">increases in prevailing interest rates;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">trading prices of similar securities;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">our history of timely dividend
        payments;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the annual yield from dividends
        on the Series A Preferred Stock as compared to yields on other financial instruments;</P></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">general economic and financial
        market conditions;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the financial condition, performance
        and prospectus of us and our competitors;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">market volatility and business
        operation changes brought on by pandemics, such as the COVID-19 pandemic outbreak;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">our issuance of additional preferred
        equity or debt securities; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="text-align: justify">actual or anticipated variations in quarterly operating results of us and our competitors.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Many of these factors
are beyond our control. The stock market has historically experienced extreme price and volume fluctuations. These fluctuations
often have been unrelated or disproportionate to the operating performance of companies. These broad market and industry factors
could reduce the market price of the Series A Preferred Stock, regardless of our actual operating performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>We may not have
sufficient cash from our operations to enable us to pay dividends on the Series A Preferred Stock following the payment of expenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Although dividends on
the Series A Preferred Stock will be cumulative, the Board must approve the actual payment of the dividends. We will pay monthly
dividends on the Series A Preferred Stock from funds legally available for such purpose when, as and if declared by the Board
or any authorized committee thereof. The Board can elect at any time or from time to time, and for an indefinite duration, not
to pay any or all accumulated dividends. The Board could do so for any reason. We may not have sufficient cash available each
quarter to pay dividends. The amount of dividends we can pay depends upon the amount of cash we generate from and use in our operations,
which may fluctuate significantly based on, among other things:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">the level of our revenues and our results of operations;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">prevailing global and regional economic and political conditions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">the effect of domestic and foreign governmental regulations on the conduct of our business;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">our ability to service and refinance our current and future indebtedness;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">our ability to raise additional funds through future offerings of securities to satisfy our capital
    needs; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">our ability to draw on our existing credit facilities and the ability of our lenders to perform their
    obligations under their agreements with us.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, if payment
of dividends on the Series A Preferred Stock for any dividend period would cause us to fail to comply with any applicable law,
including the requirement under the Nevada Revised Statutes <FONT STYLE="font-size: 10pt">&nbsp;</FONT>that dividends be paid out of surplus or net
profits, we will not declare or pay a dividend for such dividend period. Our ability to pay dividends on the Series A Preferred
Stock may also be restricted or prohibited by the terms of any senior equity securities or indebtedness. The instruments governing
the terms or future financings or refinancing of any borrowings may contain covenants that restrict our ability to pay dividends
on the Series A Preferred Stock. The Series A Preferred Stock places no restrictions on our ability to incur indebtedness with
such restrictive covenants. In the event that the payment of a dividend on the Series A Preferred Stock would cause us to fail
to comply with any applicable law or would be restricted or prohibited by the terms of any senior equity securities or indebtedness,
holders of the Series A Preferred Stock will not be entitled to receive any dividend for that dividend period, and the unpaid
dividend will cease to accrue or be payable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>The amount of cash that we will have
available for dividends on the Series A Preferred Stock will not depend solely on our profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The actual amount of
cash that we will have available for dividends on the Series A Preferred Stock also depends on many factors, including, among
others:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">changes in our operating cash flow, capital expenditure requirements, working capital requirements
    and other cash needs;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">restrictions under our existing or future credit, capital lease and operating lease facilities or any
    future debt securities; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%">the amount of any reserves established by our board of directors.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The amount of cash that
we generate from our operations may differ materially from our net income or loss for the period, which is affected by non-cash
items, and the Board in its discretion may elect not to declare any dividends. As a result of these and the other factors mentioned
above, we may pay dividends during periods when we record losses and may not pay dividends during periods when we record net income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Our ability to
meet our obligations under the Series A Preferred Stock depends on the earnings and cash flows of our subsidiaries and the ability
of our subsidiaries to pay dividends or advance or repay funds to us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We conduct all of our
business operations through our subsidiaries. In servicing dividend payments to be made on the Series A Preferred Stock, we will
rely on cash flows from these subsidiaries, mainly dividend payments and other distributions. The ability of these subsidiaries
to make dividend payments to us will be affected by, among other factors, the obligations of these entities to their creditors,
requirements of corporate and other law, and restrictions contained in agreements entered into by or relating to these entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>We may incur additional indebtedness,
which may impact our financial position, cash flow and ability to pay dividends on the Series A Preferred Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of the date of this
prospectus supplement, the Company has a $1,000,000 unsecured line of credit from Key Bank, all of which is currently outstanding
under this line of credit. We may incur additional indebtedness and become more highly leveraged, which may negatively impact our financial position, cash
flow and ability to pay dividends on the Series A Preferred Stock. Increases in our borrowing could affect our financial condition
and make it more difficult for us to comply with the financial covenants governing our indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">While there are no restrictions
under our current indebtedness on our ability to pay dividends to our shareholders, our future indebtedness may restrict payments
of dividends on the Series A Preferred Stock. Only the Change of Control conversion right relating to the Series A Preferred Stock
protects the holders of the Series A Preferred Stock in the event of a highly leveraged or other transaction, including a merger,
amalgamation or the sale, lease or conveyance of all or substantially all of our assets or business, which might adversely affect
the holders of the Series A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>The Series A Preferred Stock represent
perpetual equity interests.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Series A Preferred
Stock represent perpetual equity interests in us and, unlike our indebtedness, will not give rise to a claim for payment of a
principal amount at a particular date. As a result, holders of the Series A Preferred Stock may be required to bear the financial
risks of an investment in the Series A Preferred Stock for an indefinite period of time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>If the Series
A Preferred Stock is delisted from Nasdaq, the ability to transfer or sell shares of the Series A Preferred Stock may be limited
and the market value of the Series A Preferred Stock will likely be materially adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Series A Preferred
Stock is currently listed on Nasdaq and does not contain provisions that are intended to protect investors if the Series A Preferred
Stock is delisted from Nasdaq. In order to maintain that listing, we must satisfy minimum financial and other continued listing
requirements and standards, including those regarding director independence and independent committee requirements, minimum stockholders&rsquo;
equity, minimum share price, and certain corporate governance requirements. There can be no assurances that we will be able to
comply with the applicable listing standards. If the Series A Preferred Stock is delisted from Nasdaq, investors&rsquo; ability
to transfer or sell shares of the Series A Preferred Stock will be limited and the market value of the Series A Preferred Stock
will likely be materially adversely affected. Moreover, since the Series A Preferred Stock has no stated maturity date, investors
may be forced to hold shares of the Series A Preferred Stock indefinitely while receiving stated dividends thereon when, as and
if authorized by the Board and paid by us with no assurance as to ever receiving the liquidation value thereof.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>We may incur additional
indebtedness and obligations to pay dividends on preferred stock, some of which may be senior to the rights of the Series A Preferred
Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We and our subsidiaries
may incur additional indebtedness and obligations to pay cumulative dividends on preferred stock, some of which may be senior
to the rights of the Series A Preferred Stock. The terms of the Series A Preferred Stock do not prohibit us or our subsidiaries
from incurring additional indebtedness or issuing additional series of preferred stock. Any such indebtedness will in all cases
be senior to the rights of holders of Series A Preferred Stock. We may also issue additional series of preferred stock that contain
dividend rights and liquidation preferences that are senior to the rights of holders of Series A Preferred Stock. Our subsidiaries
may also incur indebtedness that is structurally senior to the Series A Preferred Stock, and we and our subsidiaries could incur
indebtedness secured by a lien on our assets, entitling the holders of such indebtedness to be paid first from the proceeds of
such assets. If we issue any additional preferred stock that ranks senior or pari passu with the Series A Preferred Stock, the
holders of those shares will be entitled to a senior or ratable share with the holders of the Series A Preferred Stock in any
proceeds distributed in connection with our insolvency, liquidation, reorganization or dissolution. This may have the effect of
reducing the amount of proceeds paid to the holders of Series A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Market interest
rates may adversely affect the value of the Series A Preferred Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">One of the factors that
continues to influence the price of the Series A Preferred Stock will be the dividend yield on the Series A Preferred Stock (as
a percentage of the price of the Series A Preferred Stock) relative to market interest rates. An increase in market interest rates
may lead prospective purchasers of the Series A Preferred Stock to expect a higher dividend yield, and higher interest rates would
likely increase our borrowing costs and potentially decrease funds available for dividends. Accordingly, higher market interest
rates could cause the market price of the Series A Preferred Stock to decrease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>The amount of
the liquidation preference on the Series A Preferred Stock is fixed and investors in this offering that receive shares of Series
A Preferred Stock will have no right to receive any greater payment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The payment due upon
liquidation on the Series A Preferred Stock is fixed at the liquidation preference of $25.00 per share, plus an amount equal to
all accumulated and unpaid dividends thereon to the date of liquidation, whether or not declared. If, in the case of our liquidation,
there are remaining assets to be distributed after payment of this amount, you will have no right to receive or to participate
in these amounts. In addition, if the market price of a holder&rsquo;s Series A Preferred Stock is greater than the liquidation
preference, such holder will have no right to receive the market price from us upon our liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>There may be future
sales of Series A Preferred Stock or similar securities, which may adversely affect the market price of the Series A Preferred
Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Subject to the terms
of the Certificate of Designations, our articles of incorporation, as amended, and the NRS, we are not restricted from issuing
additional Series A Preferred Stock or securities similar to the Series A Preferred Stock, including any securities that are convertible
into or exchangeable for, or that represent the right to receive, Series A Preferred Stock. Holders of the Series A Preferred
Stock have no preemptive rights that entitle holders to purchase their pro rata share of any offering of shares of any class or
series. The market price of the Series A Preferred Stock could decline as a result of sales of Series A Preferred Stock or of
other securities made after this offering or the perception that such sales could occur. Because our decision to issue securities
in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the
amount, timing or nature of any future offerings. Thus, holders of the Series A Preferred Stock bear the risk of our future offerings
reducing the market price of the Series A Preferred Stock and diluting their holdings in the Series A Preferred Stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>We have broad
discretion in the use of the net proceeds from this offering and may not use them effectively.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our management will
have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in
the section of this prospectus entitled &ldquo;Use of Proceeds.&rdquo; The failure by our management to apply these funds effectively
could harm our business. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade,
interest-bearing securities. These investments may not yield a favorable return to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Raising additional
funds through debt or equity financing could be dilutive and may cause the market price of the Series A Preferred Stock to decline.
We still may need to raise additional funding which may not be available on acceptable terms, or at all. Failure to obtain additional
capital may force us to delay, limit, or terminate our product development efforts or other operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To the extent that we
raise additional capital through the sale of equity or convertible debt securities, your ownership interest may be diluted, and
the terms of these securities may include liquidation or other preferences that adversely affect your rights as a shareholder.
Furthermore, any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely
affect our ability to develop and commercialize our products and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We estimate that our
current cash and cash equivalents, along with the net proceeds from this offering, will be sufficient for us to fund our operating
expenses and capital expenditure requirements for at least the next 12 months. We may continue to seek funds through equity or
debt financings, collaborative or other arrangements with corporate sources, or through other sources of financing. Additional
funding may not be available to us on acceptable terms, or at all. Any failure to raise capital as and when needed, as a result
of insufficient authorized shares or otherwise, could have a negative impact on our financial condition and on our ability to
pursue our business plans and strategies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>If we are not paying full dividends
on any future Parity Stock or Senior Stock, we will not be able to pay full dividends on the Series A Preferred Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">When dividends are not
paid in full on any shares of issued and outstanding Parity Stock for a dividend period, all dividends declared with respect to
Series A Preferred Stock and all shares of issued and outstanding Parity Stock for such dividend period shall be declared pro
rata so that the respective amounts of such dividends declared bear the same ratio to each other as all accumulated but unpaid
dividends per share of Series A Preferred Stock and all shares of issued and outstanding Parity Stock for such dividend period
bear to each other. Therefore, if we are not paying full dividends on any issued and outstanding shares of Parity Stock, we will
not be able to pay full dividends on the Series A Preferred Stock. Similarly, if we issue any series of Senior Stock, we expect
that if we do not pay any amount of stated dividends thereon, we will not be able to pay any dividends on the Series A Preferred
Stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>We are permitted to make certain payments
even after dividend periods for which we do not declare and pay, or set aside funds for, full cumulative dividends on all outstanding
shares of the Series A Preferred Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The terms of the Series
A Preferred Stock generally restrict us from making certain payments, such as paying dividends on all other capital stock issued
by us expressly designated as ranking junior to the Series A Preferred Stock and repurchasing or redeeming junior or capital stock
expressly designated as ranking on parity with the Series A Preferred Stock or shares of the Series A Preferred Stock, unless
dividends on all outstanding shares of the Series A Preferred Stock for all past completed dividend periods have been paid in
full or declared and a sum sufficient for the payment thereof has been set aside for payment. These restrictions, however, are
subject to multiple exceptions which permit us to, among other things, (i) pay or declare dividends on our capital stock, (ii)
redeem, purchase or otherwise acquire junior stock or parity stock or (iii) redeem, purchase or otherwise acquire the Series A
Preferred Stock. These exceptions are described in &ldquo;Description of the Series A Preferred Stock&mdash;Restrictions on Dividends,
Redemption and Repurchases&rdquo; and may result in payments being made, whether as the result of a dividend, redemption or repurchase,
on junior stock or parity stock after we have failed to pay full cumulative dividends on all outstanding shares of the Series
A Preferred Stock. Additionally, in certain circumstances, our ability to make payments on junior stock and parity stock, whether
as the result of a redemption, repurchase or other acquisition of such capital stock, is more extensive than our ability to make
payments, whether as the result of a redemption, repurchase or other acquisition, of the Series A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>The Series A Preferred Stock may not
continue have an active trading market.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Series A Preferred
Stock are a recent issue of securities and do not have a long-established trading market. Although the Series A Preferred Stock
is listed, we cannot assure you that an active market for the Series A Preferred Stock will be sustained or that holders of the
Series A Preferred Stock will be able to sell their shares of Series A Preferred Stock at favorable prices or at all. The difference
between bid and ask prices in any secondary market for the Series A Preferred Stock could be substantial. Accordingly, no assurance
can be given as to the liquidity of, or trading market for, the Series A Preferred Stock, and holders of the Series A Preferred
Stock may be required to bear the financial risks of an investment in the Series A Preferred Stock for an indefinite period of
time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>The voting rights
of holders of the Series A Preferred Stock are limited.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Holders of the Series
A Preferred Stock have no voting rights with respect to matters that generally require the approval of voting shareholders. The
limited voting rights of holders of the Series A Preferred Stock include the right to vote as a single class on certain matters
that may affect the preference or special rights of the Series A Preferred Stock, as described under &ldquo;Description of the
Series A Preferred Stock&mdash;Limited Voting Rights&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Dividends or other
payments with respect to the Series A Preferred Stock may be subject to withholding taxes in circumstances where we are not obliged
to make gross up payments, and this could result in holders receiving less than expected in such circumstances.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In the event of certain
changes to current tax law that require tax to be withheld from dividends or other payments on the Series A Preferred Stock, we
are not required to make gross up payments in respect of such taxes. This would result in holders of Series A Preferred Stock
receiving less than expected and could materially adversely affect the return on your investment.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b004_v1"></A><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus supplement,
the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying
base prospectus, and the documents that we reference herein and therein and have filed as exhibits to the Registration Statement,
including the sections entitled &ldquo;Risk Factors,&rdquo; contain &ldquo;forward-looking statements&rdquo; within the meaning
of Section 21(E) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and Section 27A of the Securities
Act. These forward-looking statements include, without limitation: statements regarding proposed new products or services; statements
concerning litigation or other matters; statements concerning projections, predictions, expectations, estimates, or forecasts
for our business, financial and operating results and future economic performance; statements of management&rsquo;s goals and
objectives; statements concerning our competitive environment, availability of resources and regulation; trends affecting our
financial condition, results of operations or future prospects; our financing plans or growth strategies; and other similar expressions
concerning matters that are not historical facts. Words such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;could&rdquo;,
&ldquo;would&rdquo;, &ldquo;predicts&rdquo;, &ldquo;potential&rdquo;, &ldquo;continue&rdquo;, &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;future&rdquo;, &ldquo;intends&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo; and &ldquo;estimates,&rdquo; and variations
of such terms or similar expressions, are intended to identify such forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Forward-looking statements
should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times
at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available
at the time they are made and/or management&rsquo;s good faith belief as of that time with respect to future events and are subject
to risks and uncertainties that could cause actual performance or results to differ materially from what is expressed in or suggested
by the forward-looking statements. The sections in this prospectus supplement and the accompanying base prospectus entitled &ldquo;Risk
Factors&rdquo; and the sections in our periodic reports, including the sections entitled &ldquo;Business&rdquo; in our most recent
Annual Report on Form 10-K and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
in our most recent Annual Report on Form 10-K and subsequent quarterly reports filed with the SEC, as well as other sections in
this prospectus supplement, the accompanying base prospectus and the documents or reports incorporated by reference herein and
therein, and any other prospectus supplement and the documents that we reference herein and therein and have filed as exhibits
to the Registration Statement, discuss some of the factors that could contribute to these differences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Forward-looking statements
speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation
to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements,
no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors
should review our subsequent reports filed with the SEC described in the sections entitled &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Incorporation of Certain Information by Reference&rdquo; of this prospectus supplement and the accompanying base prospectus
and incorporated by reference into herein and therein, and the documents that we reference herein and therein and have filed as
exhibits to the Registration Statement, all of which are accessible on the SEC&rsquo;s website at <I>www.sec.gov</I>.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b005_v1"></A><B>USE
OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Assuming no exercise
of the underwriters&rsquo; over-allotment option, and the sale of all &nbsp;&nbsp;&nbsp;&nbsp;shares of Series A Preferred Stock sold in this offering,
we estimate that the net proceeds from this offering will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;, after deducting estimated underwriting discounts
and fees and estimated offering fees and expenses of $ &nbsp;&nbsp;&nbsp;&nbsp;payable by us. Assuming the same, if the underwriters&rsquo; over-allotment
option is exercised in full, we estimate that our net proceeds from this offering will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We<FONT STYLE="font-size: 10pt">&nbsp;
</FONT>intend to use the net proceeds of this offering for the acquisition, development and growth of data centers, including
cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software and real
property (<I>i.e.&nbsp;</I>land and buildings) and business, and
for working capital and general corporate purposes, which include, but are not limited to, operating expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The amounts and timing
of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of
our business, and our plans and business conditions. The foregoing represents our intentions as of the date of this prospectus
supplement based upon our current plans and business conditions to use and allocate the net proceeds of this offering. However,
our management will have significant flexibility and discretion in the timing and application of the net proceeds of this offering.
Unforeseen events or changed business conditions may result in application of the proceeds of this offering in a manner other
than as described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To the extent that the
net proceeds we receive from this offering are not immediately applied for the above purposes, we plan to invest the net proceeds
in short-term, interest-bearing debt instruments or bank deposits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Management believes<FONT STYLE="font-size: 10pt">&nbsp;
</FONT>that the proceeds from this offering will be sufficient to satisfy the Company&rsquo;s cash needs for at least the next
12 months.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b006_v1"></A><B>CAPITALIZATION</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">The following table sets forth our cash
and capitalization as of September 30, 2021:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-bottom: 10pt">&#9679;</TD>
    <TD STYLE="width: 96%; padding-bottom: 10pt; text-align: justify">on an actual basis;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt">&#9679;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><P STYLE="margin: 0; font: 10pt/107% Times New Roman, Times, Serif">on a pro forma basis after giving effect to our issuance (a) on October
25, 2021, in consideration for an aggregate purchase price of $15 million, of (i) secured convertible notes in the aggregate principal
amount of $16,304,348, which are convertible into an aggregate of 1,776,073 shares of Common Stock at a price per share of $9.18 (collectively,
the &ldquo;Notes&rdquo;), and (ii) Class A, Class B and Class C common stock purchase warrants (collectively, the &ldquo;Warrants&rdquo;)
to purchase up to an aggregate of 1,776,073 shares of Common Stock at an exercise price of $12.50, $15.00 and $18.00 per share, respectively,
assuming full conversion and exercise of the Notes and Warrants, respectively, and (b) the issuance of 154,426 shares of Common Stock
by the Company to certain employees in connection with our acquisition of Soluna Computing, Inc.; and</P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">on a pro forma as adjusted basis after giving effect to the application of the
    proceeds     from this offering as described in &ldquo;Use of Proceeds&rdquo; (assuming no exercise of the
    underwriters&rsquo; option to     purchase additional Series&nbsp;A Preferred Stock).</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read the information in this
table together with our condensed consolidated financial statements and accompanying notes and in conjunction with the section
entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; appearing in
our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 12, 2021,
which are incorporated by reference in this prospectus supplement and the accompanying base prospectus.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Dollars in thousands, except per share)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As of September
30, 2021</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Pro Forma As Adjusted</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%">Cash</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2pt double">$</TD>
    <TD STYLE="width: 12%; border-bottom: black 2pt double; text-align: right">15,817</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2pt double">$</TD>
    <TD STYLE="width: 12%; border-bottom: black 2pt double; text-align: right">57,754</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 2pt double">$</TD>
    <TD STYLE="width: 12%; border-bottom: black 2pt double">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Stockholders&rsquo; Equity:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in">Common stock, par value $0.001 per share; 75,000,000 shares authorized, <FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,717,220
shares issued and outstanding, actual, 16,423,792 shares issued and outstanding, pro forma, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding,
pro forma as adjusted &ndash; as of September 30, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Series A Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; 806,585
    shares issued and outstanding, actual; 806,585 shares issued and outstanding, pro forma; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    issued and outstanding, pro forma as adjusted &ndash; as of September 30, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Additional paid-in capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">172,898</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">217,624</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Accumulated deficit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">(120,419</TD>
    <TD STYLE="vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right">(121,908</TD>
    <TD STYLE="vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Common stock in treasury, at cost, 1,015,493 shares, actual, pro forma and pro forma as
    adjusted &ndash; as of September 30, 2021</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">(13,764</TD>
    <TD STYLE="vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">(13,764</TD>
    <TD STYLE="vertical-align: bottom">)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Total stockholders&rsquo; equity</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2pt double">$</TD>
    <TD STYLE="border-bottom: black 2pt double; text-align: right">38,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2pt double">$</TD>
    <TD STYLE="border-bottom: black 2pt double; text-align: right">81,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2pt double">$</TD>
    <TD STYLE="border-bottom: black 2pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</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"><FONT STYLE="background-color: white">The
above discussion and table are based on 12,717,220 shares of Common Stock outstanding as of September 30, 2021, </FONT>which number
includes 47,500 shares of restricted stock granted under the Company&rsquo;s 2021 Stock Incentive Plan (the &ldquo;2021 Plan&rdquo;),
none of which were vested as of September 30, 2021, and excludes: (a)&nbsp;993,550 shares of Common Stock issuable upon exercise
of outstanding options as of September 30, 2021, having a weighted average exercise price of $5.44 per share (of which 357,050
shares of Common Stock are currently issuable upon exercise of such options at a weighted-average exercise price of $4.36 per share);
(b) 15,000 restricted stock units granted under the 2021 Plan, none of which were vested as of September 30, 2021; (c) 833,628
shares of Common Stock issuable upon exercise of outstanding warrants &nbsp;having a weighted average exercise price of $8.00 per
share; and (d) 1,015,493 shares of Common Stock held as treasury stock as of September 30, 2021.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b008_v1"></A><B>DESCRIPTION OF
THE SERIES A PREFERRED 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"><I>The following describes the material
terms of the Series A Preferred Stock. This is not a complete description and is subject to, and entirely qualified by reference
to applicable provisions of our Articles of Incorporation, Bylaws and the Certificate of Designations establishing the Series
A Preferred Stock, which are filed with the SEC as exhibits to the Registration Statement of which this prospectus is a part,
as well as the relevant portions of Nevada law. This description of particular terms of the Series A Preferred Stock supplements
the description of general terms and provisions of our preferred stock set forth above under &ldquo;Description of Our Securities
&mdash; Preferred Stock.&rdquo;</I></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">Pursuant to our Articles of Incorporation,
we are authorized to issue 10,000,000 shares of our preferred stock, par value $0.001 per share. As of the date of this prospectus
supplement, and without giving effect to the shares of our Series A Preferred Stock offered hereby, we have designated 840,000
of these shares as the &ldquo;9.0% Series A Cumulative Perpetual Preferred Stock&rdquo;, pursuant to the Certificate of Designations
that sets forth the terms of such Series A Preferred Stock, with a liquidation preference of $25.00 per share, of which 806,585
shares of our Series A Preferred Stock were issued and outstanding as of the date of this prospectus supplement. As of the date
of this prospectus supplement, our Board of Directors has not established any class or series of our preferred stock other than
our Series A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this Offering, the Board
designated an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our authorized but unissued preferred stock as Series A Preferred Stock and on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021 we filed
an amendment to the Certificate of Designations with respect to the Series A Preferred Stock with the Secretary of State of the
State of Nevada in order to increase the number of authorized shares of Series A Preferred Stock that we are permitted to issue
pursuant to the Certificate of Designations, following which, we will have a total of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares designated as Series A Preferred Stock.
The shares of our Series A Preferred Stock offered by this prospectus supplement and the accompanying prospectus will form a single
series, and be fully fungible, with the outstanding shares of our Series A Preferred Stock and any shares or our Series A Preferred
Stock that we may issue in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock being
offered hereby, when issued, delivered and paid for in accordance with the terms of the underwriting agreement, will be fully
paid and nonassessable. The number of authorized shares of Series A Preferred Stock may from time to time be further
increased (but not in excess of the total number of authorized shares of our preferred stock, less all shares of any other
series of our preferred stock authorized at the time of such increase) or decreased (but not below the number of shares of
the Series A Preferred Stock then outstanding) by resolution of the Board (or a duly authorized committee of the Board),
without the vote or consent of the holders of the Series A Preferred Stock. Shares of the Series&nbsp;A Preferred Stock that
are redeemed, repurchased or otherwise acquired by the Company will be cancelled and revert to authorized but unissued shares
of our preferred stock undesignated as to series. We have the authority to issue fractional shares of the Series A Preferred
Stock and reserve the right to&nbsp;further re-open&nbsp;this series and issue additional shares of the Series&nbsp;A
Preferred Stock either through public or private sales at any time and from time to time without notice to or the consent of
holders of the Series&nbsp;A Preferred Stock. The additional shares of the Series&nbsp;A Preferred Stock will be deemed to
form a single series with the Series&nbsp;A Preferred Stock offered hereby. Each share of the Series&nbsp;A Preferred Stock
will be identical in all respects to every other share of the Series&nbsp;A Preferred Stock, except that shares of the Series
A Preferred Stock issued after August 23, 2021 (the &ldquo;Original Issue Date&rdquo;) will accrue dividends from the later
of the Original Issue Date and the Dividend Payment Date (as defined below in &ldquo;Dividends&rdquo;) immediately prior to
the original issue date of such additional shares for which full cumulative dividends have been paid. As used herein,
&ldquo;accrual&rdquo; (or similar terms) used with respect to a dividend or Dividend Period refers only to the
determination of the amount of such dividend and does not imply that any right to a dividend in any Dividend Period that
arises prior to the date on which such dividend is declared.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, subject to the limitations
described herein, we may issue additional preferred stock from time to time in one or more series, each with such designation,
powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions
applicable to any of those rights, including dividend rights, voting rights, conversion or exchange rights, terms of redemption
and liquidation preferences, as the Board (or a duly authorized committee of the Board) may determine prior to the time of such
issuance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;A Preferred Stock is listed
on Nasdaq under the symbol &ldquo;SLNHP&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and register for the
Series A Preferred Stock will be American Stock Transfer &amp; Trust Company, LLC (&ldquo;Transfer Agent&rdquo;). The Transfer
Agent&rsquo;s address is 6201 15<SUP>th</SUP>&nbsp;Avenue, Brooklyn, NY 11219. The Series A Preferred Stock will be issued and
maintained in book-entry form registered in the name of the nominee, The Depository Trust Company. See &ldquo;Book-Entry Procedures&rdquo;
beginning on page S-28.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Maturity or Mandatory Redemption</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">The Series&nbsp;A Preferred Stock has
no maturity date and the Company is not required to redeem the Series&nbsp;A Preferred Stock at any time. Accordingly, the Series&nbsp;A
Preferred Stock will remain outstanding indefinitely, unless the Company decides, at its option, to exercise its redemption right
or, under circumstances as described in &ldquo;Limited Conversion Rights,&rdquo; where the holders of Series&nbsp;A Preferred
Stock have a conversion right, such holders convert the Series&nbsp;A Preferred Stock into Common Stock. The Series&nbsp;A Preferred
Stock is not subject to any sinking fund.</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"><B>Ranking</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">The Series A Preferred Stock will, as
to dividend rights and rights as to the distribution of assets upon the Company&rsquo;s liquidation, dissolution or winding up,
rank:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">(1)</TD>
    <TD STYLE="width: 96%; text-align: justify">senior to all classes or series of the Company&rsquo;s common stock and to all
    other capital stock issued by the Company expressly designated as ranking junior to the Series A Preferred Stock;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">(2)</TD>
    <TD STYLE="width: 96%; text-align: justify">on parity with any future class or series of the Company&rsquo;s capital stock
    expressly designated as ranking on parity with the Series A Preferred Stock;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">(3)</TD>
    <TD STYLE="width: 96%; text-align: justify">junior to any future class or series of the Company&rsquo;s capital stock expressly
    designated as ranking senior to the Series A Preferred Stock; and</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">(4)</TD>
    <TD STYLE="width: 96%; text-align: justify">junior to all the Company&rsquo;s existing and future indebtedness (including
    subordinated indebtedness and any indebtedness convertible into our common stock or preferred stock) and other liabilities
    with respect to assets available to satisfy claims against the Company and structurally subordinated to the indebtedness and
    other liabilities of (as well as any preferred equity interests held by others in) existing or future subsidiaries of the
    Company.</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">We may issue junior capital stock described
in (1)&nbsp;above and parity capital stock described in (2)&nbsp;above at any time and from time to time in one or more series
without the consent of the holders of the Series&nbsp;A Preferred Stock. Our ability to issue any senior capital stock described
in (3)&nbsp;above is limited as described under &ldquo;Limited Voting Rights.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">Subject to the preferential rights,
if any, of the holders of any class or series of capital stock of the Company ranking senior to the Series A Preferred Stock
as to dividends, the holders of the Series A Preferred Stock will be entitled to receive, when, as and if declared by the
Board (or a duly authorized committee of the Board), only out of funds legally available for the payment of dividends,
cumulative cash dividends at the annual rate of&nbsp;9.0% of the $25.00 liquidation preference&nbsp;per year (equivalent to
$2.25 per year). A &ldquo;Dividend Period&rdquo; is&nbsp;the period from and including a Dividend Payment Date (as defined
herein and continuing to, but excluding, the next succeeding Dividend Payment Date. Dividends on the Series A Preferred Stock
will accumulate and be cumulative from, and including, the Original Issue Date;&nbsp;except that shares of the Series A
Preferred Stock issued after the Original Issue Date will accrue dividends from the later of the Original Issue Date and the
Dividend Payment Date immediately prior to the original issue date of such additional shares for which full cumulative
dividends have been paid.</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: 0; text-align: justify">Dividends, when, as and if declared by the Board (or
a duly authorized committee of the Board), will be payable monthly in arrears on the final day of each month, provided that if any&nbsp;dividend
payment date&nbsp;is not a Business Day (as defined below), then such date will nevertheless be a&nbsp;dividend payment date&nbsp;but
the dividend which would otherwise have been payable on that&nbsp;Dividend Payment Date, when, as and if declared, will be paid on the
next succeeding Business Day and no interest, additional dividends or other sums will accumulate on the amounts so payable for the period
from and after that&nbsp;dividend payment date&nbsp;to that next succeeding Business Day. &ldquo;Business Day&rdquo; means any day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or
required by law, regulation or executive order to close. The first dividend on the Series A Preferred Stock sold pursuant to this prospectus
supplement will be paid on &nbsp;&nbsp;&nbsp;&nbsp;, 202 , which will include a period of less than a full month after the issuance of
the Series A Preferred Stock pursuant to this prospectus supplement and will cover the period from the first date we issue and sell such
shares of Series A Preferred Stock pursuant to this prospectus supplement through &nbsp;&nbsp;&nbsp;&nbsp;, 202 .</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any dividend, including any dividend payable
on the Series A Preferred Stock for any Dividend Period (or portion thereof) will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Dividends are payable to holders of record of Series A Preferred Stock as they appear in the records
of the Transfer Agent at the close of business on the applicable record date, which will be the date designated by the Board (or
a duly authorized committee of the Board) for the payment of a dividend that is not more than thirty (30) nor less than ten (10)
days prior to the applicable dividend payment date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board (or a duly authorized committee
of the Board) will not authorize, pay or set apart for payment by the Company any dividend on the Series A Preferred Stock at
any time that: (i) the terms and provisions of any of the Company&rsquo;s agreements, including any agreement relating to the
Company&rsquo;s indebtedness, prohibits such authorization, payment or setting apart for payment; (ii) the terms and provisions
of any of the Company&rsquo;s agreements, including any agreement relating to the Company&rsquo;s indebtedness, provides that
such authorization, payment or setting apart for payment thereof would constitute a breach of, or a default under, such agreement;
or (iii) the law restricts or prohibits the authorization or payment. Notwithstanding the foregoing, dividends on the Series A
Preferred Stock will accumulate whether or not the terms and provisions of any of the Company&rsquo;s agreements relating to its
indebtedness prohibit such authorization, payment or setting apart for payment, the Company has earnings, there are funds legally
available for the payment of the dividends, or the dividends are authorized. Accordingly, if the Board (or a duly authorized committee
of the Board) does not declare a dividend on the Series A Preferred Stock payable in respect of any Dividend Period before the
related Dividend Payment Date, such dividend will accumulate and an amount equal to such accumulated dividend will become payable
out of funds legally available therefor upon the liquidation, dissolution or winding up of the Company&rsquo;s affairs (or earlier
redemption of such Series A Preferred Stock), to the extent not paid prior to such liquidation, dissolution or winding up or earlier
redemption, as the case may be. No interest, or sums in lieu of interest, will be payable in respect of any dividend payment or
payments on the Series A Preferred Stock, which may be in arrears, and holders of the Series A Preferred Stock will not be entitled
to any dividends in excess of the full cumulative dividends described above. Any dividend payment made on the Series A Preferred
Stock will first be credited against the earliest accumulated but unpaid dividends due with respect to those shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Restrictions on Dividends, Redemption
and Repurchases</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as any share of the Series A Preferred
Stock remains outstanding, unless the Company also has either paid or declared and set apart for payment full cumulative dividends
on the Series A Preferred Stock for all past completed Dividend Periods, the Company will not during any Dividend Period:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">(1)</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify">pay or declare and set apart for payment any dividends or declare or make any
    distribution of cash or other property on common stock or other capital stock that ranks junior to or on parity with the Series
    A Preferred Stock with respect to dividend rights and rights to the distribution of assets upon the Company&rsquo;s voluntary
    or involuntary liquidation, dissolution or winding up (other than, in each case, (a) a dividend paid in common stock or other
    stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the distribution of assets
    upon the Company&rsquo;s voluntary or involuntary liquidation, dissolution or winding up or (b) any declaration of a common
    stock dividend in connection with any stockholders&rsquo; rights plan, or the issuance of rights, stock or other property
    under any stockholders&rsquo; rights plan, or the redemption or repurchase of rights pursuant to the plan);</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">(2)</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify">redeem, purchase or otherwise acquire common stock or other capital stock that
    ranks junior to or on parity with the Series A Preferred Stock (other than the Series A Preferred Stock) with respect to dividend
    rights and rights to the distribution of assets upon the Company&rsquo;s voluntary or involuntary liquidation, dissolution
    or winding up (other than (a) by conversion into or exchange for common stock or other capital stock ranking junior to the
    Series A Preferred Stock with respect to dividend rights and rights to the distribution of assets upon the Company&rsquo;s
    voluntary or involuntary liquidation, dissolution or winding up, (b) the redemption of shares of capital stock pursuant to
    the provisions of the Articles of Incorporation relating to the restrictions upon ownership and transfer of its capital stock,
    (c) a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock and
    any other capital stock that ranks on parity with the Series A Preferred Stock with respect to dividend rights and rights
    to the distribution of assets upon the Company&rsquo;s voluntary or involuntary liquidation, dissolution or winding up, (d)
    purchases, redemptions or other acquisitions of shares of the Company&rsquo;s capital stock ranking junior to the Series A
    Preferred Stock with respect to dividend rights and rights to the distribution of assets upon the Company&rsquo;s voluntary
    or involuntary liquidation, dissolution or winding up pursuant to any employment contract, dividend reinvestment and stock
    purchase plan, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors, consultants
    or advisors, (e) through the use of the proceeds of a substantially contemporaneous sale of stock ranking junior to the Series
    A Preferred Stock with respect to dividend rights and rights to the distribution of assets upon the Company&rsquo;s voluntary
    or involuntary liquidation, dissolution or winding up, or (f) purchases or other acquisitions of shares of the Company&rsquo;s
    capital stock pursuant to a contractually binding stock repurchase plan existing prior to the preceding dividend payment date
    on which dividends were not paid in full); or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">(3)</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 95%; text-align: justify">redeem, purchase or otherwise acquire Series A Preferred Stock (other than (a)
    by conversion into or exchange for common stock or other capital stock ranking junior to the Series&nbsp;A Preferred Stock
    with respect to dividend rights and rights to the distribution of assets upon the Company&rsquo;s voluntary or involuntary
    liquidation, dissolution or winding up, (b) a purchase or exchange offer made on the same terms to holders of all outstanding
    shares of Series&nbsp;A Preferred Stock or (c) with respect to redemptions, a redemption pursuant to which all shares of Series
    A Preferred Stock are redeemed).</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if the
Board (or a duly authorized committee of the Board) elects to declare only partial instead of full dividends for a Dividend Payment
Date and related Dividend Period on the shares of the Series&nbsp;A Preferred Stock or any class or series of the Company&rsquo;s
capital stock that ranks on parity with the Series&nbsp;A Preferred Stock with respect to dividends, then, to the extent permitted
by the terms of the Series&nbsp;A Preferred Stock and each outstanding class or series of the Company&rsquo;s capital stock that
ranks on parity with the Series&nbsp;A Preferred Stock with respect to dividends, such partial dividends will be declared on shares
of the Series A Preferred Stock and class or series of the Company&rsquo;s capital stock that ranks on parity with the Series&nbsp;A
Preferred Stock with respect to dividends, and dividends so declared will be paid, as to any such Dividend Payment Date and related
Dividend Period, in amounts such that the ratio of the partial dividends declared and paid on each such series to full dividends
on each such series is the same. As used herein, &ldquo;full dividends&rdquo; means, as to any class or series of the Company&rsquo;s
capital stock that ranks on parity with the Series&nbsp;A Preferred Stock with respect to dividends that bears dividends on a
cumulative basis, the amount of dividends that would need to be declared and paid to bring such class or series of the Company&rsquo;s
capital stock that ranks on parity with the Series&nbsp;A Preferred Stock with respect to dividends current in dividends, including
undeclared dividends for past Dividend Periods.&nbsp;To the extent a&nbsp;Dividend Period&nbsp;with respect to the Series&nbsp;A
Preferred Stock or any&nbsp;class or series of the Company&rsquo;s capital stock that ranks on parity with the Series&nbsp;A Preferred
Stock with respect to dividends&nbsp;(in either case, the &ldquo;first series&rdquo;) coincides with more than one&nbsp;Dividend
Period&nbsp;with respect to another series as applicable (in either case, a &ldquo;second series&rdquo;), then, for purposes of
this paragraph, the Board (or a duly authorized committee of the Board) may, to the extent permitted by the terms of each affected
series, treat such&nbsp;Dividend Period&nbsp;for the first series as two or more consecutive&nbsp;Dividend Periods, none of which
coincides with more than one&nbsp;Dividend Period&nbsp;with respect to the second series, or may treat such&nbsp;Dividend Period(s)
with respect to any&nbsp;class or series of the Company&rsquo;s capital stock that ranks on parity with the Series&nbsp;A Preferred
Stock with respect to dividends&nbsp;and Dividend Period(s) with respect to the Series&nbsp;A Preferred Stock for purposes of
this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on
such&nbsp;class or series of the Company&rsquo;s capital stock that ranks on parity with the Series&nbsp;A Preferred Stock with
respect to dividends&nbsp;and the Series&nbsp;A Preferred Stock.</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">Subject to the foregoing, dividends (payable
in cash, stock or otherwise) as may be determined by the Board (or a duly authorized committee of the Board) may be declared and
paid on the common stock or other stock ranking junior to the Series&nbsp;A Preferred Stock with respect to dividend rights and
rights to the distribution of assets upon the Company&rsquo;s voluntary or involuntary liquidation, dissolution or winding up
from time to time out of any funds legally available therefor, and the shares of the Series&nbsp;A Preferred Stock shall not be
entitled to participate in any such dividend.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation Preference</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">In the event of the voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Company, holders of shares of Series A Preferred Stock will be entitled
to be paid out of the assets of the Company legally available for distribution to its stockholders (<I>i.e.</I>, after satisfaction
of all the Company&rsquo;s liabilities to creditors, if any) and, subject to the rights of holders of any shares of each other
class or series of capital stock ranking, as to rights to the distribution of assets upon the Company&rsquo;s voluntary or involuntary
liquidation, dissolution or winding up, senior to the Series A Preferred Stock, a liquidation preference of $25.00 per share,
plus an amount equal to any accumulated and unpaid dividends to the date of payment (whether or not declared), before any distribution
or payment may be made to holders of shares of the common stock or any other class or series of the Company&rsquo;s capital stock
ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up,
junior to the Series A Preferred Stock (the &ldquo;liquidation preference&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, upon such voluntary or involuntary
liquidation, dissolution or winding up of the Company&rsquo;s affairs, the assets of the Company legally available for distribution
to the Company&rsquo;s stockholders are insufficient to pay the full amount of the liquidation preference on all outstanding shares
of Series A Preferred Stock and the corresponding amounts payable on all shares of each other class or series of capital stock
of the Company ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up, on parity with the Series A Preferred Stock, then the holders of the Series A Preferred Stock and each such other
class or series of capital stock of the Company ranking, as to rights to the distribution of assets upon the Company&rsquo;s voluntary
or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Stock will share ratably in any distribution
of assets in proportion to the full liquidation preference to which they would otherwise be respectively entitled. In any such
distribution, the liquidation preference of any holder of the Company&rsquo;s capital stock other than the Series A Preferred
Stock means the amount otherwise payable to such holder in such distribution (assuming no limitation on the Company&rsquo;s assets
available for such distribution), including an amount equal to any declared but unpaid dividends in the case of any holder or
stock on which dividends accrue on a non-cumulative basis and, in the case of any holder of stock on which dividends accrue on
a cumulative basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not earned or declared, as applicable.</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">Holders of Series A Preferred Stock will
be entitled to written notice of any voluntary or involuntary liquidation, dissolution or winding up of the Company, no fewer
than thirty (30) days and no more than sixty (60) days prior to the payment date.</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">If the liquidation preference has been
paid in full to all holders of the Series A Preferred Stock and each such other class or series of capital stock ranking, as to
rights to the distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series&nbsp;A
Preferred Stock, holders of shares of the Series A Preferred Stock and each such other class or series of capital stock ranking,
as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up, on parity
with the Series&nbsp;A Preferred Stock will have no right or claim to any of the Company&rsquo;s remaining assets and the holders
of shares of common stock or any class or series of capital stock ranking, as to rights to the distribution of assets any voluntary
or involuntary liquidation, dissolution or winding up, junior to the Series&nbsp;A Preferred Stock, will be entitled to receive
all of the Company&rsquo;s remaining assets according to their respective rights and preferences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidation, merger or other business
combination of the Company with or into any other entity or the sale, lease, transfer or conveyance of all or substantially all
of the assets, property or business of the Company will not be deemed to constitute a liquidation, dissolution or winding up of
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</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">The Series&nbsp;A Preferred Stock is not
redeemable by us prior to August 23, 2026, except as described below under &ldquo;Optional Redemption&rdquo; and &ldquo;Special
Optional Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Optional Redemption</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">On or after August 23, 2026, the Series&nbsp;A
Preferred Stock may be redeemed at the Company&rsquo;s option, in whole or in part, from time to time, at a redemption price of
$25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series&nbsp;A
Preferred Stock up to, but not including, the date of such redemption (the &ldquo;Redemption Date&rdquo;), upon the giving of
notice, as provided below under &ldquo;Redemption Procedures.&rdquo;</P>

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

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    <!-- Field: /Page -->

<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"><I>Special Optional Redemption</I>&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">During any period of time (whether before
or after August 23, 2026) that both (i)&nbsp;the Series&nbsp;A Preferred Stock are no longer (a) listed on Nasdaq, the New York
Stock Exchange LLC (the &ldquo;NYSE&rdquo;), or the NYSE American LLC (the &ldquo;NYSE AMER&rdquo;) or (b) listed or quoted on
an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER, and (ii)&nbsp;we are not subject to
the reporting requirements of the Exchange Act, but any Series&nbsp;A Preferred Stock is still outstanding (collectively, a &ldquo;Delisting
Event&rdquo;), we may, at our option, redeem the Series&nbsp;A Preferred Stock, in whole or in part and within ninety (90)&nbsp;days
after the date of the Delisting Event (the &ldquo;Delisting Event Redemption Period&rdquo;), by paying $25.00 per share of Series
A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series&nbsp;A Preferred Stock up
to, but not including, the Redemption Date.</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">During any period of time (whether before
or after August 23, 2026), upon the occurrence of a Change of Control (as defined below), the Company may, at its option, redeem
the Series&nbsp;A Preferred Stock, in whole or in part and within one hundred twenty (120)&nbsp;days after the first date on which
such Change of Control occurred (the &ldquo;Change of Control Redemption Period&rdquo;), by paying $25.00 per share of Series
A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series&nbsp;A Preferred Stock up
to, but not including, the date of such redemption.</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">If, prior to the Delisting Event Conversion
Date or Change of Control Conversion Date (each as defined below), as applicable, the Company has provided or provides notice
of redemption with respect to the Series&nbsp;A Preferred Stock (whether pursuant to our optional redemption right in &ldquo;Optional
Redemption&rdquo; or our special optional redemption rights in &ldquo;Special Optional Redemption&rdquo; as described above),
the holders of Series&nbsp;A Preferred Stock will not be permitted to exercise the conversion rights in &ldquo;Limited Conversion
Rights&rdquo; below in respect of their shares called for redemption.</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">A&nbsp;&ldquo;Change of Control&rdquo;
is when, after the Original Issue Date, the following have occurred and are continuing:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="width: 96%; text-align: justify">the acquisition by any person, including any syndicate or group deemed to be a
    &ldquo;person&rdquo; under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through
    a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares
    of the Company&rsquo;s stock entitling that person to exercise more than 50% of the total voting power of all shares of the
    Company&rsquo;s stock entitled to vote generally in elections of the Company&rsquo;s directors (except that such person will
    be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is
    currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(2)</TD>
    <TD STYLE="width: 96%; text-align: justify">following the closing of any transaction referred to in (1) above, neither the
    Company nor any acquiring or surviving entity (or, if, in connection with such transaction shares of common stock are converted
    into or exchanged for (in whole or in part) common capital stock of another entity, such other entity) has a class of common
    securities (or American Depositary Receipts representing such securities) (x) listed on Nasdaq, the NYSE, or the NYSE AMER
    or (y) listed or quoted on an exchange or quotation system that is a successor to Nasdaq, the NYSE or the NYSE AMER.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Procedures</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">In the event the Company elects to redeem
Series A Preferred Stock, notice of redemption will be mailed to each holder of record of Series A Preferred Stock called for
redemption at such holder&rsquo;s address as it appears on the Company&rsquo;s stock transfer records, not less than thirty (30)
nor more than sixty (60) days prior to the Redemption Date. Any notice mailed as provided in this paragraph shall be conclusively
presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail,
or any defect in such notice or in the mailing thereof, to any holder of shares of Series A Preferred Stock designated for redemption
shall not affect the validity of the proceedings for the redemption of any other shares of Series A Preferred Stock. Notwithstanding
the foregoing, if the shares of Series A Preferred Stock are issued in book-entry form through The Depository Trust Company (&ldquo;DTC&rdquo;)
or any other similar facility, notice of redemption may be given to the holders of Series A Preferred Stock at such time and in
any manner permitted by such facility.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice will notify the holder of the
election to redeem the shares and will state at least the following: (i) the Redemption Date; (ii) the redemption price; (iii)
the number of shares of Series A Preferred Stock to be redeemed (and, if fewer than all the shares are to be redeemed, the number
of shares to be redeemed from such holder or the method for determining such number); (iv) the place(s) where holders may surrender
certificates, if any, evidencing the Series A Preferred Stock for payment; (v) if applicable, that the Series A Preferred Stock
is being redeemed pursuant to the Company&rsquo;s special optional redemption right in connection with the occurrence of a Delisting
Event or Change of Control, as applicable, and a brief description of the transaction or transactions or circumstances constituting
such Delisting Event or Change of Control, as applicable; (vi) if applicable, that the holders of the Series A Preferred Stock
to which the notice relates will not be able to convert such shares of Series A Preferred Stock in connection with the Delisting
Event or Change of Control, as applicable, and each share of Series A Preferred Stock tendered for conversion that is selected,
prior to the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, for redemption will be redeemed
on the related date of redemption instead of converted on the Delisting Event Conversion Date or Change of Control Conversion
Date, as applicable; and (vii) that dividends on such shares of Series A Preferred Stock will cease to accumulate on the date
prior to the Redemption Date.</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">If fewer than all of the outstanding shares
of Series&nbsp;A Preferred Stock are to be redeemed, the shares to be redeemed will be determined pro&nbsp;rata (as nearly as
practicable without creating fractional shares) or by lot. So long as all shares of Series A Preferred Stock are held of record
by the nominee of DTC, the Company will give notice, or cause notice to be given, to DTC of the number of Series A Preferred Stock
to be redeemed, and DTC will determine the number of Series A Preferred Stock to be redeemed from the account of each of its participants
holding such shares in its participant account. Thereafter, each participant will select the number of shares to be redeemed from
each beneficial owner for whom it acts (including the participant, to the extent it holds Series A Preferred Stock for its own
account). A participant may determine to redeem Series A Preferred Stock from some beneficial owners (including the participant
itself) without redeeming Series A Preferred Stock from the accounts of other beneficial owners.&nbsp;Subject to the provisions
hereof, the Board (or a duly authorized committee of the Board) shall have full power and authority to prescribe the terms and
conditions on which shares of Series A Preferred Stock shall be redeemed from time to time. If the Company shall have issued certificates
for the Series A Preferred Stock and fewer than all shares represented by any certificates are redeemed, new certificates shall
be issued representing the unredeemed shares without charge to the holders thereof.</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">On or after the Redemption Date, each
holder of Series A Preferred Stock to be redeemed that holds a certificate other than through DTC book entry as described below
must present and surrender the certificates evidencing the shares of Series A Preferred Stock at the place designated in the notice
of redemption and shall be entitled to the redemption price and any accumulated and unpaid dividends payable upon the redemption
following the surrender.</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">From and after the Redemption Date or,
if notice of redemption has been duly given, and if on or before the Redemption Date specified in the notice, all funds necessary
for the redemption have been set aside by the Company, separate and apart from the Company&rsquo;s other funds, in trust for the
pro rata benefit of the holders of the shares called for redemption, so as to be and continue to be available for that purpose,
then, in each case unless the Company defaults in payment of the redemption price: (i) all dividends on the shares designated
for redemption in the notice will cease to accumulate on or after the Redemption Date; (ii) all rights of the holders of the shares,
except the right to receive the redemption price thereof (including all accumulated and unpaid dividends up to the date prior
to the Redemption Date), will cease and terminate; and (iii) the shares designated for redemption in the notice will be deemed
to not be outstanding for any purpose whatsoever.</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">Any funds held in trust and unclaimed
at the end of two years from the Redemption Date, to the extent permitted by law, shall be released from the trust so established
and may be commingled with the Company&rsquo;s other funds, and after that time the holders of the shares so called for redemption
shall look only to the Company for payment of the redemption price of such shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, any declared
but unpaid dividends payable on a Redemption Date that occurs subsequent to the applicable record date for a&nbsp;Dividend Period&nbsp;shall
not be paid to the holder entitled to receive the redemption price on the Redemption Date, but rather shall be paid to the holder
of record of the redeemed shares on such record date relating to the applicable Dividend Payment Date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limited Conversion Rights</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">The shares of Series A Preferred Stock
are not convertible into or exchangeable for any other property or securities of the Company or any other entity, except as provided
below.</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">Upon the occurrence of a Delisting Event
or a Change of Control, as applicable, each holder of Series A Preferred Stock will have the right, unless, prior to the Delisting
Event Conversion Date or Change of Control Conversion Date, as applicable, the Company has provided or provides notice of its
election to redeem the Series A Preferred Stock pursuant to &ldquo;Optional Redemption&rdquo; or &ldquo;Special Optional Redemption,&rdquo;
to convert some or all of the shares of Series A Preferred Stock held by such holder (the &ldquo;Delisting Event Conversion Right&rdquo;
or &ldquo;Change of Control Conversion Right,&rdquo; as applicable) on the Delisting Event Conversion Date or Change of Control
Conversion Date, as applicable, into a number of shares of common stock (or equivalent value of alternative consideration) per
share of Series A Preferred Stock (the &ldquo;Common Stock Conversion Consideration&rdquo;) equal to the lesser of: (i)&nbsp;the
quotient obtained by dividing (1) the sum of (x) the $25.00 liquidation preference per share of Series A Preferred Stock plus
(y) the amount of any accumulated and unpaid dividends to, but not including, the Delisting Event Conversion Date or Change of
Control Conversion Date, as applicable (unless the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable,
is after a record date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock
Dividend Payment Date, in which case no additional amount relating to such record date will be included in this sum) by (2) the
Common Stock Price (as defined herein); and (ii) 7.04225352 (the &ldquo;Share Cap&rdquo;), subject to certain adjustments described
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Cap is subject to pro rata adjustments
for any share splits (including those effected pursuant to a distribution of shares of common stock to existing holders of common
stock), subdivisions or combinations (in each case, a &ldquo;Share Split&rdquo;) with respect to common stock as follows: the
adjusted Share Cap as the result of a Share Split will be the number of shares of common stock that is equivalent to the product
obtained by multiplying (i) the Share Cap in effect immediately prior to such Share Split by (ii) a fraction, the numerator of
which is the number of shares of common stock outstanding after giving effect to such Share Split and the denominator of which
is the number of shares of common stock outstanding immediately prior to such Share Split.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Delisting Event or Change
of Control, as applicable, pursuant to, or in connection with, which shares of common stock will be converted into cash, securities
or other property or assets (including any combination thereof) (the &ldquo;Alternative Form Consideration&rdquo;), a holder of
Series A Preferred Stock electing to exercise its Delisting Event Conversion Right or Change of Control Conversion Right, as applicable,
will receive upon conversion of such Series A Preferred Stock the kind and amount of Alternative Form Consideration which such
holder would have owned or been entitled to receive upon the Delisting Event or Change of Control, as applicable, had such holder
held a number of shares of common stock equal to the common stock Conversion Consideration immediately prior to the effective
time of the Delisting Event or Change of Control, as applicable (the &ldquo;Alternative Conversion Consideration;&rdquo; and the
Common Stock Conversion Consideration or the Alternative Conversion Consideration, as may be applicable to a Delisting Event or
Change of Control, as applicable, is referred to herein as the &ldquo;Conversion Consideration&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the holders of common stock have the
opportunity to elect the form of consideration to be received in the Delisting Event or Change of Control, as applicable, the
Conversion Consideration that the holders of Series A Preferred Stock will receive will be the form and proportion of the aggregate
consideration elected by the holders of common stock who participate in the determination (based on the weighted average of elections)
and will be subject to any limitations to which all holders of common stock are subject, including, without limitation, pro rata
reductions applicable to any portion of the consideration payable in, or in connection with, the Delisting Event or Change of
Control, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not issue fractional
shares of common stock upon the conversion of the Series A Preferred Stock. In the event that the conversion would result in the
issuance of fractional shares of common stock, the Company will pay the holder of Series A Preferred Stock the cash value of such
fractional shares in lieu of such fractional shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within fifteen (15) days following the expiration of the Delisting
Event Redemption Period or the Change of Control Redemption Period, as applicable, (or, if the Company waives its right to redeem
the Series A Preferred Stock prior to the expiration of the Delisting Event Redemption Period or the Change of Control Redemption
Period, as applicable, within fifteen (15) days following the date of such waiver) the Company will provide to holders of Series
A Preferred Stock a notice of occurrence of the Delisting Event or Change of Control, as applicable, that describes the resulting
Delisting Event Conversion Right or Change of Control Conversion Right, as applicable. This notice will state the following:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
  <TD STYLE="width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the events constituting the Delisting
  Event or Change of Control, as applicable;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date of the Delisting Event or Change of Control,
  as applicable;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the Delisting Event Redemption Period
  or the Change of Control Redemption Period, as applicable, expired or was waived;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the last date on which the holders of Series A Preferred
  Stock may exercise their Delisting Event Conversion Right or Change of Control Conversion Right, as applicable;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the method and period for calculating the Common Stock
  Price (as defined below);</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the &ldquo;Delisting Event Conversion Date&rdquo; or
  &ldquo;Change of Control Conversion Date&rdquo;, as applicable, which will be a Business Day fixed by the Board that is not fewer than
  twenty (20) days nor more than thirty-five (35) days after the date on which the Company provides the notice pursuant to this section
  to holders of the Series A Preferred Stock;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable, the type and amount of Conversion Consideration
  entitled to be received per share of Series A Preferred Stock;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the name and address of the paying agent and the conversion
  agent;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the procedures that the holders of Series A Preferred
  Stock must follow to exercise the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the last date on which holders of Series A Preferred
  Stock may withdraw shares surrendered for conversion and the procedures that such holders must follow to effect such a withdrawal.</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will issue a press release
for publication on the Dow Jones &amp; Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations
are not in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated
to broadly disseminate the relevant information to the public), or post notice on the Company&rsquo;s website, in any event prior
to the opening of business on the first Business Day following any date on which the Company provides notice pursuant to the notice
requirement as described above to the holders of Series A Preferred Stock.</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">To exercise the Delisting Event Conversion
Right or Change of Control Conversion Right, as applicable, each holder of Series A Preferred Stock will be required, on or before
the close of business on the Business Day preceding the Delisting Event Conversion Date or Change of Control Conversion Date,
as applicable, to notify the Company of the number of Series A Preferred Stock to be converted and otherwise to comply with any
applicable procedures contained in the notice described above or otherwise required by the Transfer Agent or DTC for effecting
the conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Common Stock Price&rdquo; for
any Change of Control will be: (i) if the consideration to be received in the Change of Control by the holders of common stock
is solely cash, the amount of cash consideration per share of common stock; and (ii) if the consideration to be received in the
Change of Control by holders of our common stock is other than solely cash (x) the average of the closing prices per share of
our common stock on the principal U.S. securities exchange on which our common stock is then traded (or, if no closing sale price
is reported, the average of the closing bid and ask prices per share or, if more than one in either case, the average of the average
closing bid and the average closing ask prices per share) for the ten consecutive trading days immediately preceding, but not
including, the date on which such Change of Control occurred as reported on the principal U.S. securities exchange on which our
common stock is then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter market
as reported by OTC Markets Group, Inc. or similar organization for the ten consecutive trading days immediately preceding, but
not including, the date on which such Change of Control occurred, if our common stock is not then listed for trading on a U.S.
securities exchange.&nbsp;The &ldquo;Common Stock Price&rdquo; for any Delisting Event will be the average of the closing price
per share of our common stock on the ten (10) consecutive trading days immediately preceding, but not including, the effective
date of the Delisting Event.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Series A Preferred Stock
may withdraw any notice of exercise of a Delisting Event Conversion Right or Change of Control Conversion Right, as applicable
(in whole or in part), by a written notice of withdrawal delivered to the Transfer Agent prior to the close of business on the
third Business Day preceding the Delisting Event Conversion Date or Change of Control Conversion Date, as applicable. The notice
of withdrawal must state: (i) the number of withdrawn shares of Series A Preferred Stock; (ii) if certificated shares of Series
A Preferred Stock have been issued, the receipt or certificate numbers of the withdrawn shares of Series A Preferred Stock; and
(iii) the number of shares of Series A Preferred Stock, if any, which remain subject to the conversion notice.</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">Notwithstanding the foregoing, if the
shares of Series A Preferred Stock are held in global form, the conversion notice and/or the notice of withdrawal, as applicable,
must comply with applicable procedures of DTC.</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">Shares of Series A Preferred Stock as
to which the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, has been properly exercised
and for which the conversion notice has not been properly withdrawn will be converted into the applicable Conversion Consideration
in accordance with the Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, on the Delisting
Event Conversion Date or Change of Control Conversion Date, as applicable, unless, prior to the Delisting Event Conversion Date
or Change of Control Conversion Date, as applicable, the Company has provided or provides notice of its election to redeem such
shares of Series A Preferred Stock, whether pursuant to &ldquo;Optional Redemption&rdquo; or &ldquo;Special Optional Redemption.&rdquo;
If the Company elects to redeem shares of Series A Preferred Stock that would otherwise be converted into the applicable Conversion
Consideration on a Delisting Event Conversion Date or Change of Control Conversion Date, as applicable, such shares of Series
A Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable Redemption
Date $25.00 per share, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up
to, but not including, the Redemption Date. See &ldquo;Optional Redemption&rdquo; and &ldquo;Special Optional Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will take commercially reasonable
efforts to deliver the applicable Conversion Consideration no later than the third (3<SUP>rd</SUP>) Business Day following the
Delisting Event Conversion Date or the Change of Control Conversion Date, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the exercise of any
Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, we will comply with all applicable federal
and state securities laws and stock exchange rules&nbsp;in connection with any conversion of Series&nbsp;A Preferred Stock into
our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Delisting Event Conversion Right or
Change of Control Conversion Right, as applicable, may make it more difficult for a third party to acquire us or discourage a
party from acquiring us.</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">Shares of the Series&nbsp;A Preferred
Stock are not convertible into or exchangeable for any other securities or property, except as provided above.</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"><B>Limited Voting Rights</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">Holders of the Series A Preferred Stock
will not have any voting rights, except as described below or as otherwise required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In any matter in which the Series A Preferred
Stock may vote (as expressly provided herein or as may be required by law), each share of Series A Preferred Stock will be entitled
to one vote per $25.00 of liquidation preference; provided that if the Series&nbsp;A Preferred Stock and any other stock ranking
on parity to the Series A Preferred Stock as to dividend rights and rights as to the distribution of assets upon the Company&rsquo;s
liquidation, dissolution or winding up are entitled to vote together as a single class on any matter, the holders of each will
vote in proportion to their respective liquidation preferences.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as any shares of Series A Preferred
Stock remain outstanding, the Company will not, without the consent or the affirmative vote of the holders of at least two-thirds
of the outstanding shares of Series A Preferred Stock and each other class or series of preferred stock entitled to vote thereon
(voting together as a single class), given in person or by proxy, either in writing without a meeting or by vote at any meeting
called for the purpose:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize,
    create or issue, or increase the number of authorized or issued number of shares of, any class or series of capital stock ranking
    senior to the Series A Preferred Stock with respect to payment of dividends or the distribution of assets upon the liquidation, dissolution
    or winding up of the Company or reclassify any authorized capital stock of the Company into any such shares, or create, authorize
    or issue any obligation or security convertible into or evidencing the right to purchase any such shares; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend, alter or repeal
    the provisions of the Articles of Incorporation, as amended, including the terms of the Series A Preferred Stock, whether by merger,
    consolidation, transfer or conveyance of all or substantially all of the Company&rsquo;s assets or otherwise, so as to materially
    and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock, taken as a whole.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any event described in paragraph (ii)
above would materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock,
taken as a whole, disproportionately relative to any other class or series of voting preferred stock (as defined below), the affirmative
vote of the holders of at least two-thirds of the outstanding shares of the Series A Preferred Stock, voting as a separate class,
will also be required. Furthermore, if holders of shares of the Series A Preferred Stock receive the $25.00 per share of the Series
A Preferred Stock liquidation preference plus all accrued and unpaid dividends thereon or greater amounts pursuant to the occurrence
of any of the events described in paragraph (ii) above, then such holders shall not have any voting rights with respect to the
events described in such paragraph. As used herein, &ldquo;voting preferred stock&rdquo; means any other class or series of the
Company&rsquo;s preferred stock ranking equally with the Series A Preferred Stock as to dividends (whether cumulative or&nbsp;non-cumulative)&nbsp;and
the distribution of the Company&rsquo;s assets upon liquidation, dissolution or winding up and upon which like voting rights to
the Series A Preferred Stock have been conferred and are exercisable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following actions are not deemed to
materially and adversely affect the rights, preferences, powers or privileges of the Series A Preferred Stock:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(i)</TD>
    <TD STYLE="width: 86%; text-align: justify">any increase in the amount of authorized shares of the Company&rsquo;s common
    stock or preferred stock or the creation or issuance of capital stock or any class or series ranking, as to dividends (whether
    cumulative or not) or the distribution of assets upon the Company&rsquo;s liquidation, dissolution or winding up, on parity
    with, or junior to, the Series A Preferred Stock; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(ii)</TD>
    <TD STYLE="width: 86%; text-align: justify">the amendment, alteration or repeal or change of any provision of the Articles
    of Incorporation including the Certificate of Designations, as a result of a merger, consolidation, reorganization or other
    business combination, if (x)&nbsp;the shares of the Series A Preferred Stock remain outstanding or, in the case of any such
    merger or consolidation with respect to which the Company is not the surviving or resulting entity, the shares of Series A
    Preferred Stock are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate
    parent, and (y)&nbsp;such shares remaining outstanding or such preference securities, as the case may be, have such rights,
    preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially
    less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and restrictions and limitations
    thereof, of the Series A Preferred Stock, taken as a whole, immediately prior to such consummation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(iii)</TD>
    <TD STYLE="width: 86%; text-align: justify">Without the consent of the holders of the Series A Preferred Stock, the Company
    may amend, alter, supplement or repeal any terms of the Series A Preferred Stock:</TD></TR>
</TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(iv)</TD>
    <TD STYLE="width: 86%; text-align: justify">to cure any ambiguity, or to cure, correct or supplement any provision contained
    in the Certificate of Designations that may be defective or inconsistent, so long as such action does not materially and adversely
    affect the rights, preferences, privileges and voting powers of the Series A Preferred Stock, taken as a whole;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(v)</TD>
    <TD STYLE="width: 86%; text-align: justify">to conform the Certificate of Designations to the Description of the Series A
    Preferred Stock set forth in the Company&rsquo;s final prospectus supplement related to the Series A Preferred Stock, dated
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">(vi)</TD>
    <TD STYLE="width: 86%; text-align: justify">to make any provision with respect to matters or questions arising with respect
    to the Series&nbsp;A Preferred Stock that is not inconsistent with the provisions of the Certificate of Designations.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing voting provisions will not
apply if, at or prior to the time when the act with respect to which the vote would otherwise be required shall be effected, all
outstanding shares of the Series&nbsp;A Preferred Stock have been redeemed or called for redemption on proper notice and sufficient
funds have been set aside by the Company for the benefit of the holders of the Series A Preferred Stock to effect the redemption
within ninety (90) days unless all or a part of the outstanding shares of the Series&nbsp;A Preferred Stock are being redeemed
with the proceeds from the sale of shares of, any class or series of stock ranking senior to the Series&nbsp;A Preferred Stock
with respect to payment of dividends or the distribution of assets upon the Company&rsquo;s liquidation, dissolution or winding
up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rules and procedures for calling and
conducting any meeting of the holders of the Series A Preferred Stock (including, without limitation, the fixing of a record date
in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other
aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board (or a duly authorized
committee of the Board), in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements
of the Articles of Incorporation, Bylaws, applicable law and any national securities exchange or other trading facility on which
the Series A Preferred Stock may be listed or traded at the time.</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">Holders of the Series A Preferred Stock
will not have any voting rights with respect to, and the consent of the holders of the Series A Preferred Stock is not required
for, the taking of any corporate action, including any merger or consolidation involving the Company or a sale of all or substantially
all of the Company&rsquo;s assets, regardless of the effect that such merger, consolidation or sale may have upon the powers,
preferences, voting power or other rights or privileges of the Series A Preferred Stock, except as described above.</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"><B>No Preemptive Rights</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">No holders of the Series&nbsp;A Preferred
Stock will, as holders of Series&nbsp;A Preferred Stock, have any preemptive rights to purchase or subscribe for the common stock
or any other security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of the Series A Preferred Stock
do not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations
or restrictions thereof, other than as set forth in the Certificate of Designations or in our articles of incorporation, as amended.</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"><B>Book-Entry Procedures</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">DTC will act as securities depositary
for the Series&nbsp;A Preferred Stock offered hereunder. With respect to the Series&nbsp;A Preferred Stock offered hereunder,
we will issue one or more fully registered global securities certificates in the name of DTC or DTC&rsquo;s nominee. These certificates
will represent the total aggregate number of shares of Series&nbsp;A Preferred Stock. We will deposit these certificates with
DTC or a custodian appointed by DTC. We will not issue certificates to you for the shares of Series&nbsp;A Preferred Stock that
you purchase, unless DTC&rsquo;s services are discontinued as described below.</P>

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

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    <!-- Field: /Page -->

<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">Title to book-entry interests in the Series&nbsp;A
Preferred Stock will pass by book-entry registration of the transfer within the records of DTC in accordance with its procedures.
Book-entry interests in the securities may be transferred within DTC in accordance with procedures established for these purposes
by DTC. Each person owning a beneficial interest in shares of the Series&nbsp;A Preferred Stock must rely on the procedures of
DTC and the participant through which such person owns its interest to exercise its rights as a holder of the Series&nbsp;A Preferred
Stock.</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">DTC has advised us that it is a limited-purpose
trust company organized under the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo;
within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing agency&rdquo; registered under the provisions
of Section&nbsp;17A of the Exchange Act. DTC holds securities that its participants (&ldquo;Direct Participants&rdquo;) deposit
with DTC. DTC also facilitates the settlement among Direct Participants of securities transactions, such as transfers and pledges
in deposited securities through electronic computerized book-entry changes in Direct Participants&rsquo; accounts, thereby eliminating
the need for physical movement of securities certificates. Direct Participants include securities brokers and dealers, banks,
trust companies, clearing corporations, and certain other organizations. Access to the DTC system is also available to others
such as securities brokers and dealers, including the placement agent, banks and trust companies that clear through or maintain
a custodial relationship with a Direct Participant, either directly or indirectly (&ldquo;Indirect Participants&rdquo;). The rules
applicable to DTC and its Direct and Indirect Participants are on file with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When you purchase shares of Series&nbsp;A
Preferred Stock within the DTC system, the purchase must be by or through a Direct Participant. The Direct Participant will receive
a credit for the Series&nbsp;A Preferred Stock on DTC&rsquo;s records. You will be considered to be the &ldquo;beneficial owner&rdquo;
of the Series&nbsp;A Preferred Stock. Your beneficial ownership interest will be recorded on the Direct and Indirect Participants&rsquo;
records, but DTC will have no knowledge of your individual ownership. DTC&rsquo;s records reflect only the identity of the Direct
Participants to whose accounts shares of Series&nbsp;A Preferred Stock are credited.</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">You will not receive written confirmation
from DTC of your purchase. The Direct or Indirect Participants through whom you purchased the Series&nbsp;A Preferred Stock should
send you written confirmations providing details of your transactions, as well as periodic statements of your holdings. The Direct
and Indirect Participants are responsible for keeping an accurate account of the holdings of their customers like you.</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">Transfers of ownership interests held
through Direct and Indirect Participants will be accomplished by entries on the books of Direct and Indirect Participants acting
on behalf of the beneficial owners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws of some states may require that
specified purchasers of securities take physical delivery of shares of Series&nbsp;A Preferred Stock in definitive form. These
laws may impair the ability to transfer beneficial interests in the global certificates representing the Series&nbsp;A Preferred
Stock.</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">Conveyance of notices and other communications
by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants
to beneficial owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be
in effect from time to time.</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 understand that, under DTC&rsquo;s
existing practices, in the event that we request any action of the holders, or an owner of a beneficial interest in a global security,
such as you, desires to take any action that a holder is entitled to take under our amended and restated certificate of incorporation
(including the certificate of designations designating the Series&nbsp;A Preferred Stock), DTC would authorize the Direct Participants
holding the relevant shares to take such action, and those Direct Participants and any Indirect Participants would authorize beneficial
owners owning through those Direct and Indirect Participants to take such action or would otherwise act upon the instructions
of beneficial owners owning through them.</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">Any redemption notices with respect to
the Series&nbsp;A Preferred Stock will be sent to DTC or its nominee. If less than all of the outstanding shares of Series&nbsp;A
Preferred Stock are being redeemed, DTC will reduce each Direct Participant&rsquo;s holdings of shares of Series&nbsp;A Preferred
Stock in accordance with its procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In those instances where a vote is required,
neither DTC nor its nominee will consent or vote with respect to the shares of Series&nbsp;A Preferred Stock. Under its usual
procedures, DTC would mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns DTC&rsquo;s
or its nominee&rsquo;s consenting or voting rights to those Direct Participants whose accounts the shares of Series&nbsp;A Preferred
Stock are credited to on the record date, which are identified in a listing attached to the omnibus proxy.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends on the Series&nbsp;A Preferred
Stock are made directly to DTC (or its successor, if applicable). DTC&rsquo;s practice is to credit participants&rsquo; accounts
on the relevant payment date in accordance with their respective holdings shown on DTC&rsquo;s records unless DTC has reason to
believe that it will not receive payment on that payment date.</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">Payments by Direct and Indirect Participants
to beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for
the accounts of customers in bearer form or registered in &ldquo;street name.&rdquo; These payments will be the responsibility
of the participant and not of DTC, us or any agent of ours.</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">DTC may discontinue providing its services
as securities depositary with respect to the Series&nbsp;A Preferred Stock at any time by giving reasonable notice to us. Additionally,
we may decide to discontinue the book-entry only system of transfers with respect to the Series&nbsp;A Preferred Stock. In that
event, we will print and deliver certificates in fully registered form for the Series&nbsp;A Preferred Stock. If DTC notifies
us that it is unwilling to continue as securities depositary, or it is unable to continue or ceases to be a clearing agency registered
under the Exchange Act and a successor depositary is not appointed by us within 90&nbsp;days after receiving such notice or becoming
aware that DTC is no longer so registered, we will issue the Series&nbsp;A Preferred Stock in definitive form, at our expense,
upon registration of transfer of, or in exchange for, such global security.</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">According to DTC, the foregoing information
with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve
as a representation, warranty or contract modification of any kind.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initial settlement for the Series&nbsp;A
Preferred Stock will be made in immediately available funds. Secondary market trading among DTC&rsquo;s participants occurs in
the ordinary way in accordance with DTC&rsquo;s rules and will be settled in immediately available funds using DTC&rsquo;s Same-Day
Funds Settlement System.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;A Preferred Stock will
be registered in book-entry form through the Direct Registration System (the &ldquo;DRS&rdquo;). The DRS is a system administered
by DTC pursuant to which the depositary may register the ownership of uncertificated shares, which ownership shall be evidenced
by periodic statements issued by the depositary to the holders of shares of Series&nbsp;A Preferred Stock entitled thereto. This
direct registration form of ownership allows investors to have securities registered in their names without requiring the issuance
of a physical stock certificate, eliminates the need for you to safeguard and store certificates and permits the electronic transfer
of securities to effect transactions without transferring physical certificates.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</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">The following is a summary of the material
U.S. federal income tax considerations relating to the purchase, ownership and disposition of the Series A Preferred Stock offered.
This summary is for general information purposes only and does not purport to be a complete analysis of all the potential tax
considerations. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
existing and proposed U.S. Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as
of the date hereof. These authorities may be changed, possibly retroactively, to result in U.S. federal income and estate tax
consequences different from those set forth below. There can be no assurance that the Internal Revenue Service (the &ldquo;IRS&rdquo;)
will not challenge one or more of the tax consequences described herein, and we have not obtained, and do not intend to obtain,
an opinion of counsel or ruling from the IRS with respect to the U.S. federal income tax considerations relating to the purchase,
ownership or disposition of the Series A Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This discussion is limited to holders
who hold the Series A Preferred Stock as a &ldquo;capital asset&rdquo; within the meaning of Section 1221 of the Code (generally,
property held for investment). In addition, this discussion is limited to persons purchasing the Series A Preferred Stock for
cash at original issue and at the initial offering price. This discussion does not address the Medicare tax imposed on certain
net investment income; any alternative minimum tax considerations; or the tax considerations arising under the laws of any state,
local or non-U.S. jurisdiction, or under any non-income tax laws, including U.S. federal gift and estate tax laws, except to the
limited extent set forth below. In addition, this summary does not address tax considerations applicable to an investor&rsquo;s
particular circumstances or to investors that may be subject to special tax rules, including, without limitation:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">tax-exempt organizations or governmental organizations;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">regulated investment companies and real estate investment trusts;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">controlled foreign corporations, passive foreign investment companies and corporations
    that accumulate earnings to avoid U.S. federal income tax;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">brokers or dealers in securities or currencies;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">traders in securities that elect to use a mark-to-market method of accounting
    for their securities holdings;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">persons that own, or are deemed to own, more than five percent of our capital
    stock (except to the extent specifically set forth below);</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">tax-qualified retirement plans;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">certain former citizens or long-term residents of the United States;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">partnerships or entities or arrangements classified as partnerships for U.S. federal
    income tax purposes and other pass-through entities (and investors therein);</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">persons who hold our securities as a position in a hedging transaction, &ldquo;straddle,&rdquo;
    &ldquo;conversion transaction&rdquo; or other risk reduction transaction or integrated investment;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">persons who do not hold our securities as a capital asset within the meaning of
    Section 1221 of the Code; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">persons deemed to sell our securities under the constructive sale provisions of
    the Code.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if a partnership (or entity
or arrangement classified as a partnership for U.S. federal income tax purposes) holds the Series A Preferred Stock, the tax treatment
of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships
that hold the Series A Preferred Stock, and partners in such partnerships, should consult their tax advisors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You are urged to consult your own tax
advisors with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax
consequences of the purchase, ownership and disposition of the Series A Preferred Stock arising under the U.S. federal estate
or gift tax laws or under the laws of any state, local, non-U.S., or other taxing jurisdiction or under any applicable tax treaty.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the U.S.
federal income tax consequences that will apply to a U.S. holder of the Series A Preferred Stock. For purposes of this discussion,
you are a U.S. holder if, for U.S. federal income tax purposes, you are a beneficial owner of the Series A Preferred Stock, other
than a partnership, that is:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">an individual citizen or resident of the United States;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">a corporation or other entity taxable as a corporation created or organized in
    the United States or under the laws of the United States, any State thereof or the District of Columbia;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">an estate whose income is subject to U.S. federal income tax regardless of its
    source; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">a trust (x) whose administration is subject to the primary supervision of a U.S.
    court and which has one or more &ldquo;United States persons&rdquo; (within the meaning of Section 7701(a)(30) of the Code)
    who have the authority to control all substantial decisions of the trust or (y) which has made a valid election to be treated
    as a &ldquo;United States person.&rdquo;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this summary, a &ldquo;non-U.S.
holder&rdquo; is any beneficial owner of the Series A Preferred Stock that is not a U.S. holder or a partnership, or other entity
treated as a partnership or disregarded from its owner, each for U.S. federal income tax purposes.</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"><I>Distributions on Series A Preferred
Stock</I></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">As described in the section titled &ldquo;Description
of the Series A Preferred Stock&mdash;Dividends,&rdquo;&nbsp;holders of Series A Preferred Stock will be entitled to receive cash
distributions, when, as and if declared by the Board (or a duly authorized&nbsp;committee&nbsp;of the Board). To the extent those
distributions are paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles,
such amounts will constitute dividends for U.S. federal income tax purposes. To the extent those distributions exceed both our
current and our accumulated earnings and profits, the excess will constitute a return of capital and will first reduce your basis
in the Series A Preferred Stock, but not below zero, and then will be treated as gain from the sale of stock as described below
under &ldquo;Sale, Exchange or Other Taxable Disposition of Series A Preferred Stock Other Than By Redemption.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend income may be taxed to an individual
U.S. holder at rates applicable to long-term capital gains, provided that a minimum holding period and other limitations and requirements
are satisfied. Any dividends that we pay to a U.S. holder that is a corporation will qualify for a deduction allowed to U.S. corporations
in respect of dividends received from other U.S. corporations equal to a portion of any dividends received, subject to generally
applicable limitations on that deduction. U.S. holders should consult their own tax advisors regarding the holding period and
other requirements that must be satisfied to qualify for the reduced tax rate on dividends or the dividends-received deduction.</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">Dividends that exceed certain thresholds
in relation to a U.S. holder&rsquo;s tax basis in the Series A Preferred Stock could be characterized as &ldquo;extraordinary
dividends&rdquo; under the Code. If a corporate U.S. holder that has held Series A Preferred Stock for two years or less before
the dividend announcement date receives an extraordinary dividend such holder will generally be required to reduce its tax basis
in the Series A Preferred Stock with respect to which such dividend was made by the non-taxed portion of such dividend (generally,
an amount equal to the dividends received deduction). If the amount of the reduction exceeds the U.S. holder&rsquo;s tax basis
in such Series A Preferred Stock, the excess is treated as capital gain from the sale or exchange of such Series A Preferred Stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Holder&rsquo;s Conversion Option in
Connection with a Change of Control or Delisting Event</I></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; background-color: white">In the event
of a U.S. holder&rsquo;s conversion of Series A Preferred Stock in connection with a Change of Control, Delisting Event or otherwise,
the tax consequences of such conversion will depend, in part, upon the facts underlying the transaction in which the conversion
occurs. A U.S. holder should consult its tax advisor regarding the tax consequences of the conversion of Series A Preferred Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The conversion
price of the Series A Preferred Stock is subject to adjustment under certain circumstances. Additionally, because the Series A
Preferred Stock may be redeemed at a premium under certain circumstances, the Series A Preferred Stock may be treated as issued
with redemption premium. In either such circumstances, U.S. holders of the Series A Preferred Stock may be deemed to have received
a distribution if the adjustment (or failure to make an adjustment), or if the redemption premium, has the effect of increasing
the proportionate interest of the U.S. holder in our assets or earnings and profits. If such adjustments are made, U.S. holders
will be deemed to have received constructive distributions from us even though they may not receive any cash or property. Any
deemed distributions will be taxable as a dividend, return of capital, or capital gain as described in &ldquo;&mdash;Consequences
to U.S. Holders&mdash;Distributions on Series A Preferred Stock&rdquo; above. However, U.S. holders should consult with their
own tax advisors as to whether a constructive dividend deemed paid to a non-corporate U.S. holder would be eligible for the preferential
rates of U.S. federal income tax applicable in respect of certain dividends received. It is also unclear whether corporate U.S.
holders would be entitled to claim the dividends received deduction with respect to any such constructive dividends. Because a
constructive dividend deemed received by a U.S. holder would not give rise to any cash from which any applicable withholding could
be satisfied, if backup withholding is paid on behalf of a U.S. holder (because such U.S. holder failed to establish an exemption
from backup withholding), such backup withholding may be withheld, in certain circumstances, from payments on the Series A Preferred
Stock. Generally, a U.S. holder&rsquo;s adjusted tax basis in the Series A Preferred Stock will be increased to the extent any
such constructive distribution is treated as a dividend. U.S. holders should consult their tax advisors on the impact a constructive
distribution may have on their holding period in the Series A Preferred Stock. Adjustments to the conversion price made pursuant
to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest of the holders of shares
of the Series A Preferred Stock generally will not be considered to result in a constructive dividend distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The IRS proposed
regulations addressing the amount and timing of deemed distributions. If adopted as proposed, the regulations would generally
provide that: (i) the amount of a constructive distribution is the excess of the fair market value of the right to acquire common
stock immediately after the conversion rate adjustment over the fair market value of the right to acquire common stock (determined
immediately after conversion rate adjustment) without the adjustment, and (ii) the constructive distribution occurs at the earlier
of the date the adjustment occurs under the terms of the Series A Preferred Stock and the date of the actual distribution of cash
or property that results in the constructive distribution. The final regulations will be effective for deemed distributions occurring
on or after the date of adoption, but holders of Series A Preferred Stock and withholding agents may rely on them prior to that
date under certain circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Sale or Exchange
or Other Taxable Disposition of Series A Preferred Stock Other Than By Redemption</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A U.S. holder
will generally recognize capital gain or loss on the sale, exchange or other taxable disposition (other than by redemption discussed
below) of the Series A Preferred Stock. The amount of gain or loss will equal the difference between the amount realized on the
sale and such U.S. holder&rsquo;s tax basis in such Series A Preferred Stock. The amount realized will include the amount of any
cash and the fair market value of any other property received in exchange for such Series A Preferred Stock. Gain or loss will
be long-term capital gain or loss if the U.S. holder has held the Series A Preferred Stock for more than one year. Long-term capital
gains of non-corporate U.S. holders are generally taxed at preferential rates. 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Redemption
of the Series A Preferred Stock</I></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">Redemption of the Series A Preferred Stock
generally will be a taxable event. U.S. holders would be treated as if they had sold their Series A Preferred Stock if the redemption:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">results in a complete termination of the U.S. holder&rsquo;s stock interest in
    the Company;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to a U.S.
    holder under Section 302(b)(1) of the Code; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">is a redemption of stock held by a non-corporate stockholder, which results in
    a partial liquidation of the Company under Section 302(b)(4) of the Code.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In determining whether any of these tests
has been met, shares of the Series A Preferred Stock or other classes of our stock considered to be owned by a U.S. holder by
reason of certain constructive ownership rules set forth in Section 318 of the Code, as well as any such shares actually owned,
generally must be taken into account.</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">If a U.S. holder&rsquo;s Series A Preferred
Stock is redeemed in a redemption that meets one of the tests listed above, the U.S. holder generally will recognize capital gain
or loss equal to the amount of cash received less the U.S. holder&rsquo;s tax basis in the Series A Preferred Stock redeemed.
This gain or loss will be long-term capital gain or capital loss if the U.S. holder has held the Series A Preferred Stock for
more than one year. Because the determination as to whether any of the tests listed above is satisfied with respect to any particular
holder will depend upon the facts and circumstances as of the time the determination is made, U.S. holders should consult their
own tax advisors regarding the treatment of a redemption.</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">If a redemption does not meet any of the
tests described above, a U.S. holder generally will be taxed on the cash received as a dividend to the extent it is paid out of
our current and accumulated earnings and profits, as determined under U.S. federal income tax principles (and such dividend may
be treated as an &ldquo;extraordinary dividend,&rdquo; as discussed above). Any amount in excess of our current and accumulated
earnings and profits would first reduce the holder&rsquo;s tax basis in the Series A Preferred Stock and thereafter would be treated
as capital gain. If a redemption of the Series A Preferred Stock is treated as a distribution that is taxable as a dividend, U.S.
holders should consult with their own tax advisors regarding the allocation of basis between the redeemed shares and any shares
of the Series A Preferred Stock that the U.S. holder still holds (or is held by a person related to the U.S. holder).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distributions on the Series A Preferred
Stock</I></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">Except as described below and subject
to the discussion below on backup withholding and FATCA, dividends (including any redemption treated as a dividend for U.S. federal
income tax purposes, as discussed above under &ldquo;Tax Considerations Applicable to U.S. Holders&mdash;Redemption of the Series
A Preferred Stock&rdquo;) paid to a non-U.S. holder that are not effectively connected with the holder&rsquo;s conduct of a United
States trade or business generally will be subject to a 30% U.S. federal withholding tax. However, a non-U.S. holder may be entitled
to a partial or complete exemption from such tax under an applicable tax treaty. To claim such an exemption, the non-U.S. holder
must provide the applicable withholding agent with a properly completed and duly executed IRS Form W-8BEN or W-8BEN-E, as applicable,
claiming the benefit of an income tax treaty between the United States and the non-U.S. holder&rsquo;s country of tax residence.
Non-U.S. holders that do not timely provide the applicable withholding agent the required certification, but that qualify for
a reduced income treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund
with the IRS.</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">If dividends paid to a non-U.S. holder
are effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business within the United States (and, if required
by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such
dividends are attributable) and the non-U.S. holder provides the applicable withholding agent with a properly completed and duly
executed IRS Form W-8ECI, such dividends will not be subject to U.S. federal withholding tax, but the non-U.S. holder generally
will be subject to U.S. federal income tax on such dividends in the same manner as if such non-U.S. holder were a U.S. holder.
In addition, if the non-U.S. holder is a corporation, the non-U.S. holder may be subject to a branch profits tax on its effectively
connected earnings and profits, subject to adjustments, at a rate of 30% (or such lower rate specified by an applicable income
tax treaty). Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income
tax treaty.</P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above under &ldquo;&mdash;Consequences
to U.S. Holders&mdash;Redemption of the Series A Preferred Stock,<I>&rdquo;</I>&nbsp;an amount paid to a Non-U.S. holder in connection
with a redemption of the Series A Preferred Stock may, under certain circumstances, be treated as a dividend. In that case, the
payment would be subject to the rules for dividends described above under &ldquo;Non-U.S. Holders&mdash;Distributions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Holder&rsquo;s
Conversion Option in Connection with a Change of Control or Delisting Event</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the event
of a Non-U.S. holder&rsquo;s conversion of Series A Preferred Stock in connection with a Change of Control, Delisting Event or
otherwise, the tax consequences of such conversion will depend, in part, upon the facts underlying the transaction in which the
conversion occurs. A Non-U.S. Holder should consult its tax advisor regarding the tax consequences of the conversion of Series
A Preferred Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As described
above under &ldquo;&mdash;Consequences to U.S. Holders&mdash;Constructive Distributions,&rdquo; adjustments in the conversion
price (or failures to adjust the conversion price), or possible redemption premium, that result in an increase in the proportionate
interest of a Non-U.S. holder in our assets or earnings and profits could result in deemed distributions to the Non-U.S. holder
that are taxed as described above under &ldquo;&mdash;Consequences to Non-U.S. Holders&mdash;Distributions on Series A Preferred
Stock.&rdquo;</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"><I>Gain on Sale, Exchange, Redemption
or Other Taxable Disposition of Series A Preferred Stock</I></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">Subject to the discussion below regarding
backup withholding and foreign accounts, a non-U.S. holder generally will not be required to pay U.S. federal income tax on any
gain realized upon the sale, exchange, redemption or other taxable disposition of the Series A Preferred Stock unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">the gain is effectively connected with the non-U.S. holder&rsquo;s conduct of
    a U.S. trade or business (and, if required by an applicable income tax treaty, the gain is attributable to a permanent establishment
    or fixed base maintained by the non-U.S. holder in the United States);</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">the non-U.S. holder is a non-resident alien individual who is present in the United
    States for a period or periods aggregating 183 days or more during the calendar year in which the sale or disposition occurs
    and certain other conditions are met; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&#9679;</TD>
    <TD STYLE="width: 96%; text-align: justify">shares of the Series A Preferred Stock constitute U.S. real property interests
    by reason of our status as a &ldquo;United States real property holding corporation&rdquo; (a &ldquo;USRPHC&rdquo;) for U.S.
    federal income tax purposes at any time within the shorter of the five-year period preceding the non-U.S. holder&rsquo;s disposition
    of, or the non- U.S. holder&rsquo;s holding period for the Series A Preferred Stock.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we are not currently and
will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes. However, because
the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market
value of our other business assets, there can be no assurance that we will not become a USRPHC in the future. However, even if
we are or become a USRPHC, the Series A Preferred Stock will be treated as a U.S. real property interest only if the non-U.S.
holder actually or constructively holds more than 5% of the Series A Preferred Stock at any time during the holding period described
above, or if the Series A Preferred Stock ceases to be regularly traded on an established securities market prior to the year
in which the sale occurs. Any taxable gain generally would be taxed in the same manner as gain that is effectively connected with
the conduct of a trade or business in the United States, except that the branch profits tax will not apply. Non-U.S. holders should
consult their own advisors about the consequences that could result if we are, or become, a USRPHC.</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">If the non-U.S. holder is described in
the first bullet point above, it will be required to pay tax on the net gain derived from the sale, exchange or other taxable
disposition under regular U.S. federal income tax rates, and a corporate non-U.S. holder described in the first bullet above also
may be subject to the branch profits tax at a rate of 30%, or such lower rate as may be specified by an applicable income tax
treaty. An individual non-U.S. holder described in the second bullet point above will be required to pay a flat 30% tax (or such
lower rate specified by an applicable income tax treaty) on the gain derived from the sale, exchange or other taxable disposition,
which gain may be offset by U.S. source capital losses for the year (provided the non-U.S. holder has timely filed U.S. federal
income tax returns with respect to such losses). Non-U.S. holders should consult their own tax advisors regarding any applicable
income tax or other treaties that may provide for different rules.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Federal Estate Tax</I></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">Series A Preferred Stock beneficially
owned by individuals who are not citizens or residents of the United States (as defined for U.S. federal estate tax purposes)
at the time of their death will generally be includable in the decedents&rsquo; gross estate for U.S. federal estate tax purposes.
Such Series A Preferred Stock, therefore, may be subject to U.S. federal estate tax, unless an applicable estate tax treaty provides
otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, we must report information
to the IRS with respect to any distributions we pay on the Series A Preferred Stock (even if the payments are exempt from withholding),
including the amount of any such distributions, the name and address of the recipient, and the amount, if any, of tax withheld.
A similar report is sent to the holder to whom any such distributions are paid. Pursuant to tax treaties or certain other agreements,
the IRS may make its reports available to tax authorities in the recipient&rsquo;s country of residence.</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">Distributions paid by us (or our paying
agents) to a Non-U.S. holder may also be subject to U.S. backup withholding. U.S. backup withholding generally will not apply
to a Non-U.S. holder who provides a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-ECI, or otherwise establishes
an exemption. Notwithstanding the foregoing, backup withholding may apply if the payor has actual knowledge, or reason to know,
that the holder is a U.S. person who is not an exempt recipient.</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">U.S. information reporting and backup
withholding requirements generally will apply to the proceeds of a disposition of the Series A Preferred Stock effected by or
through a U.S. office of any broker, U.S. or foreign, except that information reporting and such requirements may be avoided if
the holder provides a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E or otherwise meets documentary evidence requirements
for establishing non-U.S. person status or otherwise establishes an exemption. Generally, U.S. information reporting and backup
withholding requirements will not apply to a payment of disposition proceeds to a Non-U.S. holder where the transaction is effected
outside the United States through a non-U.S. office of a non-U.S. broker. Information reporting and backup withholding requirements
may, however, apply to a payment of disposition proceeds if the broker has actual knowledge, or reason to know, that the holder
is, in fact, a U.S. person. For information reporting purposes, certain brokers with substantial U.S. ownership or operations
will generally be treated like U.S. brokers.</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">Backup withholding is not an additional
tax. Any amounts withheld under the backup withholding rules may be credited against the tax liability of persons subject to backup
withholding, provided that the required information is timely furnished to the IRS.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Foreign Account Tax Compliance Act
(&ldquo;FATCA&rdquo;) generally imposes withholding tax at a rate of 30% on dividends on and gross proceeds from the sale or other
disposition of the Series A Preferred Stock paid to a &ldquo;foreign financial institution&rdquo; (as specially defined under
these rules), unless such institution enters into an agreement with the U.S. government to, among other things, withhold on certain
payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S. account holders of
such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that
are foreign entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally imposes a U.S. federal withholding
tax of 30% on dividends on and gross proceeds from the sale or other disposition of the Series A Preferred Stock paid to a &ldquo;non-financial
foreign entity&rdquo; (as specially defined for purposes of these rules) unless such entity provides the withholding agent with
a certification identifying certain substantial direct and indirect U.S. owners of the entity, certifies that there are none or
otherwise establishes an exemption. The withholding provisions under FATCA generally apply to dividends paid by us, and under
current transitional rules are expected to apply with respect to the gross proceeds from a sale or other disposition of the Series
A Preferred Stock. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. An intergovernmental
agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph.
Non-U.S. holders should consult their own tax advisors regarding the possible implications of this legislation on their investment
in our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EACH PROSPECTIVE INVESTOR SHOULD CONSULT
ITS TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE AND LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND
DISPOSING OF THE SERIES A PREFERRED STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS. IN ADDITION,
SIGNIFICANT CHANGES IN U.S. FEDERAL TAX LAWS WERE RECENTLY ENACTED. PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS
WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING CHANGES IN STATE TAX LAWS.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b009_v1"></A><B>UNDERWRITING</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">Univest Securities, LLC is acting as the
representative of the underwriters of the offering (the &ldquo;Representative&rdquo;). We intend to enter into an underwriting
agreement, dated &nbsp;&nbsp;&nbsp;&nbsp;, 2021, with the Representative in connection with this Offering. Subject to the terms and conditions of the
underwriting agreement, we intend to agree to sell to each underwriter named below, and each underwriter named below intends to
severally agree to purchase, at the public offering price, less the underwriting discounts set forth on the cover page of this
prospectus supplement, the number of shares of Series A Preferred Stock listed next to its name in the following table:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><B>Underwriter</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Number of</B><BR> <B>Shares</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 85%; text-align: justify">Univest Securities, LLC</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-left: 12pt; text-align: justify">Total</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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>Pricing of the Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will negotiate the offering price per
share of Series A Preferred Stock offered in this offering with the Representative. The factors to be considered in determining
the offering price per share of Series A Preferred Stock offered in this offering will include the liquidation preference of the
Series A Preferred Stock offered in this offering, the general condition of the securities market at the time of this offering,
the history of, and the prospects, for the industry in which we compete, our past and present operations, and our prospects for
future revenues.</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">A copy of the form of underwriting agreement
will be filed as an exhibit to the registration statement of which this prospectus supplement is part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to grant an option to the Representative
exercisable for forty-five (45) days after the date of the closing of this offering, to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;additional shares of Series
A Preferred Stock (representing 15% of the number of the shares of Series A Preferred Stock sold in this offering), on the same
terms and conditions as the shares of Series A Preferred Stock being offered in this offering, solely to cover over-allotments,
if any. The Representative is not required to take or pay for the shares of Series A Preferred Stock covered by the Representative&rsquo;s
option to purchase additional shares of Series A Preferred Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information
regarding the amount of discounts to be paid to the underwriters by us, before expenses:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Per</B><BR>
    <B>Share</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Total</B><BR>
    <B>without</B><BR>
    <B>exercise of over-</B><BR>
    <B>allotment</B><BR>
    <B>option</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Total</B><BR>
    <B>with full</B><BR>
    <B>exercise of</B><BR>
    <B>over-</B><BR>
    <B>allotment</B><BR>
    <B>option</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 55%">Public Offering price</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Underwriting discounts<SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Proceeds, before expenses, to us</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">We have agreed to sell the shares of Series
                                         A Preferred Stock to the underwriters at a public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;per
                                         share of Series A Preferred Stock, which represents the public offering price of such
                                         shares of Series A Preferred Stock set forth on the cover page of this prospectus, less
                                         the applicable 7.0% underwriting discount.</TD>
</TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the total expenses
payable by us for this offering, excluding the underwriting discounts, will be approximately $ &nbsp;&nbsp;&nbsp;&nbsp;,
whether or not the over-allotment is exercised, in full, by the underwriters, which amount includes (i) reimbursement of the
out-of-pocket accountable expenses of the representative equal to $75,000 being paid by us and (ii) other estimated Company
expenses of approximately $ &nbsp;&nbsp;&nbsp;&nbsp;, which includes legal accounting printing costs and various fees
associated with the registration of our securities.</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 agreed to reimburse the
Representative up to a maximum of $75,000 for out-of-pocket accountable expenses, including, but not limited to, travel, due
diligence expenses, reasonable fees and expenses of its legal counsel, accountable roadshow expenses, and background checks
on our principal shareholders, directors and officers; provided that any expense over $5,000 shall require
our prior written or email approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we intend to agree to pay the
underwriter a structuring fee of $300,000 upon closing, which is in addition to the expenses of approximately $75,000 provided
above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to issue to the Representative,
upon the closing of this offering, warrants to purchase up to an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Common Stock or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Common
Stock if the over-allotment is exercised in full (the &ldquo;Representative&rsquo;s Warrants&rdquo;). The Representative&rsquo;s
Warrants will have an exercise price of $ &nbsp;&nbsp;&nbsp;&nbsp;per share of Common Stock. The Representative&rsquo;s Warrants are exercisable at any
time and from time to time, in whole or in part, commencing on the date of issuance and expiring on the date that is five years
following the date that such warrants become exercisable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Representative&rsquo;s Warrants are
deemed underwriter compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(g)(1). The
Representative (or permitted assignees under Rule 5110(g)(1)) will not sell, transfer, assign, pledge, or hypothecate these warrants
or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days from
the date of this prospectus supplement. In addition, the Representative&rsquo;s Warrants provide for registration rights upon request,
in certain cases. The demand registration right provided will not be greater than five years from the date of this prospectus supplement
in compliance with FINRA Rule 5110(f)(2)(G)(iv). We will bear all fees and expenses attendant to registering the securities issuable
on exercise of the Representative&rsquo;s Warrants other than underwriting commissions incurred and payable by the holders. The
exercise price and number of shares issuable upon exercise of the Representative&rsquo;s Warrants may be adjusted in certain circumstances
including in the event of a stock dividend or our recapitalization, reorganization, merger, or consolidation. The Representative&rsquo;s
Warrants will be exercisable for cash or on a&nbsp;cashless&nbsp;basis if no registration statement is available for resale of
the Common Stock issuable pursuant to the Representative&rsquo;s Warrants.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to grant the Representative,
for the 12-month period following the closing of this offering, a right of first refusal to provide investment banking services
to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company (the &ldquo;Right
of First Refusal&rdquo;), which right is exercisable in the Representative&rsquo;s sole discretion. In accordance with Financial
Industry Regulation Authority (&ldquo;FINRA&rdquo;) Rule 5110(g)(6)(A)(i), such&nbsp;Right&nbsp;of First Refusal does not have
a duration of more than three years from the commencement of sales of the public offering or the termination date of the engagement
between the us and the underwriters.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stabilization, Short Positions and
Penalty Bids</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters may engage in stabilizing
transactions for the purpose of pegging, fixing or maintaining the price of our common stock. Stabilizing transactions permit
bids to purchase the underlying common stock so long as the stabilizing bids do not exceed a specific maximum. These stabilizing
transactions may have the effect of raising or maintaining the market prices of our securities or preventing or retarding a decline
in the market prices of our securities. As a result, the price of our common stock may be higher than the price that might otherwise
exist in the open market. Neither we nor the underwriters make any representation or prediction as to the effect that stabilizing
transactions may have on the price of our common stock. These transactions may be effected on Nasdaq, in the over-the-counter
market or on any other trading market and, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this Offering, the
underwriters also may engage in passive market making transactions in our common stock in accordance with SEC Regulation M. In
general, a passive market maker must display its bid at a price not in excess of the highest independent bid for that security.
However, if all independent bids are lowered below the passive market maker&rsquo;s bid that bid must then be lowered when specific
purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which
might otherwise prevail in the open market and, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor the underwriters make any
representations or predictions as to the direction or magnitude of any effect that the transactions described above may have on
the prices of our securities. In addition, neither we nor the underwriters make any representations that the underwriters will
engage in these transactions or that any transactions, once commenced will not be discontinued without notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series A Preferred Stock is listed
on Nasdaq under the symbol &ldquo;SLNHP&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Electronic Offer, Sale and Distribution
of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may
be made available on the websites maintained by one or more underwriters or selling group members, if any, participating in the
offering. The underwriters may agree to allocate a number of shares of Series A Preferred Stock to underwriters and selling group
members for sale to their online brokerage account holders. Internet distributions will be allocated by the representative to
underwriters and selling group members that may make internet distributions on the same basis as other allocations. Other than
the prospectus in electronic format, the information on the underwriters&rsquo; websites and any information contained in any
other website maintained by the underwriters is not part of this prospectus or the Registration Statement of which this prospectus
forms a part.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters and their affiliates
may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which
they may receive customary fees and reimbursement of expenses.&nbsp;In&nbsp;the ordinary course of their various business activities,
the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities
(or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts
of their customers and such investment and securities activities may involve our securities and/or instruments. The underwriters
and their affiliates may also make investment recommendations and/or publish or express independent research views in respect
of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions
in such securities and instruments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters and certain of their
affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial
and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing
and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking
and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future
receive customary fees, commissions and expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the ordinary course of
their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade
debt and equity securities (or related derivative securities) and&nbsp;financial&nbsp;instruments (including bank loans) for their
own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or
instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish
or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients
that they acquire, long and/or short positions in such securities and instruments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No action has been taken in any jurisdiction
(except in the United States) that would permit a public offering of our securities, or the possession, circulation or distribution
of this prospectus or any other material relating to us or the&nbsp;securities&nbsp;offered hereby, where action for that purpose
is required. Accordingly, the securities may not be offered or sold, directly or indirectly, and neither this prospectus nor any
other offering material or advertisements in connection with the securities may be distributed or published, in or from any country
or jurisdiction except in compliance with any applicable rules and regulations of any such country 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"><B><I>Canada.&nbsp;</I></B>The securities
may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined
in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients,
as defined in National Instrument 31-103&nbsp;<I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>.
Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus
requirements of applicable securities laws.</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">Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer
to any applicable provisions of the&nbsp;securities&nbsp;legislation of the purchaser&rsquo;s province or territory for particulars
of these rights or consult with a legal advisor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to section 3A.3 (or, in the case
of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of&nbsp;National&nbsp;Instrument
33-105&nbsp;<I>Underwriting Conflicts</I>&nbsp;(&ldquo;NI 33-105&rdquo;), the underwriters are not required to comply with the
disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>People&rsquo;s Republic of China</I></B>.
This prospectus has not been and will not be circulated or distributed in the PRC, and the securities may not be offered or sold,
and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except
pursuant to applicable laws and regulations of the PRC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the underwriting agreement,
we will agree to indemnify each underwriter against certain liabilities, including certain liabilities arising under the Securities
Act or to contribute to payments that an underwriter may be required to make for these liabilities.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the
foregoing provisions, the registrant has been informed that in the opinion of the 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b010_v1"></A><B>LEGAL
MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the issuance of the shares
of Series A Preferred Stock offered hereby will be passed upon for us by Sullivan &amp; Worcester LLP, New York, New York.</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: center; text-indent: 0in"><A NAME="b011_v1"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial
statements of Soluna Holdings, Inc. as of and for the two years ended December 31, 2020 incorporated into this prospectus
supplement and the accompanying base prospectus by reference to our Annual Report on Form 10-K for the year ended December
31, 2020 have been audited by Wojeski &amp; Company, CPAs, P.C., an independent registered public accounting firm, as stated
in their report thereon, which are incorporated by reference herein in reliance upon such report and upon the authority of
such firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b012_v1"></A><B>WHERE
YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This prospectus supplement
and the accompanying base prospectus constitutes a part of the Registration Statement on Form S-3 filed under the Securities Act.
As permitted by the SEC&rsquo;s rules, this prospectus supplement and the accompanying base prospectus forming a part of the Registration
Statement, and any other supplements or amendments thereto, do not contain all of the information that is included in the Registration
Statement. You will find additional information about us in the Registration Statement. Any statements made in this prospectus
supplement concerning legal documents are not necessarily complete and you should read the documents that are filed as exhibits
to the Registration Statement or otherwise filed with the SEC for a more complete understanding of the document or matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at no cost
from the SEC&rsquo;s website at http://www.sec.gov. Our corporate website is <I>www.solunacomputing.com</I>. The information on
our corporate website is not incorporated by reference in this prospectus supplement and the accompanying base prospectus forming
a part of the Registration Statement, or any other supplements or amendments thereto, and the documents incorporated by reference
herein and therein, and you should not consider it a part of this prospectus supplement and the accompanying base prospectus,
Registration Statement or such other supplements, amendments or documents.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="b013_v1"></A><B>INCORPORATION
OF DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have filed a Registration
Statement on Form S-3 with the SEC under the Securities Act. This prospectus supplement and the accompanying base prospectus is
part of the Registration Statement, but the Registration Statement includes and incorporates by reference additional information
and exhibits. The SEC permits us to &ldquo;incorporate by reference&rdquo; the information contained in documents that we file
with the SEC, which means that we can disclose important information to you by referring you to those documents rather than by
including them in this prospectus supplement and the accompanying base prospectus. Information that is incorporated by reference
is considered to be part of this prospectus supplement and the accompanying base prospectus and you should read it with the same
care that you read this prospectus supplement and the accompanying base prospectus. Information that we file later with the SEC
will automatically update and supersede the information that is either contained, or incorporated by reference, in this prospectus
supplement and the accompanying base prospectus, and will be considered to be a part of this prospectus supplement and the accompanying
base prospectus from the date those documents are filed. We have filed with the SEC, and incorporate by reference in this prospectus
supplement and the accompanying base prospectus:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 97%">our Annual Report on Form 10-K for the fiscal year ended <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000039/mti10kv3.htm">December
    31, 2020</A>, filed with the SEC on March 31, 2021, as amended by our Annual Report on Form 10-K/A, filed with the SEC on
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000043/mti10ka.htm">April 29, 2021;</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD>our Quarterly Reports on Form 10-Q for the quarters ended <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000061/mti10q1.htm">March
    31, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000321/g082290_10q.htm">June 30, 2021</A>,
    and <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000679/g082396_10q.htm">September 30, 2021</A>, filed
    with the SEC on May 17, 2021, August 10, 2021 and November 12, 2021, respectively;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 97%; text-align: justify">our Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000007/mti8k012121.htm">January
    21, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000014/mkty8k.htm">February 24, 2021</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000016/mti8k022621.htm">February 26, 2021</A>(<A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000018/mkty8k022621.htm">2</A>),
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000025/mti8k030221.htm">March 8, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000033/mkty8k03222021.htm">March
    22, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000095/g082131_8k.htm">April 12, 2021</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000116/g082165_8k.htm">April 29, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000047/mti8k043021.htm">April
    30, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000124/g082184_8k.htm">May 4, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000160/g082207_8k.htm">May
    19, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000172/g082210_8k.htm">May 27, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000187/g082214_8k.htm">June
    10, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000192/g082217_8k.htm">June 15, 2021</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000208/g082243_8k.htm">June 24, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000340/g082297_8k.htm">August
    12, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000398/g082320_8k.htm">August 23, 2021</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000408/g082330_8k.htm">August 31, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000461/g082347_8k.htm">September
    22, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000505/g082363_8k.htm">September 30, 2021</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000568/g082388_8k.htm">October 12, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_8k.htm">October
    25, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000632/g082430_8k.htm">November 4, 2021</A>
    and <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000461/g082347_8k.htm">December 17, 2021</A>;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 97%; text-align: justify">our Definitive Proxy Statement on Schedule 14A for our annual meeting of stockholders
    held on <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000062/mtidef14a.htm">June 9, 2021</A>, filed with
    the SEC on May 18, 2021 and our Definitive Proxy Statement on Schedule 14A for a special meeting of stockholders held on <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000548/g082379_def14a.htm">October
    29, 2021</A>, filed with the SEC on October 7, 2021; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 97%">our registration statement on Form 8-A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000034/mkty8a12b.htm">March
    22, 2021</A> with respect to the Common Stock and our registration statement on Form 8-A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000384/g082310_8a.htm">August
    19, 2021</A> with respect to our Series A Preferred Stock.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We also incorporate
by reference all additional documents that we file with the SEC under the terms of Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act that are made after the initial filing of the Registration Statement of which this prospectus supplement and the accompanying
base prospectus forms a part and prior to effectiveness of the Registration Statement and after the initial filing date of the
Registration Statement of which this prospectus supplement and the accompanying base prospectus is a part until the offering of
the Shares covered by this prospectus supplement has been completed. We are not, however, incorporating, in each case, any documents
or information that we are deemed to furnish and not file in accordance with SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We will provide, without
charge, to each person to whom a copy of this prospectus supplement and the accompanying base prospectus or any other supplement
or amendment forming a part of the Registration Statement is delivered, including any beneficial owner, upon the written or oral
request of such person, a copy of any or all of the documents incorporated by reference herein and therein, including exhibits.
Requests should be directed to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Soluna Holdings, Inc.<BR>
325 Washington Avenue Extension<BR>
Albany, NY 12205<BR>
hello@soluna.io</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Copies of these filings are also available
on our website at <I>www.solunacomputing.com</I>. For other ways to obtain a copy of these filings, please refer to &ldquo;Where
You Can Find More Information&rdquo; above.</P>

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


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

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



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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">SOLUNA
HOLDINGS, INC.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>$150,000,000</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Common
Stock</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Preferred
Stock</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Warrants</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Debt
Securities</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Subscription
Rights</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Units
</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>and</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>3,552,146
Shares of Common Stock</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Offered
by the Selling Stockholders</B></FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soluna
Holdings, Inc. (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) may offer and sell, from time
to time in one or more offerings, any combination of our common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;),
our preferred stock, par value $0.001 per share (the &ldquo;Preferred Stock&rdquo;), warrants to purchase shares of Common Stock
or Preferred Stock or other securities, debt securities, subscription rights or units having an aggregate initial offering price
not exceeding $150,000,000. Our warrants will be exercisable for Common Stock or Preferred Stock or other securities and our units
may be convertible or exchangeable for Common Stock, Preferred Stock or our warrants.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the selling stockholders may offer and sell up to an aggregate of 3,552,146 shares of Common Stock from time to time
in one or more offerings as further described herein. We will not receive any of the proceeds from the sale of Common Stock by
the selling stockholders.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Common Stock, Preferred Stock, warrants, debt securities, subscription rights and units collectively are referred to in this prospectus
as the &ldquo;securities.&rdquo;</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
time we or the selling stockholders sell these securities, we will provide specific terms of such securities offered in a supplement
to this prospectus. Such prospectus supplement may also add, update or change information in this prospectus. You should read
this prospectus supplement, as well as the documents incorporated by reference or deemed to be incorporated by reference into
this prospectus, carefully before you invest in any securities.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
prospectus may not be used to offer or sell our securities unless accompanied by a prospectus supplement relating to the offered
securities.</B></FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Common Stock and our 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (&ldquo;Series A Preferred
Stock&rdquo;), are currently listed on The Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;) under the symbols &ldquo;SLNH&rdquo;
and &ldquo;SLNHP&rdquo;, respectively. On December 10, 2021, the last reported sale price of our Common Stock was $10.53 and the
last reported sale price of our Series A Preferred Stock was $21.75. None of our other securities have been approved for listing
on any market or exchange, and we have not made any application for such listing. Each prospectus supplement will indicate if
our securities offered thereby will be listed on any securities exchange.</FONT></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, the aggregate market value of our outstanding Common Stock held by non-affiliates was approximately
$83,029,121.23, based on 13,085,116 shares of issued and outstanding Common Stock, of which 8,086,373 shares were held by affiliates,
and a per share price of $16.61 which represents the closing sale price of our Common Stock on November 15, 2021. As of the date
of this prospectus, we are not subject to the sale limitations described in General Instruction I.B.6 to Form S-3 because the
&ldquo;public float&rdquo; (the market value of our Common Stock held by non-affiliates) is greater than $75,000,000. In the event
that any time during the effectiveness of this registration statement of which this prospectus and any prospectus supplement forms
a part, we become subject to such sale limitations, as a result of the public float becoming less than $75,000,000, during any
applicable 12-month period, we will not sell securities in a public primary offering with a value exceeding more than one-third
of our public float.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
securities may be sold directly by us or the selling stockholders, through dealers or agents designated from time to time, to
or through underwriters or dealers or through a combination of these methods on a continuous or delayed basis. See &ldquo;Plan
of Distribution&rdquo; in this prospectus. We may also describe the plan of distribution for any particular offering of our securities
in a prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any of our securities in respect
of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements with them in a prospectus
supplement. The net proceeds that we expect to receive from any such sale will also be included in a prospectus supplement.</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in our securities involves various risks. See &ldquo;Risk Factors&rdquo; beginning on page 4 of this prospectus and in the applicable
prospectus supplement, and in the risks discussed in the documents incorporated by reference in this prospectus and in the applicable
prospectus supplement, as they may be amended, updated or modified periodically in our reports filed with the Securities and Exchange
Commission. You should carefully read and consider these risk factors before you invest in our securities. </B></FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Neither
the Securities and Exchange Commission 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></FONT></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is December 16, 2021</FONT></p>

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


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

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

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



<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="width: 90%; text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a001_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></a></td>
    <td style="width: 10%; text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a002_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a003_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a004_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE
    OF PROCEEDS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a005_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES THAT WE MAY OFFER</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a006_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF CAPITAL STOCK</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a007_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF WARRANTS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a008_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a009_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SUBSCRIPTION RIGHTS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a010_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF UNITS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a011_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING
    STOCKHOLDERS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a012_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a013_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a014_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a015_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></td></tr>
<tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <td style="text-align: left; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><a href="#a016_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></a></td>
    <td style="text-align: right; padding: 0in 0 5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt 0pt 0pt 0pt;"><B>A</B><a name="a001_v1"></a><B>BOUT
THIS PROSPECTUS</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">This prospectus is part of a
shelf registration statement on Form S-3 that we filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
using a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may sell any combination of the securities
described in this prospectus in one or more offerings from time to time having an aggregate initial offering price of $150,000,000.
In addition, under this shelf registration process, the selling stockholders to be named in a supplement to this prospectus may,
from time to time, sell up to 3,552,146 shares of Common Stock, as described in this prospectus, in one or more offerings. This
prospectus provides you with a general description of the securities that we and the selling stockholders may offer. Each time
we or the selling stockholders offer securities, we will provide you with a prospectus supplement that describes the specific
amounts, prices and terms of the securities that we or the selling stockholders offer. The prospectus supplement also may add,
update or change information contained in this prospectus. You should read carefully both this prospectus and any prospectus supplement,
together with additional information described below under the caption &ldquo;Where You Can Find More Information.&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>THIS PROSPECTUS MAY NOT BE
USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">You should rely only on the information
contained or incorporated by reference in this prospectus or a prospectus supplement. Neither we nor the selling stockholders
have authorized any person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus is not an offer to sell securities, and it is not soliciting an offer to buy securities,
in any jurisdiction where such offer or sale is not permitted. You should assume that the information appearing in this prospectus
or any prospectus supplement, as well as information that we have previously filed with the SEC and incorporated by reference,
is accurate as of the date on the front of those documents only. Our business, financial condition, results of operations and
prospects may have changed since those dates. You should read both this prospectus, including the section titled &ldquo;Risk Factors,&rdquo;
and the accompanying prospectus supplement, together with additional information under the heading &ldquo;Where You Can Find More
Information.&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">This prospectus contains summaries
of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete
information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which
this prospectus is a part, and you may obtain copies of those documents as described below under the section entitled &ldquo;Where
You Can Find More Information.&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><B>SUMMARY</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><I>Unless the context requires
otherwise in this prospectus, the terms &ldquo;SHI&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, or &ldquo;our&rdquo;
refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, &ldquo;SCI&rdquo; refers to Soluna Computing, Inc.,
formerly known as EcoChain, Inc., and &ldquo;MTI Instruments&rdquo; refers to MTI Instruments, Inc. </I></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>The Company</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soluna Holdings, Inc. is a developer of
green data centers that convert excess renewable energy into global computing resources. The Company builds modular, scalable
data centers for computing intensive, batchable applications such as cryptocurrency mining, Artificial Intelligence, and machine
learning. The Company provides a cost-effective alternative to battery storage or transmission lines. Headquartered in Albany,
New York, the Company uses technology and intentional design to solve complex, real-world challenges. We conduct our two core
businesses through our wholly-owned subsidiaries, SCI, which is engaged in cryptocurrency mining powered by renewable energy,
and MTI Instruments, which manufactures precision tools and testing equipment for electronics, aviation, automotive, power and
other industries at the Albany, New York location.</p>



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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCI
was incorporated in Delaware on January 8, 2020 as EcoChain, Inc. and develops and monetizes cryptocurrency mining facilities
that can be powered by renewable energy. EcoChain has established a cryptocurrency mining facility that integrates with the cryptocurrency
blockchain network in Washington State and, through our recent acquisition of Soluna Computing, Inc. (&ldquo;Soluna Computing&rdquo;),
SCI also has a pipeline of certain cryptocurrency mining projects previously owned by Harmattan Energy, Ltd. (formerly Soluna
Technologies, Ltd.), a Canadian corporation incorporated under the laws of the Province of British Colombia that develops vertically-integrated,
utility-scale computing facilities focused on cryptocurrency mining and cutting-edge blockchain applications. SCI changed its
name from &ldquo;EcoChain, Inc.&rdquo; to &ldquo;Soluna Computing, Inc.&rdquo; on November 15, 2021, following the acquisition.</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">MTI Instruments was
incorporated in New York on March 8, 2000 and is a supplier of vibration measurement and balancing systems, precision linear displacement
solutions, and wafer inspection tools. MTI Instruments&rsquo; products consist of engine vibration analysis systems for both military
and commercial aircraft and electronic gauging instruments for position, displacement and vibration application within the industrial
manufacturing markets, as well as in the research, design and process development markets. These systems, tools and solutions
are developed for markets and applications that require consistent operation of complex machinery and the precise measurements
and control of products, processes, the development and implementation of automated manufacturing and assembly.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>Corporate Information</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Soluna Holdings, Inc., formerly
known as Mechanical Technology, Incorporated, was incorporated in Nevada on March 24, 2021, and is the successor to Mechanical
Technology, Inc., which was incorporated in the State of New York in 1961, as a result of a merger which became effective on March
29, 2021, and is headquartered in Albany, New York. Effective November 2, 2021, the Company changed its name from &ldquo;Mechanical
Technology, Incorporated&rdquo; to Soluna Holdings, Inc.&nbsp;Our principal executive offices are located at 325 Washington Avenue
Extension, Albany, NY 12205 and our website is http://www.solunacomputing.com. Information contained on our website does not constitute
part of and is not incorporated into this prospectus or the registration statement of which it forms a part.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>Risk Factors Summary</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In evaluating the Company, its
business and any investment in the Company, readers should carefully consider the following factors:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Risks relating to the COVID-19
pandemic and global economic uncertainty</I></B>&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">Adverse changes in
economic or other market conditions in the United States, including risks resulting from the continuing impact of the COVID-19
pandemic, could have a material adverse effect on our business and results of operations and curtail our ability to raise financing.</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">The long-term effects
of the COVID-19 pandemic, or the impacts of any future pandemics or other health crises, are unknown and may adversely affect
our business, results of operations, financial condition, liquidity and cash flow.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Risks related to our SCI
business and cryptocurrency</I></B></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">&#9679;</td><td style="text-align: justify">SCI has a limited operating
                                         history and we may not recognize any operating income from the SCI line of business in
                                         the future.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Prices of cryptocurrencies
                                         are extremely volatile, and if our mined cryptocurrencies are converted into dollars
                                         when such values are low, we may not recognize the income from the conversion of the
                                         mined cryptocurrencies that we were expecting.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">SCI has an evolving business
                                         model that is subject to various uncertainties.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">SCI may not be able to
                                         continue to develop its technology and keep pace with technological developments, expand
                                         its mining operations or otherwise compete with other companies.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">There are several new and
                                         existing competitors in our industry that are purchasing mining equipment at scale, which
                                         may cause delays or difficulty in us obtaining new miners, which could materially and
                                         adversely affect our business and results of operations.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">We may be unable to obtain
                                         additional funding to scale the SCI cryptocurrency business to a larger-scale cryptocurrency
                                         mining operation.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Regulatory changes or actions
                                         may alter the nature of an investment in us or restrict the use of cryptocurrencies in
                                         a manner that adversely affects our business, prospects, operations, and profitability.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Security breaches could
                                         result in a loss of our cryptocurrencies.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Incorrect or fraudulent
                                         cryptocurrency transactions may be irreversible.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">The impact of geopolitical
                                         and economic events on the supply and demand for Bitcoin and other cryptocurrencies is
                                         uncertain.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">The failure of cryptocurrencies
                                         to become widely accepted and/or used as a medium of exchange and method of payment could
                                         adversely affect our business, prospects, and financial condition.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">The properties included in
                                         our mining network may experience damages, including damages that are not covered by
                                         insurance.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">SCI&rsquo;s reliance on a
                                         third-party mining pool service provider for our mining revenue payouts may have a negative
                                         impact on SCI&rsquo;s operations.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Over time, incentives for
                                         Bitcoin miners to continue to contribute processing power to the Bitcoin network may
                                         transition from a set reward to transaction fees. If the incentives for Bitcoin mining
                                         are not sufficiently high, we may not have an adequate incentive to continue to mine.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">The Bitcoin reward for
                                         successfully uncovering a block will halve several times in the future, and Bitcoin value
                                         may not adjust to compensate us for the reduction in the rewards we receive from our
                                         Bitcoin mining efforts.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">We may not be able to realize
                                         the benefits of forks, and forks in a digital asset network may occur in the future which
                                         may affect the value of the cryptocurrencies that we mine held by us.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">As the aggregate amount
                                         of computing power, or hash rate, in the Bitcoin network increases, the amount of Bitcoin
                                         earned per unit of hash rate decreases; as a result, in order to maintain our market
                                         share, we may have to incur significant capital expenditures in order to expand our fleet
                                         of miners.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Climate change, and the
                                         regulatory and legislative developments related to climate change, may materially adversely
                                         affect our business and financial condition.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">Our business plan is heavily
                                         dependent upon acquisitions and strategic alliances and our ability to identify, acquire
                                         or ally on appropriate terms, and successfully integrate and manage any acquired companies
                                         or alliances will impact our financial condition and operating results.</td></tr></table>

<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">&#9679;</td><td style="text-align: justify">In connection with the
                                         ground leases for our cryptocurrency mining operations, we rely on the landlord to sell
                                         us the power required for our operations, and any failure of the landlord to supply such
                                         power, whether as a result of its failure to pay the Tennessee Valley Authority (&ldquo;TVA&rdquo;)
                                         or otherwise, would materially impact our operations, and the properties on which certain
                                         of our ground leases are located are subject to possible forfeiture to the U.S. government,
                                         and, if seized, would, in all likelihood, require us to spend significant funds to maintain
                                         our cryptocurrency mining rights.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Risks relating to our MTI
Instruments business</I></B></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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Our MTI Instruments business depends on a small number of customers, including
    the U.S. Air Force, and many of them are in industries of a cyclical nature.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">We do not have long-term purchase commitments from our customers, and our
    customers are also able to cancel, reduce, or delay orders for our products.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Our operating results may experience significant fluctuations, which could
    adversely impact our operations and financial results.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">We may not be able to keep pace with technological innovations, and our efforts
    may not result in commercial success and/or may result in delays in development.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of our existing and target
        customers are in industries of a cyclical nature.</p></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font-size: 10pt">&#9679;</td>
    <td>MTI Instruments&rsquo; business operations, financial performance and liquidity are occasionally reliant on a single supplier
    or vendor or a limited group of suppliers and vendors.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><I>Risks relating to our Company generally
</I></B></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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Our confidentiality agreements with employees and others may not adequately
    prevent disclosure of our trade secrets and other proprietary information, which could limit our ability to compete.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">We rely on highly-skilled personnel and the continuing efforts of our executive
    officers and, if we are unable to retain, motivate, or hire qualified personnel, our business may be severely disrupted.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">In addition, increased labor costs and the unavailability of skilled workers
    could hurt our business, financial condition, and results of operations.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Insiders continue to have substantial control over the Company, and the ownership
    by Brookstone Partners Acquisition, XXIV, LLC (&ldquo;Brookstone XXIV&rdquo;) of the outstanding shares of our Common Stock
    gives it a controlling interest in the Company, and it may acquire interests and positions that could present potential conflicts
    with our and our shareholders&rsquo; interests.</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to complex environmental,
        health, and safety laws and regulations that may expose us to significant liabilities for penalties, damages, or costs
        of remediations or compliance.</p></td></tr>
</table>



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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><I>Risks related
to the recent acquisition of Soluna Computing</I></B></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&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="font-size: 10pt; width: 0.25in">&nbsp;</td>
    <td style="font-size: 10pt; width: 0.25in">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">We may fail to realize all of the anticipated benefits of our recent acquisition
    of Soluna Computing.</td></tr>
</table>
<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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operating results will suffer
        if SHI and SCI do not effectively manage the increased scale of SCI&rsquo;s operations and its optimization and expansion
        opportunities.</p>
        </td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">If we are unable to protect our information systems against service interruption
    or failure, misappropriation of data or breaches of security, our operations could be disrupted, we could be subject to costly
    government enforcement actions and private litigation and our reputation may be damaged.</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Please see &ldquo;Risk Factors&rdquo;
beginning on page 4 for more detail.</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt 0pt 0pt 0pt;"><B>R</B><a name="a002_v1"></a><B>ISK
FACTORS</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><I>An investment in our securities
involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, together
with all of the other information contained or incorporated by reference into this prospectus and in any prospectus supplement
or free writing prospectus or in the documents incorporated by reference herein and therein before deciding to invest in such
securities. If any of the following risks, or any risk described elsewhere in this prospectus and in any prospectus supplement
or free writing prospectus or in the documents incorporated by reference herein and therein, occurs, our business, business prospects,
financial condition, results of operations or cash flows could be materially adversely affected. In any such case, the trading
prices of our Common Stock and Series A Preferred Stock could decline, and you could lose all or part of your investment. The
risks described below and in any prospectus supplement or free writing prospectus and in the documents incorporated by reference
herein and therein are not the only ones facing us. Additional risks not currently known to us or that we currently deem immaterial
may also adversely affect us. This prospectus also contains forward-looking statements, estimates and projections that involve
risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements because
of specific factors, including the risks described below and in the documents incorporated by reference herein. </I></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><I>You should carefully consider
the following risk factors in evaluating our business and us. The factors listed below and in the prospectus and in any prospectus
supplement or free writing prospectus represent certain important factors that we believe could cause our business results to
differ. These factors are not intended to represent a complete list of the general or specific risks that may affect us. It should
be recognized that other risks may be significant, presently or in the future, and the risks set forth below may affect us to
a greater extent than indicated. If any of the following risks occur, our business, financial condition or results of operations
could be materially and adversely affected. You should also consider the other information included in our most recent Annual
Report on Form 10-K (the &ldquo;Form 10-K&rdquo;) and subsequent quarterly reports filed with the SEC, which are incorporated
herein by reference into this registration statement, as well as in any applicable prospectus supplement and contained or to be
contained in our filings with the SEC and incorporated by reference in this prospectus, together with all of the other information
contained in this prospectus, or any applicable prospectus supplement. For a description of these reports and documents, and information
about where you can find them, see &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information
by Reference.&rdquo; If any of the risks or uncertainties described in our SEC filings or any prospectus supplement or any additional
risks and uncertainties actually occur, our business, financial condition and results of operations could be materially and adversely
affected. </I></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>Risks Relating to the COVID-19
Pandemic and Global Economic Uncertainty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Adverse changes in economic
or other market conditions in the United States and globally may have serious implications for the growth and stability of our
business and could otherwise adversely affect our business, results of operations and financial condition.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our business is affected by general
economic conditions, both inside and outside of the United States. Adverse changes to and uncertainty in the global economy, particularly
in light of the continuing uncertainty regarding the duration and scope of the COVID-19 pandemic, including as a result of the
recently-discovered Omicron variant of the novel coronavirus as well as the potential for resurgences or the emergence of new
variants to set back the global economic recovery or trigger future economic slowdowns or recessions, may lead to decreased demand
for our products and for Bitcoin and other cryptocurrencies, revenue fluctuations, and increased price competition for our products,
and may increase the risk of excess and obsolete inventories and higher overhead costs as a percentage of revenue. It could also
result in a decline in business and economic forecasts, which could adversely affect our sales in future periods. Additionally,
the financial strength of our customers and suppliers and their ability to obtain and rely on credit financing may affect their
ability to fulfill their obligations to us and have an adverse effect on our financial results.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Revenue growth and continued
profitability of our MTI Instruments business will significantly depend on the overall demand for test and measurement instrumentations
in key markets including research and development, automotive, semiconductor, cryptocurrencies, and electronics. The U.S. and
global economies have been historically cyclical and market conditions continue to be challenging, which has resulted in companies
delaying or reducing expenditures. Although recent trends have pointed to continuing improvements, there is still lingering volatility
and uncertainty, particularly in light of recent resurgences of the spread of COVID-19 and the emergence of the Omicron variant.
A change or disruption in the national or global financial markets for any reason may cause consumers, businesses, and governments
to defer purchases in response to tighter credit, decreased cash availability, and declining consumer confidence. Accordingly,
demand for our products could decrease and differ materially from their current expectations. Further, some of our customers may
require substantial financing in order to fund their operations and make purchases from us. The inability of these customers to
obtain sufficient credit to finance purchases of our products and meet their payment obligations to us or possible insolvencies
of our customers could result in decreased customer demand, an impaired ability for us to collect on outstanding accounts receivable,
significant delays in accounts receivable payments, and significant write-offs of accounts receivable, each of which could adversely
impact our business and our financial results.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>The long-term effects of
the coronavirus pandemic, or the impacts of any future pandemics or other health crises, are unknown and may adversely affect
our business, results of operations, financial condition, liquidity and cash flow.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our overall performance generally
depends upon domestic and worldwide economic and political conditions. The global spread of COVID-19 has created volatility, uncertainty,
and economic disruption. The pandemic caused a slowdown, and, going forward may cause future slowdowns in worldwide economic activity,
decreased demand for products and services, and financial markets. Meanwhile, disruptions to global supply chains, including a
global semiconductor chip shortage, as a result of the pandemic has continued, and may increase if there are surges in transmission
and illness from the coronavirus going forward, including as a result of new variants.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">While the COVID-19 pandemic,
and the changes to our operations necessitated by governmental and societal actions to contain it, including social distancing
and the closing and/or limits on the business operations, required us to make certain changes to the way we conduct our business
and operations, we have been fortunate that, to date, the pandemic has had a limited impact on our supply chains, distribution
systems, and ability to continue to conduct our business and operations. We cannot, however, predict the longer-term impacts of
the pandemic, or future health emergencies, on our business, operations, revenues, results of operations, or financial condition.
The ultimate extent of the impact of the current coronavirus pandemic, or any future epidemic, pandemic, or other outbreak or
health emergency, will depend on future developments, including how fast effective (or with respect to the current pandemic, additional)
vaccines and treatments are developed, the length of time before such vaccines are sufficiently distributed (both in the United
States and worldwide), new or continued government actions in response, including with respect to successive waves or variants
of the virus (as well as the extent to which such variants are more contagious and/or lethal), the extent to which then-current
vaccines and treatments are less effective against any such variants, and whether delays in such vaccinations allow vaccine-resistant
variants to develop and spread, all of which will impact the current or any future pandemic&rsquo;s or similar outbreak&rsquo;s
ultimate duration and severity as well as and how fast the economy recovers afterwards. Actions we took to mitigate the impact
of the current pandemic may not be successful if the pandemic continues for a longer period than expected or in future pandemics
or similar emergencies. For example, beginning in March 2020 we replaced our in-person sales meetings with meetings held by videoconference,
telephone calls, webinars, and additional informational website content geared towards addressing our customers&rsquo; questions
and concerns for both domestic and overseas customers. Nevertheless, we believe that our inability to hold in-person meetings,
while not significant, did have a negative impact on our product sales during the year ended December 31, 2020 and the nine months
ended September 30, 2021, and our efforts to mitigate the effects of the pandemic restrictions on our sales model may not be a
viable alternative to in-person meetings on a longer-term basis or during any future health or other emergency that engenders
similar restrictions.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition, while
the supply-chain disruptions and semiconductor shortage noted above have not had a significant impact on our mining operations
to date, if these conditions continue we may not be able to obtain new cryptocurrency mining equipment (generally called &ldquo;miners&rdquo;)
to replace miners that are no longer functioning, expand our cryptocurrency mining operations, or keep up with technological developments,
or be able to obtain replacement parts for our existing miners, in a timely or cost-effective manner. This could negatively impact
our ability to expand our mining operations and compete in the cryptocurrency mining industry, and otherwise materially and adversely
affect our business and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Further, the long-term social
and economic impact of the pandemic, or the acceleration of pre-existing trends as a result thereof, are still uncertain, and
it is not possible at this time to estimate the full impact that the pandemic will have on our business, as the impact will depend
on future developments, which are highly uncertain and cannot be predicted. It is also unknowable what impacts future pandemics
or health emergencies may bring. In either case, any such developments could materially and adversely affect our customer base
or the demand for our products, which would have a negative effect on our business, prospects, results of operations, and financial
condition, all of which could have a negative effect on the market price of our securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>Risks Related to our SCI Business
and Cryptocurrency</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>SCI has a limited operating
history and we may not recognize operating income from the SCI line of business in the future.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">SCI began operations in January
2020 and therefore is subject to all the risks inherent in a newly-established business venture in a rapidly developing and changing
industry. SCI&rsquo;s limited operating history also makes it difficult to evaluate SCI&rsquo;s current business and its future
prospects. SCI has not yet been able to confirm that its business model can or will be successful over the long term, and we may
not ever continue to recognize operating income from this business. Our projections for its growth have been developed internally
and may not prove to be accurate. SCI&rsquo;s operating results will likely fluctuate moving forward as we focus on increasing
its mining operations and as the market prices of Bitcoin and other cryptocurrencies fluctuate. We may need to make business decisions
that could adversely affect SCI&rsquo;s operating results, such as modifications to its business structure or operations. In addition,
we expect additional growth in this business, which could place significant demands on SCI&rsquo;s and the Company&rsquo;s management
and other resources and require us to continue developing and improving our operational, financial, and other internal controls.
SCI may not be able to address these challenges in a cost-effective manner or at all. If we do not effectively manage SCI&rsquo;s
growth, it may not be able to execute on its business plan, respond to competitive pressures, or take advantage of market opportunities,
and our business, financial condition, and results of operations could be materially harmed.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Given SCI&rsquo;s
start-up status with an unproven business model, there is a substantial risk regarding SCI&rsquo;s ability to succeed. You should
consider our business and prospects in light of these risks and the risks and difficulties that we will encounter as we continue
to develop our business model. We may not be able to address these risks and difficulties successfully, which would materially
harm our business and operating results, and we could be forced to terminate our business, liquidate our assets and dissolve,
and you could lose part or all of your investment.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Prices of cryptocurrencies
are extremely volatile, and if our mined cryptocurrencies are converted into dollars when such values are low, we may not recognize
the income from the conversion of the mined cryptocurrencies that we were expecting<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The fluctuating prices of cryptocurrencies
represent significant uncertainties for SCI&rsquo;s business. The price of Bitcoin, Ether and other cryptocurrencies are subject
to dramatic fluctuations. A variety of factors, known and unknown, may affect price and valuation, including, but not limited
to (i) the supply of such cryptocurrencies; (ii) global blockchain asset demand, which can be influenced by the growth of retail
merchants&rsquo; and commercial businesses&rsquo; acceptance of blockchain assets like cryptocurrencies as payment for goods and
services, the security of online cryptocurrency exchanges and networks and digital wallets that hold blockchain assets, the perception
that the use and holding of blockchain assets is safe and secure, and the regulatory restrictions on their use; (iii) investors&rsquo;
expectations with respect to the rate of inflation; (iv) changes in the software, software requirements or hardware requirements
underlying a blockchain network; (v) changes in the rights, obligations, incentives, or rewards for the various participants in
a blockchain network; (vi) currency exchange rates; (vii) fiat currency withdrawal and deposit policies of cryptocurrency exchanges
and networks and liquidity on such exchanges and networks; (viii) interruptions in service from or failures of major cryptocurrency
exchanges and networks; (ix) investment and trading activities of large subscribers, including private and registered investment
funds, that may directly or indirectly invest in blockchain assets; (x) monetary policies of governments, trade restrictions,
currency devaluations and revaluations; (xi) regulatory measures, if any, that affect the use of blockchain assets; (xii) the
maintenance and development of the open-source software protocol of the cryptocurrency networks; (xiii) global or regional political,
economic or financial events and situations; (xiv) expectations among blockchain participants that the value of blockchain assets
will soon change; and (xv) a decrease in the price of blockchain assets that may have a material adverse effect on SCI&rsquo;s
financial condition and operating results. If our mined cryptocurrencies are converted into dollars when their values are low,
we may not recognize the income from the conversion of the mined cryptocurrencies that we were expecting. Further, the extreme
swings in value can make it difficult for us to develop reasonable financial plans and projections with respect to SCI&rsquo;s
business.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>SCI has <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
evolving business model that is subject to various uncertainties.</FONT></I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">As cryptocurrency assets and
blockchain technologies become more widely available, we expect the services and products associated with them to evolve. In order
to stay current with the industry, our business model may need to evolve as well. From time to time, we may modify aspects of
SCI&rsquo;s business relating to our models and strategies. We cannot offer any assurance that these or any other modifications
will be successful or will not result in harm to our business. We may not be able to manage growth effectively, which could damage
our reputation, limit our growth and negatively affect our operating results. Further, we cannot provide any assurance that we
will successfully identify all emerging trends and growth opportunities in this business sector and we may lose out on those opportunities.
Such circumstances could have a material adverse effect on our business, prospects or operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>SCI may not <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
able to continue to develop its technology and keep pace with technological developments, expand its mining operations or otherwise
compete with other companies, some of whom have greater resources and experience.</FONT></I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We do not have the resources
to compete with larger cryptocurrency mining entities at this time and may not be able to compete successfully against present
or future competitors. The cryptocurrency industry has attracted various high-profile and well-established operators, some of
which have substantially greater liquidity and financial resources than we do. With the limited resources we have available, we
may experience great difficulties in expanding and improving our network of miners to remain competitive, and we may not be in
a position to construct additional operational cryptocurrency mines.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Rapid technological
change is a current feature of the cryptocurrency industry, including cryptocurrency mining, and we cannot provide assurance that
we will be able to achieve the technological advances, in a timely manner or at all, that may be necessary for us to remain competitive
or that certain of our equipment will not become obsolete. Our ability to anticipate and manage changes in technology standards
on a timely basis will be a significant factor in our ability to remain competitive. We may not be successful, generally or relative
to our competitors, in timely implementing new technology into our systems, or doing so in a cost-effective manner. During the
course of implementing any such new technology into our operations, we may experience system interruptions and failures. Further,
if due to technological developments we need to replace our miners entirely to remain competitive in the market, there can be
no assurance that we will be able to do so on a cost-effective basis or in a timely manner, particularly in light of the long
production period to manufacture and assemble cryptocurrency miners, potential large-scale purchases of miners from existing competitors
and new entrants into the industry, and the current semiconductor chip shortage. Furthermore, there can be no assurance that we
will recognize, in a timely manner or at all, the benefits that we may expect as a result of our implementing new technology into
our operations. As a result, our business, prospects, and operations may suffer, and there may be adverse effects on our financial
condition and on the market prices of our securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In addition, competition from
existing and future competitors, particularly the many other North American companies that have access to more competitively-priced
energy, could result in our inability to secure acquisitions and partnerships that we may need to expand our business in the future.
This competition from other entities with greater resources, experience, and reputations may result in our failure to maintain
or expand our business, as we may never be able to successfully execute our business plan. If we are unable to expand and remain
competitive, our business could be negatively affected which would have an adverse effect on the trading price of our securities,
which in turn would harm investors in our Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There are several new and existing
competitors in our industry that are purchasing mining equipment at scale, which may cause delays or difficulty in us obtaining
new miners, which could materially and adversely affect our business and results of operations.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of the competitors in our industry
have also been purchasing mining equipment at scale, which has caused a worldwide shortage of mining equipment and extended the
corresponding delivery schedules for new miner purchases. There can be no assurance that manufacturers will be able to keep pace
with the surge in demand for mining equipment. It is uncertain how manufacturers will respond to this increased global demand.
In the event manufacturers are not able to keep pace with demand, we may not be able to purchase miners in sufficient quantities
or on the delivery schedules that meet our business needs, which would have a material adverse effect on our business, operations,
prospects, operating income, and financial condition, which would likely result in a decrease in the market value of our Common
Stock.</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 0pt 0pt 0pt;text-align: justify;"><B><I>We may be unable to obtain
additional funding to scale the SCI cryptocurrency business to a larger-scale cryptocurrency mining operation.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We are considering further increasing
the processing power of our cryptocurrency mining operations as we seek to leverage our experience and expertise in this area
of operations. To do so, however, we will need to raise additional debt and/or equity financing, which may not be available to
us on acceptable terms or at all. Failure to generate adequate cash from our operations or find sources of funding would require
us to scale back or curtail our operations or expansion efforts, including limiting our ability to expand the SCI cryptocurrency
business to a larger-scale cryptocurrency mining operation, and would have an adverse impact on our business and financial condition.
If we raise additional equity financing, our stockholders may experience significant dilution of their ownership interests, and
the per-share value of our Common Stock could decline. Furthermore, if we engage in additional debt financing, the holders of
debt likely would have priority over the holders of Common Stock on order of payment preference. We may be required to accept
terms that restrict our ability to incur additional indebtedness or take other actions including terms that require us to maintain
specified liquidity or other ratios that could otherwise not be in the interests of our stockholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Regulatory <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
or actions may alter the nature of an investment in us or restrict the use of cryptocurrencies in a manner that adversely affects
our business, prospects, or operations and profitability.</FONT></I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">As cryptocurrencies have grown
in both popularity and market size, governments around the world have reacted, and continue to react, differently to cryptocurrencies;
certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions,
such as in the U.S., cryptocurrencies are subject to extensive, and in some cases overlapping, unclear, and evolving, regulatory
requirements. In the United States, Congress and various federal agencies have increased their focus on the cryptocurrency sector
during the past year. Increasing regulation and regulatory scrutiny may result in increased costs, management having to devote
increased time and attention to regulatory matters, having to change aspects of our cryptocurrency mining business, or result
in limits on the use cases of cryptocurrencies, which could decrease their value. Regulatory developments may require us to comply
with new regulatory requirements, which would increase our operating costs. In addition, ongoing and future regulatory actions
could significantly restrict or eliminate the market for or uses of cryptocurrencies and otherwise materially and adversely impact
our ability to continue to operate and to continue as a going concern, which could have a material adverse effect on our business,
prospects, operations and financial condition, as well as on the value and trading prices of our Common Stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Security breaches could
result in a loss of our cryptocurrencies.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Security breaches including computer
hacking or computer malware have been a consistent concern in the cryptocurrency industry. This could involve hacking in which
an unauthorized person obtains access to the systems or information and can cause harm by the transmission of virus or the corruption
of data. These breaches may occur due to an action by an outside party, or by the error and negligence of an employee. We primarily
rely on the Luxor mining pool and SCI&rsquo;s cryptocurrencies are stored with exchanges such as Coinbase prior to selling them.
If any breach were to occur of our security system, operations or third party platforms, the result could cause a loss of our
cryptocurrencies, loss of confidential or proprietary information, force the Company to cease operations, or could cause damage
to the reputation of the Company. If an actual or perceived attack were to occur, the market perception of the Company may be
damaged, which could adversely affect potential and current investments in the Company and reduce demand for our securities and
cause a reduction in our share price.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Incorrect or fraudulent cryptocurrency
transactions may be irreversible. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is possible that, through computer
or human error, theft, or criminal action, our cryptocurrency could be transferred in incorrect amounts or to unauthorized third
parties or accounts. In general, cryptocurrency transactions are irreversible, and stolen or incorrectly-transferred cryptocurrencies
may be irretrievable, and we may have extremely limited or no effective means of recovering any losses as a result of an incorrect
transfer or theft. As a result, any incorrectly executed or fraudulent cryptocurrency transactions could adversely affect our
business, operating results and financial condition. </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-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The impact of geopolitical and economic
events on the supply and demand for Bitcoin and other cryptocurrencies is uncertain.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geopolitical crises may motivate large-scale
purchases of Bitcoin and other cryptocurrencies, which could rapidly increase the price of Bitcoin and other cryptocurrencies.
This may increase the likelihood of a subsequent price decrease as crisis-driven purchasing behavior dissipates, adversely affecting
the value of the cryptocurrencies that we mine. Alternatively, as an emerging asset class with limited acceptance as a payment
system or commodity, global crises and general economic downturn may discourage investment in cryptocurrencies as investors focus
their investment on less volatile asset classes as a means of hedging their investment risk. </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">Cryptocurrencies, which are relatively
new, are subject to supply and demand forces. How such supply and demand will be impacted by geopolitical events is largely uncertain
but could be harmful to us and investors in our Common Stock. Political or economic crises may motivate large-scale acquisitions
or sales of cryptocurrencies either globally or locally. Such events could have a material adverse effect on our ability to continue
as a going concern or to pursue our strategy at all, which could have a material adverse effect on our business, prospects, or
operations and potentially the value of any cryptocurrencies that we mine. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The failure of cryptocurrencies
to become widely accepted and/or used as a medium of exchange and method of payment could adversely affect our business, prospects,
and financial condition. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of cryptocurrencies in the retail
and commercial marketplace, despite sporadic adoption, is currently limited. A significant portion of cryptocurrency demand is
generated by investors seeking a long-term store of value or speculators seeking to profit from the short- or long-term holding
of the asset. Price volatility, slow processing speeds, and high transaction costs undermine Bitcoin&rsquo;s and other cryptocurrencies&rsquo;
ability to be used as a medium of exchange, as retailers are less likely to accept it as a direct form of payment. Large-scale
acceptance of cryptocurrencies as a means of payment has not, and may never, occur. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relative lack of acceptance of cryptocurrencies
in the retail and commercial marketplace, or a reduction of such use, limits the ability of end users to use them to pay for goods
and services. Such lack of acceptance or a decline in acceptance could have a material adverse effect on the value of the cryptocurrencies
that we mine, the viability of cryptocurrency mining as a business, and our ability to continue as a going concern or to pursue
our business strategy, which could have a material adverse effect on our business, prospects, operations, and financial condition,
as well as on the market value of our securities.</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 0pt 0pt 0pt;text-align: justify;"><B><I>Facebook&rsquo;s proposed
development of a cryptocurrency, as well as the eventual likely development of government-backed digital currencies and the development
of cryptocurrencies by other tech companies, may adversely affect the value of Bitcoin and other existing, or even future, cryptocurrencies.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In May 2019, Facebook announced
its plans for a cryptocurrency then called Libra, now Diem, which faced significant objections and concerns from governments,
legislators and regulators. The massive social network and a number of other partners are estimating that the Diem digital coin
and Facebook&rsquo;s corresponding digital wallet would be a way to make sending payments around the world as easy as it is to
send a photo. Facebook&rsquo;s significant resources and ability to engage the world via social media may enable it to bring Diem
to market rapidly and to deploy it across industries more rapidly and successfully than previous cryptocurrencies. Facebook&rsquo;s
size and market share may cause its cryptocurrency to succeed to the detriment and potential exclusion of existing cryptocurrencies.
Further, in the event that government-backed digital currencies, which regulators in several countries are already considering
or even developing, are developed and widely adopted, it is likely to have a negative impact on the existing currencies including
larger widespread adoption and potentially impacting the market share by non-government digital currency. Additional cryptocurrencies
are introduced to the market frequently, and although some have gained popularity as some features have been different than Bitcoin,
Bitcoin remains the market leader. As cryptocurrency adoption grows, the likelihood increases that additional cryptocurrencies
will be introduced and gain popularity against Bitcoin, potentially negatively impacting the value of Bitcoin and perhaps other
cryptocurrencies.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>The properties included
in our mining network may experience damages, including damages that are not covered by insurance.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our current mining operation
in East Wenatchee, Washington is, and any future mines we establish will be, subject to a variety of risks relating to physical
condition and operation, including:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the presence of construction
or repair defects or other structural or building damage;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">any
                 noncompliance with or liabilities under applicable environmental, health or safety regulations or requirements
                 or building permit requirements; and</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">any
                 damage resulting from natural disasters, such as hurricanes, earthquakes, fires, floods and windstorms.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">For example, our mine could be
rendered inoperable, temporarily or permanently, as a result of a fire or other natural disaster or by a terrorist or other attack
on the mine. The security and other measures we take to protect against these risks may not be sufficient. Additionally, our mine
could be materially adversely affected by a power outage, loss of access to the electrical grid, or loss by the grid of cost-effective
sources of electrical power generating capacity. Given the power requirement, it would not be feasible to run miners on back-up
power generators in the event of a power outage. Our insurance covers the replacement cost of any lost or damaged miners, but
does not cover any interruption of our mining activities; our insurance therefore may not be adequate to cover the losses we suffer
as a result of any of these events. In the event of an uninsured loss, including a loss in excess of insured limits, at any of
the mines in our network, such mines may not be adequately repaired in a timely manner or at all and we may lose some or all of
the future revenues anticipated to be derived from such mines. The potential impact on our business is currently magnified because
we are only operating a single mine.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>SCI&rsquo;s reliance on
a third-party mining pool service provider for our mining revenue payouts may have a negative impact on SCI&rsquo;s operations.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We use a third&ndash;party mining
pool to receive our mining rewards from the network. Cryptocurrency mining pools allow miners to combine their computing power,
increasing their chances of solving a block and getting paid by the network. The rewards are distributed by the pool operator,
proportionally to our contribution to the pool&rsquo;s overall mining power, used to generate each block. Should the pool operator&rsquo;s
system suffer downtime due to a cyber-attack, software malfunction, or similar issues, it will negatively impact our ability to
mine and receive revenue. Furthermore, we are dependent on the accuracy of the mining pool operator&rsquo;s recordkeeping to accurately
record the total processing power provided to the pool for a given Bitcoin mining application in order to assess the proportion
of that total processing power we provided. While we have internal methods of tracking both our power provided and the total used
by the pool, the mining pool operator uses its own recordkeeping to determine our proportion of a given reward. We have little
means of recourse against the mining pool operator if we determine that the proportion of the reward that the mining pool operator
pays out to us is incorrect, other than leaving the pool. If we are unable to consistently obtain accurate proportionate rewards
from our mining pool operator, we may experience reduced reward for our efforts, which would have an adverse effect on our results
of operations and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Over time, incentives for
Bitcoin miners to continue to contribute processing power to the Bitcoin network may transition from a set reward to transaction
fees. If the incentives for Bitcoin mining are not sufficiently high, we may not have an adequate incentive to continue to mine.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, as the number of Bitcoin rewards
awarded for solving a block in a blockchain decreases, our ability to achieve profitability also decreases. Decreased use and
demand for Bitcoin rewards may adversely affect our incentive to expend processing power to solve blocks. If the Bitcoin rewards
for solving blocks and transaction fees are not sufficiently high, fewer Bitcoin miners will mine. At insufficiently attractive
rewards, our costs of operations in total may exceed our revenues from Bitcoin mining.</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">To incentivize Bitcoin miners to continue
to contribute processing power to the Bitcoin network, such network may either formally or informally transition from a set reward
to transaction fees earned upon solving a block. This transition could be accomplished either by Bitcoin miners independently
electing to record in the blocks they solve only those transactions that include payment of a transaction fee or by the Bitcoin
network adopting software upgrades that require the payment of a minimum transaction fee for all transactions. If as a result
transaction fees paid for Bitcoin transactions become too high, Bitcoin users may be reluctant to transfer Bitcoin or accept Bitcoin
as a means of payment, and existing users may be motivated to hold existing Bitcoin and switch from Bitcoin to another digital
asset or back to fiat currency for transactions, diminishing the aggregate amount of available transaction fees for Bitcoin miners.
Such reduction would adversely impact our results of operations and financial condition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Bitcoin reward for successfully
uncovering a block will halve several times in the future, and Bitcoin value may not adjust to compensate us for the reduction
in the rewards we receive from our Bitcoin mining efforts.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Halving is a process designed to control
the overall supply and reduce the risk of inflation in cryptocurrencies using a proof of work consensus algorithm. At a predetermined
block, the Bitcoin mining reward is cut in half, hence the term &ldquo;halving.&rdquo; For Bitcoin, the reward was initially set
at 50 Bitcoin currency rewards per block and this was cut in half to 25 on November 28, 2012 at block 210,000, then again to 12.5
on July 9, 2016 at block 420,000. The most recent halving for Bitcoin occurred on May 11, 2020 at block 630,000 and the reward
was reduced to 6.25. It is expected that the next halving will likely occur in 2024. This process will reoccur until the total
amount of Bitcoin currency rewards issued reaches 21 million, which is expected around the year 2140. While Bitcoin prices have
had a history of fluctuations around the halving of its rewards, there is no guarantee that the price change will be favorable
or would compensate for the reduction in mining reward. If a corresponding and proportionate increase in the trading prices of
Bitcoin or a proportionate decrease in mining difficulty does not follow these anticipated halving events, the revenue we earn
from our Bitcoin mining operations could see a corresponding decrease, which could have a material adverse effect on our business
and operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to realize the
benefits of forks, and forks in a digital asset network may occur in the future which may affect the value of the cryptocurrencies
that we mine held by us. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that a significant majority
of users and miners on a cryptocurrency network install software that changes the cryptocurrency network or properties of a cryptocurrency,
including the irreversibility of transactions and limitations on the mining of new cryptocurrency, the cryptocurrency network
would be subject to new protocols and software. If less than a significant majority of users and miners on the cryptocurrency
network consent to the proposed modification, however, and the modification is not compatible with the software prior to its modification,
a &ldquo;fork&rdquo; of the network would occur, with one prong of the network running the pre-modified software and the other
running the modified software. The effect of such a fork would be the existence of two versions of the cryptocurrency running
in parallel, yet lacking interchangeability and necessitating exchange-type transaction to convert currencies between the two
forks. After a fork, it may be unclear which fork represents the original asset and which is the new asset.</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">If we hold a specific cryptocurrency at
the time of a hard fork into two cryptocurrencies, industry standards would dictate that we would be expected to hold an equivalent
amount of the old and new assets following the fork. We may not, however, be able to secure or realize the economic benefit of
the new asset. Our business may be adversely impacted by forks in an applicable cryptocurrency network.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, historically, speculation
over a new &ldquo;hard fork&rdquo; in the Bitcoin protocol has resulted in Bitcoin price volatility and future hard forks may
occur at any time. A hard fork can lead to a disruption of networks and our information technology systems could be affected by
cybersecurity attacks, replay attacks, or security weaknesses, any of which can further lead to temporary or even permanent loss
of its assets. Such disruption and loss could cause us to be exposed to liability, even in circumstances where we have no intention
of supporting an asset compromised by a hard fork. Additionally, a hard fork may result in a scenario where users running the
previous protocol will not recognize blocks created by those running the new protocol, and vice versa. This may render our cryptocurrency
mining hardware incompatible with the new protocol. Such changes may have a material effect on our operations, financial position,
and financial performance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As the aggregate amount of computing
power, or hash rate, in the Bitcoin network increases, the amount of Bitcoin earned per unit of hash rate decreases; as a result,
in order to maintain our market share, we may have to incur significant capital expenditures in order to expand our fleet of miners.
</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate computing power of the global
Bitcoin network has generally grown over time and we expect it to continue to grow in the future. To the extent the global hash
rate continues to increase, the market share of and the amount of Bitcoin rewards paid to any fixed fleet of miners will decrease.
Therefore, in order to maintain our market share, we may be required to expand our mining fleet, which may require significant
capital expenditures. Such significant capital expenditures could have an adverse effect on our business operations, strategy,
and financial performance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate change, and the regulatory
and legislative developments related to climate change, may materially adversely affect our business and financial condition.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potential physical impacts of climate
change on our operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate
or in which our third-party providers operate. These may include changes in rainfall and storm patterns and intensities, water
shortages, changing sea levels, and changing temperatures. The impacts of climate change may materially and adversely impact the
cost, production, and financial performance of our operations. Further, any impacts to our business and financial condition as
a result of climate change are likely to occur over a sustained period of time and are therefore difficult to quantify with any
degree of specificity. For example, extreme weather events may result in adverse physical effects on portions of our infrastructure,
which could disrupt our supply chain and ultimately our business operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a number of governments or
governmental bodies have introduced or are contemplating legislative and regulatory changes in response to the potential impact
of climate change. Given the very significant amount of electrical power required to operate cryptocurrency miners, as well as
the environmental impact of mining for the rare earth metals used in the production of mining servers, the cryptocurrency mining
industry may become a target for future environmental and energy regulation, and any such regulation may not distinguish between
cryptocurrency mining powered by renewable energy, as is SCI&rsquo;s business, and cryptocurrency mining using traditional (i.e.
fossil fuel) sources of energy. Legislation and increased regulation regarding climate change could impose significant costs on
us and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring, and
reporting, and other costs to comply with such regulations. Any future climate change regulations could also negatively impact
our ability to compete with companies situated in areas not subject to such limitations. Given the political significance and
uncertainty around the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation
will affect our financial condition, operating performance, and ability to compete. Any of the foregoing could result in a material
adverse effect on our business, prospects, and financial condition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business plan is heavily dependent
upon acquisitions and strategic alliances and our ability to identify, acquire or ally on appropriate terms, and successfully
integrate and manage any acquired companies or alliances will impact our financial condition and operating results. </I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Part of our strategy to grow our business
is dependent on the acquisition of other entities or businesses in the future that complement our current products, enhance our
market coverage or technical capabilities, or offer growth opportunities. We may also need to form strategic alliances or partnerships
in order to remain competitive in our market. We may not be able, however, to identify and successfully negotiate suitable acquisitions
alliances, obtain any financing necessary for such acquisitions on satisfactory terms, or otherwise complete any such acquisitions
or alliances. Further, any acquisition or alliance may require a significant amount of management&rsquo;s time and financial resources
to complete and acquisitions, strategic alliances or partnerships could be difficult to integrate, disrupt our business, and dilute
stockholder value.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">For example, in January 2020,
the Company formed SCI as its wholly-owned subsidiary to pursue a new business line focused on cryptocurrency and the blockchain
ecosystem. In October 2021, Soluna Computing became a wholly-owned subsidiary of SCI pursuant to a merger. Prior to the merger,
Soluna Computing had assisted us in developing and operating the cryptocurrency mining facility through contractual arrangements.
In the future, we may acquire or form strategic alliances or partnerships with other businesses in order to remain competitive
or to acquire new technologies. Acquisitions, alliances, and investments involve numerous risks, including:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the
                 potential failure to achieve the expected benefits of the combination, acquisition or alliance;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">difficulties
                 in and the cost of integrating operations, technologies, services and personnel;</p>
</td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">difficulty of assimilating geographically-dispersed operations and personnel of the companies
    we acquire or ally with;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">impairment of relationships with
        employees, customers, vendors, distributors, or business partners of either an acquired business or our own;</p></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">unanticipated difficulties in
        conforming business practices, policies, procedures, internal controls, and financial records of acquisitions with our
        own;</p></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td style="text-align: justify">the potential inability to successfully integrate acquired operations and products or to realize
    cost savings or other anticipated benefits from integration;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">diversion of financial and managerial resources from existing operations;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">risk of entering new markets in which we have little or no experience or where competitors
    may have stronger market positions;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">potential write-offs of acquired assets or investments, and potential financial and credit
    risks associated with acquired customers;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">inability to generate sufficient revenue to offset acquisition or investment costs;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td style="text-align: justify">the risk of cancellation or early termination of an alliance by either party;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">potential unknown liabilities associated with the acquired businesses;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">unanticipated expenses related to acquired technology and its integration
    into the existing businesses;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">negative impact to our results of operations because of the depreciation and amortization
    of amounts related to acquired intangible assets, fixed assets, and deferred compensation, and the loss of acquired deferred
    revenue and unbilled deferred revenue;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">loss of key employees or customers
        of acquired companies;</p></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">potential disruption of our business
        or the acquired business;</p></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td style="text-align: justify">inability to accurately forecast the performance of recently-acquired businesses, resulting
    in unforeseen adverse effects on our operating results;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 18pt">&nbsp;</td>
    <td style="width: 18pt">&#9679;</td>
    <td style="text-align: justify">the tax effects of any acquisitions; and</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&#9679;</td>
    <td style="text-align: justify">Adverse accounting impact to our results of operations.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our failure to successfully manage
our recent acquisition of Soluna Computing or other future acquisitions, strategic alliances, or partnerships could seriously
harm our operating results. In addition, our stockholders would be diluted if we finance the future acquisitions, strategic alliances,
or partnerships by incurring convertible debt or issuing equity securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot offer any assurance that we
will be able to identify, complete, or successfully integrate any suitable acquisitions or suitable alliances. Even if successfully
negotiated and closed, any acquisitions or alliances may not yield expected synergies, may not advance our business strategy as
expected, may fall short of expected return-on-investment targets, or may otherwise fail to achieve their objectives or perform
as contemplated and not prove successful. Companies that we acquire may operate with different cost and margin structures, which
could further cause fluctuations in our operating results and adversely affect our business, financial condition, and results
of operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with the ground leases
for our new cryptocurrency mining operations, we rely on the landlord to sell us the power required for our operations, and any
failure of the landlord to supply such power, whether as a result of its failure to pay the TVA or otherwise, would materially
impact our operations.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May 2021, EcoChain Block, a wholly-owned
subsidiary of SCI, entered into two ground leases (the &ldquo;Ground Leases&rdquo;) for a building located in the Southeast region
of the United States that will be SCI&rsquo;s second cryptocurrency mining facility, which includes surrounding land for potential
additional capacity. The Ground Leases will not be effective until certain conditions set forth therein are met. In addition,
EcoChain Block and the landlord entered into a power supply agreement whereby EcoChain Block will purchase the power for its cryptocurrency
mining operations from the landlord, who purchases power directly from the TVA. The rates payable by EcoChain Block to the landlord
will be at the same pre-negotiated rates paid by landlord, which are less than SCI could obtain directly from the TVA. The landlord&rsquo;s
failure to provide power to SCI, as a result of the termination of such power supply to the landlord by the TVA, as a result of
the landlord&rsquo;s failure to pay the TVA for such power, or otherwise, would, in all likelihood, result in our inability to
obtain the power we need for our cryptocurrency mining operations, unless and until we were able to obtain such power directly
from the TVA, which would result in a significant interruption to our business. We may also incur significant costs associated
with negotiating and entering into a new agreement with the TVA to supply power to EcoChain Block&rsquo;s cryptocurrency mining
facilities, and with setting up corresponding infrastructure to receive such power directly. Further, there can be no assurance
that EcoChain Block will be able to negotiate a power supply agreement with the TVA on equally favorable terms as the landlord,
if at all.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The properties on which certain
of our ground leases are located are subject to possible forfeiture to the U.S. government, and, if seized, would, in all likelihood,
require us to spend significant funds to maintain our cryptocurrency mining rights. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2020, the United States Department
of Justice&rsquo;s Money Laundering &amp; Asset Recovery Section (&ldquo;DOJ&rdquo;), together with the U.S. Attorney&rsquo;s
Office for the Southern District of Florida, filed civil asset forfeiture complaints against parties related to the landlord (the
&ldquo;Landlord Owners&rdquo;) in connection with certain real properties, including the real properties that are the subject
of the Ground Leases (the &ldquo;Subject Properties&rdquo;). The complaints, all of which are currently pending before a federal
judge, alleged that the funds used by Landlord Owners to purchase the Subject Properties were traceable to the proceeds of a bank
fraud purportedly committed internationally in Ukraine by the Landlord Owners. Though the DOJ has not filed a civil forfeiture
action against the Subject Properties, the complaint the government submitted in support of its asset forfeiture requests against
certain properties, including the Subject Properties, included a description of the Ukrainian bank fraud and the various properties
located in the United States that the DOJ believes were purchased with the proceeds of that international bank fraud, including
the Subject Properties.&nbsp;In the event that the Subject Properties are seized by the U.S. government, EcoChain Block may be
required to negotiate with the U.S. government for the supply of power that SCI was receiving from the landlord pursuant to the
Power Supply Agreement. Additionally, the U.S. government, in all likelihood, would place the Subject Properties for sale at an
auction, or otherwise, and we would likely be required to purchase the Subject Properties to assure the continuation of our cryptocurrency
mining operations at such facility, all of which would require our expenditure of significant funds and could have a material
adverse impact on our results of operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If federal or state legislatures
or agencies initiate or release tax determinations that change the classification of cryptocurrencies as property for tax purposes
(in the context of when such cryptocurrencies are held as an investment), such determination could have a negative tax consequence
on us. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current Internal Revenue Service guidance
indicates that digital assets such as Bitcoin should be treated and taxed as property, and that transactions involving the payment
of bitcoin for goods and services should be treated as barter transactions. While this treatment creates a potential tax reporting
requirement for any circumstance where the ownership of a cryptocurrency passes from one person to another, it preserves the right
to apply capital gains treatment to those transactions which may adversely affect our results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B>Risks Relating to our MTI
Instruments Business</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Our MTI Instruments business
depends on a small number of customers including the U.S. Air Force.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Historically, we have had a small
number of customers representing a large percentage of our total revenue. Although we endeavor to maintain and further expand
our customer base, we expect that sales to a limited number of customers will continue to account for a high percentage of our
revenues in any given period for the foreseeable future, and the loss of even just a couple of customers, or a significant reduction
in sales to our existing customer base, could have a material adverse effect on our business. In addition, our revenues are largely
dependent upon the ability of our customers to continue to grow or need services or to develop and sell products that incorporate
our services and products. We also depend on purchases by the U.S. Air Force for a significant portion of our revenues and the
loss of the U.S. Air Force as a customer or a delay or decline in funding of our existing or future contracts with them could
decrease our backlog or adversely affect our business and prospects, sales, cash flows, and our ability to fund our continued
product development and growth.</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>We do not have long-term
purchase commitments from our customers, and our customers are also able to cancel, reduce, or delay orders for our products.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We generally do not obtain firm,
long-term purchase commitments from our customers, and frequently do not have visibility as to their future demand for our products
and services. Customers also cancel, change or delay design, production or aftermarket service quantities and schedules, or fail
to meet their forecasts for a number of reasons beyond our control. Customer expectations can also change rapidly, requiring us
to take on additional commitments or risks, and requiring that we provide rapid product turnaround and respond to short lead times.
A variety of conditions, both specific to individual customers and generally affecting the demand for original equipment manufacturers&rsquo;
products, may cause customers to cancel, reduce, or delay orders. Conversely, if our customers unexpectedly and significantly
increase product orders, we may be required to rapidly increase production, which could strain our resources and reduce our margins.
We typically plan production and inventory levels based on internal forecasts of customer demand, which can be highly unpredictable
and can fluctuate substantially, leading to excess inventory write-downs and resulting negative impacts on gross margin and net
income. Additionally, and as a result, our revenues may be volatile from period to period, we may not achieve the anticipated
revenues from these efforts, or these efforts may result in non-recoverable costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Our annual and quarterly
operating results may experience significant fluctuations, which could adversely impact our operations and financial results.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In addition to the variability
resulting from the short-term nature of our customers&rsquo; commitments, other factors contribute to significant periodic fluctuations
in our results of operations. These factors include:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the cyclicality of
the markets we serve;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the timing and size
of orders;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the volume of orders
relative to our capacity;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">product introductions
and market acceptance of new products or new generations of products;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">evolution in the life
cycles of our customers&rsquo; products;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">timing of expenses
in anticipation of future orders;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">changes in product
mix;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">availability of manufacturing
and assembly services;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">changes in cost and
availability of labor and components;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">timely delivery of
product solutions to customers;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">pricing and availability
of competitive products;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">introduction of new
technologies into the markets we serve;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">pressures on reducing
selling prices;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">our success in serving
new markets; and</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">changes in economic
conditions.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The price of our securities could
decline substantially in the event that any of these risks result in our financial performance being below the expectations of
analysts and investors, which are based on historical and predictive models that are not necessarily accurate representations
of the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>We may not be able to keep
pace with technological innovations or develop new product solutions in a timely manner.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The electronic, semiconductor,
solar, automotive, and general industrial segments are subject to constant technological change. MTI Instruments&rsquo; future
success will depend on our ability to respond appropriately to changing technologies and changes in product function and quality.
If we rely on products and technologies that are not attractive to end users, we may not be successful in capturing or retaining
market share. Technological advances, the introduction of new products, and new design techniques could adversely affect our business
prospects unless we are able to adapt to the changing conditions. Technological advances could render our products obsolete, and
we may not be able to respond effectively to the technological requirements of evolving markets. As a result, we will be required
to expend substantial funds for and commit significant resources to:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">continue research
and development activities on all product lines;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">hire additional engineering
and other technical personnel; and</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">purchase advanced
design tools and test equipment.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our business could be harmed
if we are unable to develop and utilize new technologies that address the needs of our customers, or our competitors do so more
effectively than we do.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Our efforts to continue
to develop new products and technologies may not result in commercial success, which could cause a decline in our revenue and
otherwise harm our business.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our research and development
efforts with respect to our products and technologies may not result in customer or market acceptance. Some or all of such products
and technologies may not successfully make the transition from the research and development lab to cost-effective production as
a result of technology problems, competitive cost issues, yield problems, and other factors. Even when we successfully complete
a research and development effort with respect to a particular product or technology, our customers may decide not to introduce
or may discontinue products utilizing the product or technology for a variety of reasons, including the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">difficulties with
other suppliers of components for the products;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">superior technologies
developed by our competitors and unfavorable comparisons of our solutions with these technologies;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">price considerations;
and</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">lack of anticipated
or actual market demand for the products.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The nature of MTI Instruments&rsquo;
business will require us to make continuing investments to develop new products and technologies. Significant expenses relating
to one or more new products or technologies that ultimately prove to be unsuccessful for any reason could have a material adverse
effect on us. In addition, any investments or acquisitions made to enhance our products and technologies may prove to be unsuccessful.
If our efforts are unsuccessful, our business could be harmed. Moreover, when we announce our development of new products, sales
of current products may decrease as customers delay making purchases until such new products are available, which could adversely
affect our business, revenues, and results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>The cyclical nature of
the industries of many of MTI Instruments&rsquo; existing and target customers may result in fluctuations in our operating results.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Demand for our products and services
in our target markets is cyclical, and revenues from the sale of our products and services can vary significantly from one period
to the next as a result. We may sell a significant amount of our products to one or a few customers for various short term projects
in one period, and then have markedly decreased sales in following periods as these projects end or customers have the products
they require for the foreseeable future.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The electronics and military
industries in particular have experienced significant economic downturns at various times. These downturns are characterized by
diminished product demand, accelerated erosion of average selling prices, and production overcapacity. We may seek to reduce our
exposure to industry downturns by providing design and production services for leading companies in rapidly expanding industry
segments. We may, however, experience substantial period-to-period fluctuations in future operating results because of general
industry conditions or events occurring in the general economy.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>International sales risks
could adversely affect our operating results. Furthermore, our operating results could be adversely affected by changes to U.S.
policy and fluctuations in the value of the U.S. dollar against foreign currencies.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Sales outside of the United States
accounted for approximately 33.1% of our total revenue during the nine months ended September 30, 2021, 25.9% of our total revenue
in 2020, and 35.3% of our total revenue in 2019. Our international business may be adversely affected by changing political and
economic conditions in foreign countries. Having a worldwide distribution network for our products exposes us to various economic,
political, and other risks that could adversely affect our operations and operating results, including the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">export restrictions
and controls relating to technology;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">the burdens and costs
of compliance with a variety of existing and new foreign regulatory requirements and laws, including the General Data Protection
Regulation (GDPR) in the European Union and similar laws in other jurisdictions, and unexpected changes in such regulatory requirements;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">laws and business
practices favoring local companies, including tariffs imposed by other countries on U.S. goods;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">timing to meet regulatory
requirements;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">developments with
respect to and any impact of tariffs and other trade barrier restrictions;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">longer payment cycles
and greater difficulty in enforcing agreements and collecting receivables through foreign legal systems;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">potentially reduced
protection for, and difficulties in enforcing, intellectual property rights; and</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">political or economic
instability in certain parts of the world.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">These risks or any combination
of them could increase our costs, lengthen our sales cycle, and require significant management attention and could otherwise negatively
affect our business, operating results, financial condition, and results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In addition, we transact our
business in U.S. dollars and bill and collect our sales in U.S. dollars. It is possible that U.S. policy changes and uncertainty
about policy could increase market volatility and currency exchange rate fluctuations. Market volatility and currency exchange
rate fluctuations could impact our results of operations and financial condition related to transactions denominated in a foreign
currency. A weakening of the dollar could cause our overseas vendors to require renegotiation of either the prices or currency
we pay for their goods and services. Similarly, a strengthening of the dollar could cause our products to be more expensive for
our international customers, which could impact price and margins and/or cause the demand for our products, and thus our revenue,
to decline.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In the future, customers may
negotiate pricing and make payments in non-U.S. currencies. If our overseas vendors or customers require us to transact business
in non-U.S. currencies, fluctuations in foreign currency exchange rates could affect our cost of goods, operating expenses, and
operating margins and could result in exchange losses. In addition, currency devaluation can result in a loss to us if we hold
deposits of that currency. Hedging foreign currencies can be difficult, especially if the currency is not freely traded. We cannot
predict the impact that future exchange rate fluctuations may have on our operating results.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>MTI Instruments&rsquo; business
operations, financial performance, and liquidity are occasionally reliant on a single supplier or vendor or a limited group of
suppliers and vendors. </I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend on a limited number of suppliers
and vendors for products and services relating to our MTI Instruments business. Specifically, for the nine months ended September
30, 2021 and the year ended December 31, 2020, Spinnaker Contract Manufacturing, Inc. supplied 9% and 15%, respectively, of the
PC boards used by almost all MTI Instrument products, and SYNNEX Corporation supplied 2% and 26%, respectively, of the military
computers used by MTI Instruments. In the event it becomes necessary to seek alternative suppliers and vendors, we may be unable
to obtain satisfactory replacement supplies or services on economically attractive terms, on a timely basis, or at all, which
could increase costs or cause disruptions in the manufacturing of our products or delivery of our services.</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-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Company Generally</B></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Our confidentiality agreements
with employees and others may not adequately prevent disclosure of our trade secrets and other proprietary information, which
could limit our ability to compete.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">While we are currently in the
process of applying for patents with respect to SCI&rsquo;s business, presently we rely on trade secrets to protect our proprietary
technology and processes. Despite such protection, however, it is possible that a third party may copy or otherwise obtain and
use our U.S. Patent and Trademark Office-registered or other proprietary information without our authorization, and trade secrets
can be difficult to protect. Policing unauthorized use of our intellectual property and trade secrets is difficult, particularly
in light of the global nature of the Internet and because the laws of other countries may afford us little or no effective protection
of our intellectual property. Potentially expensive litigation may be necessary in the future to enforce our intellectual property
rights, to protect our trade secrets, to determine the validity and scope of the proprietary rights of others or to defend against
claims of infringement or invalidity. Additionally, we enter into confidentiality and intellectual property assignment agreements
with our employees, consultants, and other advisors. These agreements generally require that the other party keep confidential
and not disclose to third parties confidential information developed by the party under such agreements or made known to the party
by us during the course of the party&rsquo;s relationship with us. Our employees, consultants, and other advisors, however, may
not honor these agreements and enforcing a claim that a party illegally obtained and is using our trade secrets is difficult,
expensive and time-consuming, and the outcome is unpredictable. Our failure to obtain and maintain trade secret protection could
adversely affect our competitive position.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>We rely on highly-skilled
personnel and the continuing efforts of our executive officers and, if we are unable to retain, motivate, or hire qualified personnel,
our business may be severely disrupted. In addition, increased labor costs and the unavailability of skilled workers could hurt
our business, financial condition, and results of operations.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our performance largely depends
on the talents, knowledge, skills, know-how and efforts of highly skilled individuals and in particular, the expertise held by
our Chief Executive Officer, Michael Toporek. His absence, were it to occur, would materially and adversely impact development
and implementation of our projects and businesses. Our future success depends on our continuing ability to identify, hire, develop,
motivate and retain highly skilled personnel for all areas of our organization. Our continued ability to compete effectively depends
on our ability to attract, among others, new technology developers and to retain and motivate our existing contractors. If one
or more of our executive officers or other key personnel are unable or unwilling to continue in their present positions, we may
not be able to replace them readily, if at all. In such case, our business may be severely disrupted, and we may incur additional
expenses to recruit and retain new officers or other key personnel. In addition, if any of our executives or key personnel joins
a competitor or forms a competing company, we may lose customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we compete with other businesses
in our industries and other similar employers to attract and retain qualified&nbsp;personnel with the technical skills and experience
required to successfully operate our businesses. The demand for skilled workers is high and the supply is limited, and a shortage
in the labor pool of skilled workers or other general inflationary pressures or changes in applicable laws and regulations could
make it more difficult for us to attract and retain&nbsp;personnel and could require us to enhance our wage and benefits packages,
which could increase our operating costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Brookstone XXIV&rsquo;s
ownership of the outstanding shares of our Common Stock gives it a controlling interest in the Company.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">As of December 10, 2021, Brookstone
XXIV owned approximately 28.7% of the Company&rsquo;s outstanding shares of Common Stock, and has designated two directors that
sit on our ten-member Board. Accordingly, Brookstone XXIV has the ability to exert a significant degree of influence or actual
control over our management and affairs and, as a practical matter, will control corporate actions requiring stockholder approval,
irrespective of how our other stockholders may vote, including the election of directors, amendments to our Articles of Incorporation
and Bylaws, and the approval of mergers and other significant corporate transactions, including a sale of substantially all of
our assets, and Brookstone XXIV may vote its shares in a manner that is adverse to the interests of our minority stockholders.
This concentration of voting control could deprive holders of our Common Stock of an opportunity to receive a premium for their
shares of our Common Stock as part of a sale of the Company. Further, Brookstone XXIV&rsquo;s control position might adversely
affect the market price of our securities to the extent investors perceive disadvantages in owning shares of a company with a
controlling stockholder.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Brookstone XXIV and its
director designees may acquire interests and positions that could present potential conflicts with our and our stockholders&rsquo;
interests.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Brookstone XXIV and its director
designees may make investments in companies and may, from time to time, acquire and hold interests in businesses that compete
directly or indirectly with us. Brookstone XXIV and its director designees may also pursue, for their own accounts, acquisition
opportunities that may be complementary to our business, and as a result, those acquisition opportunities might not be available
to us. As part of our sale of 3,750,000 shares of our Common Stock to Brookstone XXIV in October 2016 and as required by Brookstone
XXIV as a condition to purchasing the shares, our Board renounced, to the extent permitted by applicable law, the Company&rsquo;s
expectancy with respect to being offered an opportunity to participate in any business opportunity that is discovered by or presented
to a director designee (a &ldquo;Business Opportunity&rdquo;), whether in such director designee&rsquo;s capacity as a director
of the Company or otherwise. Accordingly, the interests of Brookstone XXIV and the designated directors with respect to a Business
Opportunity may supersede ours, and Brookstone XXIV or its affiliates or the Brookstone XXIV-designated directors may be involved
with businesses that compete with us and may pursue opportunities for the sole benefit of Brookstone XXIV and its affiliates without
our involvement, for which we have limited recourse. Such actions on the part of Brookstone XXIV or its director designees could
have a material adverse effect on our business, financial condition, results of operations and cash flows.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In addition, Michael Toporek,
the Company&rsquo;s Chief Executive Officer, serves as the Managing General Partner of Brookstone XXIV. As a result of the potential
conflicts inherent in his serving in both roles, it is possible that Mr. Toporek could make decisions that benefit Brookstone
XXIV at the expense of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Insiders continue to have
substantial control over the Company.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">As of December 10, 2021, the
Company&rsquo;s directors and executive officers held the current right to vote approximately 34.6% of the Company&rsquo;s outstanding
voting stock. Of this total, 28.7% was owned or controlled by Brookstone XXIV, for which Michael Toporek, the Company&rsquo;s
Chief Executive Officer, also serves as Managing General Partner. In addition, the Company&rsquo;s directors and executive officers
have the right to acquire additional shares of our Common Stock by exercising their equity awards under our equity compensation
plans, which could increase their voting percentage significantly. As a result, Mr. Toporek acting alone, and/or many of the Company&rsquo;s
officers and directors acting together, may have the ability to exert significant control over the Company&rsquo;s decisions and
control the management and affairs of the Company, and also to determine the outcome of matters submitted to stockholders for
approval, including the election or removal of a director, and any merger, consolidation, or sale of all or substantially all
of the Company&rsquo;s assets. Accordingly, this concentration of ownership may harm the future market price of our securities
by:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">delaying,
                 deferring, or preventing a change in control of the Company;</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">impeding
                 a merger, consolidation, takeover, or other business combination involving the Company; or</p>
</td>
</tr>

</table>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#9679;</p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">discouraging
                 a potential acquirer from making a tender offer or otherwise attempting to obtain control of the Company.</p>
</td>
</tr>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to complex environmental,
health, and safety laws and regulations that may expose us to significant liabilities for penalties, damages, or costs of remediation
or compliance.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to various federal, state,
local and foreign environmental, health, and safety laws and regulations. These laws and regulations govern matters such as: the
emission and discharge of hazardous materials into the ground, air, or water; the generation, use, storage, handling, treatment,
packaging, transportation, exposure to, and disposal of hazardous and biological materials, including recordkeeping, reporting,
and registration requirements; and the health and safety of our employees. We may incur significant additional costs beyond those
currently contemplated to comply with these regulatory requirements. Further, if we fail to comply with these requirements we
may be exposed to fines, penalties, and/or interruptions in our operations that could have a material adverse effect on our business,
operating results, and financial condition. Certain environmental laws may impose strict, joint, and several liability for costs
required to clean up and restore sites where hazardous substances have been disposed or otherwise released into the environment,
even under circumstances where the hazardous substances were released by prior owners or operators or the activities conducted
and from which a release emanated complied with applicable law.</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">Further, existing regulations, particularly
in the environmental area, could be revised or reinterpreted, or new laws and regulations could be adopted or become applicable
to us or our facilities, and future changes in environmental laws and regulations could occur, including potential regulatory
and enforcement developments related to air emissions, any of which could result in significant additional costs. Any of the foregoing
could have a material adverse effect on our results of operations and financial condition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Recent Acquisition
of Soluna Computing</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may fail to realize all of the
anticipated benefits of our recent acquisition of Soluna Computing.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The success of the recent Soluna Computing
acquisition will depend, in part, on the Company&rsquo;s and Soluna Computing&rsquo;s ability to realize the anticipated benefits
and cost savings from combining the businesses of Soluna Computing and SCI. To realize these anticipated benefits and cost savings,
however, we must successfully combine the businesses of Soluna Computing and SCI. If we are unable to successfully combine the
businesses of Soluna Computing and SCI, the anticipated benefits and cost savings of the transaction may not be realized fully
or at all or may take longer to realize than expected.</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">Until very recently, Soluna Computing
and SCI operated independently, and we have just begun to integrate the companies&rsquo; operations. It is possible that the integration
process could result in the loss of key employees and the disruption of the merged company&rsquo;s ongoing business, which could
have a negative impact on our ability to achieve the anticipated benefits of the merger. Integration efforts between the two companies
may, to some extent, also divert management&rsquo;s attention and resources. These integration matters could have an adverse effect
on each SHI and SCI during the current transition period.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operating results will suffer
if SHI and SCI do not effectively manage the increased scale of SCI&rsquo;s operations and the optimization and expansion opportunities.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following its acquisition of Soluna Computing,
SCI is larger and more diverse than it was prior to the acquisition transaction. Its future success will depend, in part, upon
its ability to manage its optimization and expansion opportunities, which may pose substantial challenges for SCI to integrate
new operations into its existing business in an efficient and timely manner, and upon its ability to successfully monitor its
operations, costs, and regulatory compliance, and to maintain other necessary internal controls. There is no assurance that SCI&rsquo;s
optimization and expansion opportunities will be successful, or that it will realize its expected operating efficiencies, cost
savings, revenue enhancements, synergies, or other expected benefits of its acquisition of Soluna Computing.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are heavily dependent on our
senior management, and a loss of a member of our senior management team could cause our stock price to suffer.</I></B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we lose the services of Michael Toporek,
our Chief Executive Officer and a member of our board of directors, Jessica L. Thomas, our Chief Financial Officer, David C. Michaels,
our Chairman of the Board, and/or certain key employees, we may not be able to find appropriate replacements on a timely basis,
and our business could be adversely affected. We do not currently maintain key life insurance policies on these officers or key
employees. Our existing operations and continued future development depend to a significant extent upon the performance and active
participation of these individuals and certain key employees. We may not be successful in retaining the services of these individuals,
and if we were to lose any of these individuals, we may not be able to find appropriate replacements on a timely basis and our
financial condition and results of operations could be materially adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>We may incur losses and
liabilities in the course of business that could prove costly to defend or resolve.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Companies that operate in one
or more of the businesses that we operate face significant legal risks. There is a risk that we could become involved in litigation
wherein an adverse result could have a material adverse effect on our business and our financial condition. There is a risk of
litigation generally in conducting a commercial business, and we are, at times, involved in commercial disputes with third parties,
such as customers, distributors, and vendors. These risks often may be difficult to assess or quantify and their existence and
magnitude often remain unknown for substantial periods of time. We may incur significant legal expenses in defending against litigation.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>We may become subject to
claims of infringement or misappropriation of the intellectual property rights of others, which could prohibit us from selling
our products, require us to obtain licenses from third parties or to develop non-infringing alternatives, and subject us to substantial
monetary damages and injunctive relief.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We may receive notices from third
parties that the manufacture, use, or sale of any products we develop infringes upon one or more claims of their patents. Moreover,
because patent applications can take many years to issue, there may be currently pending applications, unknown to us, that may
later result in issued patents that materially and adversely affect our business. Third parties could also assert infringement
or misappropriation claims against us with respect to our future product offerings, if any. We cannot be certain that we have
not infringed the intellectual property rights of any third parties. Any infringement or misappropriation claim could result in
significant costs, substantial damages, and our inability to manufacture, market, or sell any of our product offerings that are
found to infringe another person&rsquo;s patent. Even if we were to prevail in any such action, the litigation could result in
substantial cost and diversion of resources that could materially and adversely affect our business. If a court determined, or
if we independently discovered, that our product offerings violated third-party proprietary rights, there can be no assurance
that we would be able to re-engineer our product offerings to avoid those rights or obtain a license under those rights on commercially
reasonable terms, if at all. As a result, we could be prohibited from selling products that are found to infringe upon the rights
of others. Even if obtaining a license were feasible, it may be costly and time-consuming. A court could also enter orders that
temporarily, preliminarily, or permanently enjoin us from making, using, selling, offering to sell, or importing our products
that are found to infringe on third parties&rsquo; intellectual property rights, or could enter orders mandating that we undertake
certain remedial actions. Further, a court could order us to pay compensatory damages for any such infringement, plus prejudgment
interest, and could in addition treble the compensatory damages and award attorneys&rsquo; fees. Any such payments could materially
and adversely affect our business and financial condition.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>If we are unable to protect
our information systems against service interruption or failure, misappropriation of data or breaches of security, our operations
could be disrupted, we could be subject to costly government enforcement actions and private litigation and our reputation may
be damaged.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our business involves the collection,
storage and transmission of personal, financial or other information that is entrusted to us by our customers and employees. Our
information systems also contain the Company&rsquo;s proprietary and other confidential information related to our business. Our
efforts to protect such information may be unsuccessful due to the actions of third parties, computer viruses, physical or electronic
break-ins, catastrophic events, employee error or malfeasance or other attempts to harm our systems. As the techniques used to
obtain unauthorized access, disable or degrade service, or sabotage systems, change frequently and often are not recognized until
launched against a target, we may be unable to anticipate these techniques or timely implement adequate preventative measures.
We could also experience a loss of critical data and delays or interruptions in our ability to manage inventories or process transactions.
Some of our commercial partners, such as those that help us maintain our website, may receive or store information provided by
us or our users through our website. If these third parties fail to adopt or adhere to adequate information security practices,
or fail to comply with our policies in this regard, or in the event of a breach of their networks, our customers&rsquo; or employees&rsquo;
information may be improperly accessed, used or disclosed.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<div style="margin-top: 12pt;margin-bottom: 6pt;border-bottom: 2pt #000000 solid;">
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">If our systems are harmed or
fail to function properly, we may need to expend significant financial resources to repair or replace systems or to otherwise
protect against security breaches or to address problems caused by breaches. If we experience a significant security breach or
fail to detect and appropriately respond to a significant security breach, we could be exposed to costly legal actions against
us in connection with such incidents, which could result in orders or judgments forcing us to pay damages or fines or to take
certain actions with respect to our information systems. Any incidents involving unauthorized access to or improper use of user
information, or incidents that are a violation of our online privacy policies, could harm our brand reputation and diminish our
competitive position. Any of these events could have a material and adverse effect on our business, reputation or financial results.
Our insurance policies carry coverage limits, which may not be adequate to reimburse us for losses caused by security breaches.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>Our risk management process
may not identify all risks that we are subject to and will not eliminate all risk.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our Enterprise Risk Management
(&ldquo;ERM&rdquo;) process seeks to identify and address significant risks. Our ERM process uses the most recent integrated risk
framework in <I>Internal Control &mdash; Integrated Framework (2013) </I>issued by the Committee of Sponsoring Organizations of
the Treadway Commission to assess, manage, and monitor risks. We believe that risk-taking is an inherent aspect of the pursuit
of our growth and performance strategy. Our goals are to proactively manage risks in a structured approach in conjunction with
strategic planning, with the intent to preserve and enhance shareowner value, and to manage prudently, rather than wholly avoiding,
risks. We can mitigate risks and their impact on the Company, however, only to a limited extent, and no ERM process can identify
all risks that we may face. Therefore, there may be risks that we are currently unaware of, that may develop in the future or
that we currently consider immaterial. Further, our management of risks may prove inadequate. The emergence of risks of which
we were unaware or are unable to manage could have a material adverse effect on our business, prospects, financial condition and
results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<div style="margin-top: 12pt;margin-bottom: 6pt;border-bottom: 2pt #000000 solid;">
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;"><B><I>The Company&rsquo;s officers
and directors are indemnified against certain conduct that may prove costly to defend.</I></B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Our Articles of Incorporation
and Bylaws generally provide broad indemnification to our officers and directors against judgments, fines, amounts paid in settlement,
and expenses, including attorneys&rsquo; fees actually incurred in connection with most actions or proceedings to which they are
or are threatened to be made a party that relates to their service as an officer or director, except as limited as set forth therein.
We are also obligated to advance expenses as they are incurred by a director or officer in defending an action or proceeding prior
to final disposition upon receipt of an undertaking by the applicable person to repay such advanced amount if the advancement
is ultimately found to not be permitted by law or otherwise.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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<div style="margin-top: 12pt;margin-bottom: 6pt;border-bottom: 2pt #000000 solid;">
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">In addition, the Nevada Revised
Statutes (the &ldquo;NRS&rdquo;) provides that no director or officer is individually liable for damages as a result of an act
or failure to act in his or her capacity as a director or officer except if (i) the presumption that such director or officer
acted in good faith, on an informed basis and with a view to the interests of the Company is rebutted, and (ii) it is proven that
such director&rsquo;s or officer&rsquo;s act or failure to act constituted a breach of his or her fiduciary duties as a director
or officer, and such breach involved intentional misconduct, fraud or a knowing violation of law.. Consequently, subject to the
applicable provisions of the NRS and to certain limited exceptions in the Articles of Incorporation and Bylaws, the Company&rsquo;s
officers and directors will not be liable to the Company or to its stockholders for monetary damages resulting from their conduct
as an officer or director. As a result, we may have to spend significant resources indemnifying our officers and directors or
paying for damages caused by their conduct.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
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<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt 0pt 0pt 0pt;"><B>C</B><a name="a003_v1"></a><B>AUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">This prospectus and the documents
incorporated by reference into this prospectus and any accompanying prospectus supplement, and the documents that we reference
herein and therein and have filed as exhibits to the registration statement, including the sections entitled &ldquo;Risk Factors,&rdquo;
contain &ldquo;forward-looking statements&rdquo; within the meaning of Section 21(E) of the Exchange Act and Section 27A of the
Securities Act. These forward-looking statements include, without limitation: statements regarding proposed new products or services;
statements concerning litigation or other matters; statements concerning projections, predictions, expectations, estimates, or
forecasts for our business, financial and operating results and future economic performance; statements of management&rsquo;s
goals and objectives; statements concerning our competitive environment, availability of resources and regulation; trends affecting
our financial condition, results of operations or future prospects; our financing plans or growth strategies; and other similar
expressions concerning matters that are not historical facts. Words such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;,
&ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;predicts&rdquo;, &ldquo;potential&rdquo;, &ldquo;continue&rdquo;, &ldquo;expects&rdquo;,
&ldquo;anticipates&rdquo;, &ldquo;future&rdquo;, &ldquo;intends&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo; and &ldquo;estimates,&rdquo;
and variations of such terms or similar expressions, are intended to identify such forward-looking statements.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: .0001pt;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Forward-looking
statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications
of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information
available at the time they are made and/or management&rsquo;s good faith belief as of that time with respect to future events
and are subject to risks and uncertainties that could cause actual performance or results to differ materially from what is expressed
in or suggested by the forward-looking statements. The section in this prospectus entitled &ldquo;Risk Factors&rdquo; and the
sections in our periodic reports, including the sections entitled &ldquo;Business&rdquo; in our recent Annual Report on Form 10-K
and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in our recent Annual
Report on Form 10-K and subsequent quarterly reports filed with the SEC, as well as other sections in this prospectus and the
documents or reports incorporated by reference into this prospectus, and any accompanying prospectus supplement and the documents
that we reference herein and therein and have filed as exhibits to the registration statement, discuss some of the factors that
could contribute to these differences.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: .0001pt;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Forward-looking
statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume
no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors
affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more
forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking
statements. Investors should review our subsequent reports filed with the SEC described in the sections entitled &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information by Reference&rdquo; of this prospectus and
incorporated by reference into this prospectus and any accompanying prospectus supplement and the documents that we reference
herein and therein and have filed as exhibits to the registration statement, all of which are accessible on the SEC&rsquo;s website
at <I>www.sec.gov</I>.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
<!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt 0pt 0pt 0pt;"><B>U</B><a name="a004_v1"></a><B>SE
OF PROCEEDS</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">Except as otherwise provided
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities offered by this prospectus
for working capital and general corporate purposes.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">The intended application of the
proceeds from the sale of any particular offering of securities using this prospectus will be described in the accompanying prospectus
supplement relating to such offering. The precise amount and timing of the application of these proceeds will depend on our funding
requirements and the availability and costs of other funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0pt 0pt 0pt;text-align: justify;">We will not receive any proceeds
from the sale by the selling stockholders of our Common Stock. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we will not receive any proceeds from the sale of the Shares by the Selling Stockholders described in this prospectus supplement,
we will receive $12.50 per share upon the cash exercise of each Class A Warrant, $15.00 per share upon the cash exercise of each
Class B Warrant and $18.00 per share upon the cash exercise of each Class C Warrant. We may be required to pay certain offering
fees and expenses in connection with the registration of the selling stockholders&rsquo; securities and to indemnify the selling
stockholders against certain liabilities.</FONT></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<!-- Field: Page; Sequence: 74 -->
<div style="margin-top: 12pt;margin-bottom: 6pt;border-bottom: 2pt #000000 solid;">
<p style="margin-top: 0pt;text-align: Center;margin-bottom: 0pt;font: 10pt Times New Roman, Times, Serif;font-style: normal;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p>
</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
<!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt 0pt 0pt 0pt;"><B>T</B><a name="a005_v1"></a><B>HE
SECURITIES THAT WE MAY OFFER</B></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">The descriptions of
our securities contained in this prospectus, together with the applicable prospectus supplements, summarize all of the material
terms and provisions of the various types of securities that we may offer. We will describe in the applicable prospectus supplement
relating to any securities the particular terms of such securities offered by that prospectus supplement. If we indicate in the
applicable prospectus supplement, the terms of such securities may differ from the terms that we have summarized below. We will
also include in the prospectus supplement information, where applicable, about material United States federal income tax considerations
relating to such securities, and the securities exchange, if any, on which such securities will be listed.</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">We may sell from time
to time, in one or more offerings, either individually or in any combination:</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">shares of our Common
Stock;</p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">shares of our Preferred
Stock;</p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">warrants to purchase
shares of our Common Stock or Preferred Stock;</p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">debt securities;</p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">subscription rights;
and/or</p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&nbsp;</p>
</td>
<td style="width: 18pt;" valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">units consisting of
shares of our Common Stock or Preferred Stock or warrants to purchase shares of our Common Stock or Preferred Stock.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">The terms of any securities
that we offer will be determined at the time of sale. We may issue securities that are exercisable, exchangeable for or convertible
into Common Stock. When particular securities are offered, a supplement to this prospectus will be filed with the SEC, which will
describe the terms of the offering and sale of the offered securities.&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: justify;">&nbsp;</p>
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</div>
<div style="page-break-before: always;margin-top: 6pt;">&nbsp;</div>
<!-- Field: /Page -->

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a006_v1"></a><B>DESCRIPTION
OF CAPITAL STOCK</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description of our capital
stock and certain provisions of our articles of incorporation, as amended (&ldquo;Articles of Incorporation&rdquo;), and our bylaws
(&ldquo;Bylaws&rdquo;) are summaries and are qualified by reference to our Articles of Incorporation and Bylaws. Such summaries
do not purport to be complete and are qualified in their entirety by reference to Nevada law, including the NRS, as well as copies
of our Articles of Incorporation and Bylaws, which have been filed as exhibits to prior reports filed by us with the SEC and are
incorporated by reference as exhibits to the registration statement of which this prospectus forms a part. See &ldquo;Where You
Can Find More Information.&rdquo;</I></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Articles of Incorporation authorizes
us to issue up to 85,000,000 shares of stock, consisting of 75,000,000 shares of Common Stock, par value $0.001 per share, and
10,000,000 shares of Preferred Stock, par value $0.001 per share, of which 840,000 shares were classified as shares of Series
A Preferred Stock as of December 10, 2021. See &ldquo;Description of the Series A Preferred Stock&rdquo; beginning on page 30.
As of December 10, 2021, we had 14,100,609 shares of Common Stock issued and 13,085,116 shares of Common Stock outstanding and
806,585 shares of Series A Preferred Stock issued and outstanding.</p>

<p style="margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our Articles of Incorporation, the
Board, without stockholder approval, is authorized to provide for the issuance of shares of Preferred Stock in one or more classes
or series, to establish the number of shares in each class or series and to fix the terms thereof.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of some general
terms and provisions of our Common Stock. Because it is a summary, it does not contain all of the information that may be important
to you. If you want more information, you should read our Articles of Incorporation and Bylaws, copies of which have been filed
with the SEC. See &ldquo;Where You Can Find More Information.&rdquo; This summary is also subject to and qualified by reference
to the description of the particular terms of Common Stock described in the applicable prospectus supplement.</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">Except as otherwise described in the applicable
prospectus supplement, and subject to the preferential rights of any other class or series of shares of capital stock then outstanding
or which may be issued holders of our Common Stock are entitled to the following:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights</I>.
The holders of the Common Stock are entitled to one vote per share held and have the right and power to vote on all matters on
which a vote of shareholders is taken. Shareholders do not have cumulative voting rights in the election of directors. The election
of directors of the Company is decided by plurality vote and all other questions are decided by majority vote of shareholders
present in person or by proxy, except as otherwise required by the NRS or our Articles of Incorporation. Our Articles of Incorporation
provide that notwithstanding any other provision of our Articles of Incorporation or the bylaws (and notwithstanding the fact
that some lesser percentage may be specified by law, the Articles of Incorporation or the bylaws), any director or the entire
Board may be removed at any time, but only for cause or after the affirmative vote of 75% or more of the outstanding shares of
capital stock entitled to vote for the election of directors at a meeting called for that purpose or after the affirmative vote
of 75% of the entire Board.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is divided into three classes,
with each class consisting, as nearly as may be possible, of one-third of the total number of directors, with the terms of the
classes scheduled to expire in successive years. At each annual meeting of the shareholders of the Company, the shareholders elect
the members of a single class of directors for three-year terms.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Dividends</I>.
The holders of the Common Stock are entitled to receive dividends when, as, and if declared by the Board, out of funds legally
available therefor.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation</I>.
Upon liquidation, dissolution, or the winding up of the Company, holder of Common Stock are entitled to receive any remaining
assets of the Company in proportion to the respective number of shares held after payment of and reservation for Company liabilities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Preemptive Rights</I>.
The holders of shares of our Common Stock do not have any preemptive right to subscribe for or purchase any shares of any class
of stock of the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption Rights</I>.
The outstanding shares of Common Stock are not subject to redemption by the Company. To the extent that the Company issues additional
shares of Common Stock, the relative interest in the Company of existing shareholders will likely be diluted.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Nonassessability</I>.
All outstanding shares of our Common Stock are fully paid and nonassessable.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">The following is a summary of the general
terms and provisions of the Preferred Stock that we may offer by this prospectus. We may issue Preferred Stock in one or more
classes or series; each class or series of Preferred Stock will have its own rights and preferences. We will describe in a prospectus
supplement (1) the specific terms of the class or series of any Preferred Stock offered through that prospectus supplement and
(2) any general terms outlined in this section that will not apply to such Preferred Stock. Because this is a summary, it does
not contain all of the information that may be important to you. If you want more information, you should read our Articles of
Incorporation, including any applicable Certificates of Designations, and Bylaws, copies of which have been filed with the SEC.
See &ldquo;Where You Can Find More Information.&rdquo; This summary is also subject to and qualified by reference to the description
of the particular terms of our securities described in the applicable prospectus supplement. The prospectus supplement may add
to, update or change the terms of such securities from those described below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General</I>. Our
Articles of Incorporation authorize the Board, without obtaining stockholder approval, to issue up to 10,000,000 shares of Preferred
Stock, par value $0.001 per share, from time to time, in one or more series, and to fix the number of shares and determine for
each such series such voting powers, designations, preferences, and relative participating, optional, or other rights and such
qualifications, limitations, or restrictions thereof. The Board is also expressly authorized to increase or decrease (but not
below the number of such series then outstanding) the number of shares of any series subsequent to the issuance of shares of that
series. If the number of shares of any series is decreased, the shares no longer designated as shares of such series will resume
the status of &ldquo;blank check&rdquo; preferred stock and may be designated, again, as a new series of Preferred Stock by the
Board.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 10, 2021, 840,000 shares
of our Preferred Stock were classified as shares of Series A Preferred Stock and we had 806,585 shares of our Series A Preferred
Stock issued and outstanding. Unless the applicable prospectus supplement indicates otherwise, we will have the right to &ldquo;reopen&rdquo;
a previous issue of a series of Preferred Stock by issuing additional Preferred Stock of such series.</p>

<p style="margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Preferred Stock will have the distribution,
liquidation, redemption, voting and conversion rights described in this section unless we state otherwise in the applicable prospectus
supplement. The liquidation preference is not indicative of the price at which the Preferred Stock will actually trade on or after
the date of issuance. You should read the prospectus supplement relating to the particular class or series of the Preferred Stock
for specific terms, including:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the distinctive designation
                                         of the applicable class or series of Preferred Stock and the number of shares that will
                                         constitute the class or series;&#8203;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the initial offering price
                                         of such Preferred Stock;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">relative ranking and preference
                                         of such Preferred Stock as to distribution rights and rights upon liquidation, dissolution
                                         or winding up of our affairs;</td></tr></table>

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

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the distribution rate or
                                         rates (or method of calculation) on that class or series, the distribution periods, the
                                         date(s) on which distributions will be payable and whether the distributions will be
                                         cumulative, noncumulative or partially cumulative, and, if cumulative, the dates from
                                         which the distributions will start to cumulate;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any redemption or sinking
                                         fund provisions of that class or series;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any voting rights;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any conversion or exchange
                                         provisions;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any other specific terms,
                                         preferences, rights, limitations or restrictions of such Preferred Stock;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any limitations on issuance
                                         of any class or series of Preferred Stock ranking senior to or on a parity with such
                                         Preferred Stock as to distribution rights and rights upon liquidation, dissolution or
                                         winding up of our affairs;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any procedures for any auction
                                         and remarketing; and</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any listing of such Preferred
                                         Stock on any securities exchange</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our Preferred Stock have no
preemptive rights to subscribe for any of our securities.</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 will describe in the applicable prospectus
supplement any material U.S. federal income tax considerations applicable to the Preferred Stock offered by such prospectus supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of shares of Preferred Stock,
the issuance of rights to purchase Preferred Stock or the possibility of the issuance of Preferred Stock or such rights could
have the effect of delaying or preventing a change in our control. In addition, the rights of holders of Common Stock will be
subject to, and may be adversely affected by, the rights of holders of any Preferred Stock that we have issued or may issue in
the future.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Rank</I>. Unless
our Board of Directors otherwise determines and we so specify in the applicable prospectus supplement, we expect that the shares
of Preferred Stock will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of our affairs,
rank senior to all our Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Distributions</I>.
Holders of Preferred Stock of each class or series will be entitled to receive cash and/or share distributions at the rates and
on the dates shown in the applicable prospectus supplement. We will pay each distribution to holders of record as they appear
on our stock transfer books on the record dates fixed by our Board of Directors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not authorize or pay any distributions
on a class or series of Preferred Stock or set aside funds for the payment of distributions if restricted or prohibited by law,
or if the terms of any of our agreements, including agreements relating to our indebtedness or our other classes or series of
Preferred Stock, prohibit that authorization, payment or setting aside of funds or provide that the authorization, payment or
setting aside of funds is a breach of or a default under that agreement. We are now, and may in the future become, a party to
agreements which restrict or prevent the payment of distributions on, or the purchase or redemption of, our shares of capital
stock, including Preferred Stock. These restrictions may be indirect, such as covenants which require us to maintain specified
levels of net worth or assets.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions on any class or series of
Preferred Stock may be cumulative, noncumulative or partially cumulative, as specified in the applicable prospectus supplement.
Cumulative distributions will be cumulative from and after the date shown in the applicable prospectus supplement. If our Board
of Directors fails to authorize a distribution that is noncumulative, the holders of the applicable class or series will have
no right to receive, and we will have no obligation to pay, a distribution in respect of the applicable distribution period, whether
or not distributions on that class or series are declared payable in the future.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to our shares of Common shares
or other stock, now or hereafter issued, that rank junior to an applicable class or series of Preferred Stock with respect to
distribution rights as junior stock. To the extent that the applicable class or series is entitled to a cumulative distribution,
we may not declare or pay any distributions, or set aside any funds for the payment of distributions, on junior stock, or redeem
or otherwise acquire junior stock, unless we also have declared and either paid or set aside for payment the full cumulative distributions
on such class or series of Preferred Stock and on all our other class or series of Preferred Stock ranking senior to or on a parity
with such class or series of Preferred Stock for all past distribution periods. The preceding sentence does not prohibit:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">distributions payable in
                                         junior shares or options, warrants or rights to subscribe for or purchase junior stock;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">conversions into or exchanges
                                         for junior stock;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">pro rata offers to purchase
                                         or a concurrent redemption of all, or a pro rata portion of, the outstanding Preferred
                                         Stock of such class or series and any other class or series of shares ranking on a parity
                                         with such class or series of Preferred Stock with respect to distribution rights and
                                         rights upon our liquidation, dissolution or winding up; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">our redemption, purchase
                                         or other acquisition of shares under incentive, benefit or share purchase plans for Directors,
                                         officers or employees, or others performing or providing similar services, or our redemption
                                         or other acquisition of rights issued under any shareholder rights plan we may adopt.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8203;To the extent an applicable class
or series is noncumulative, we need only declare, and pay or set aside for payment, the distribution for the then current distribution
period, before making distributions on or acquiring junior shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless full cumulative distributions on
a class or series of Preferred Stock have been or are contemporaneously declared and either paid or set aside for payment for
all past distribution periods, no distributions (other than in junior shares) may be declared or paid or set aside for payment
on any other class or series of Preferred Stock ranking on a parity with such class or series with respect to distribution rights.
When distributions are not paid in full upon a class or series of Preferred Stock and any other class or series ranking on a parity
with such class or series with respect to distribution rights, all distributions declared upon such class or series and any class
or series ranking on a parity with such class or series with respect to distribution rights shall be allocated pro rata so that
the amount of distributions declared per share on such class or series and such other shares shall in all cases bear to each other
the same ratio that the accrued distributions per share on such class or series and such other shares bear to each other.</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">Unless otherwise specified in the applicable
prospectus supplement, we will credit any distribution payment made on an applicable class or series, including any capital gain
distribution, first against the earliest accrued but unpaid distribution due with respect to the class or series.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption</I>.
We may have the right or may be required to redeem one or more classes or series of Preferred Stock, as a whole or in part, in
each case upon the terms, if any, and at the times and at the redemption prices shown in the applicable prospectus supplement.
If a class or series of Preferred Stock is subject to mandatory redemption, we will specify in the applicable prospectus supplement
the number of shares we are required to redeem, when those redemptions start, the redemption price and any other terms and conditions
affecting the redemption. The redemption price will include all accrued and unpaid distributions, except in the case of noncumulative
Preferred Stock. The redemption price may be payable in cash or other property, as specified in the applicable prospectus supplement.
If the redemption price for Preferred Stock of any class or series is payable only from the net proceeds of our issuance of shares
of capital stock, the terms of the Preferred Stock may provide that, if no shares of capital stock shall have been issued or to
the extent the net proceeds from any issuance are insufficient to pay in full the aggregate redemption price then due, the Preferred
Stock will automatically and mandatorily be converted into shares of Common Stock pursuant to conversion provisions specified
in the applicable prospectus supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation Preference</I>.
The applicable prospectus supplement will specify the liquidation preference of the applicable class or series. Upon our voluntary
or involuntary liquidation, dissolution or winding up of our affairs, before any distribution may be made to the holders of our
common shares or any other shares of capital stock ranking junior in the distribution of assets upon any liquidation, dissolution
or winding up of our affairs, to the applicable class or series, the holders of that class or series will be entitled to receive,
out of our assets legally available for distribution to shareholders, liquidating distributions in the amount of the liquidation
preference, plus an amount equal to all distributions accrued and unpaid. In the case of a noncumulative applicable class or series,
accrued and unpaid distributions include only the then current distribution period. Unless otherwise specified in the applicable
prospectus supplement, if liquidating distributions have been made in full to all holders of Preferred Stock, our remaining assets
will be distributed among the holders of any other shares of capital stock ranking junior to the Preferred Stock upon liquidation,
according to their rights and preferences and in each case according to their number of shares.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, upon any voluntary or involuntary
liquidation, dissolution or winding up of our affairs, our available assets are insufficient to pay the amount of the liquidating
distributions on all outstanding shares of that class or series and the corresponding amounts payable on all equally ranking shares
of capital stock upon any liquidation, dissolution or winding up of our affairs, then the holders of that class or series and
all other equally ranking shares of capital stock shall share ratably in the distribution in proportion to the full liquidating
distributions to which they would otherwise be entitled.</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">Unless otherwise specified in the applicable
prospectus supplement, after payment of the full amount of the liquidating distribution to which they are entitled, the holders
of a class or series of Preferred Stock will have no right or claim to any of our remaining assets. Neither the sale, lease, transfer
or conveyance of all or substantially all of our property or business, nor the merger or consolidation of us into or with any
other entity or the merger or consolidation of any other entity into or with us or a statutory share exchange by us, shall be
deemed to constitute the dissolution, liquidation or winding up of our affairs. In determining whether a distribution (other than
upon voluntary or involuntary dissolution), by dividend, redemption or other acquisition of shares or otherwise, is permitted
under Nevada law, amounts that would be needed, if we were to be dissolved at the time of the distribution, to satisfy the preferential
rights upon dissolution of the holders of a class or series of Preferred Stock will not be added to our total liabilities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights</I>.
Holders of our Preferred Stock will not have any voting rights, except as set forth below or otherwise from time to time specified
in the applicable prospectus supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise provided for in an applicable
class or series, so long as any Preferred Stock are outstanding, we may not, without the affirmative vote or consent of a majority
of the shares of each affected class or series of Preferred Stock outstanding at that time:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">authorize, create or increase
                                         the authorized or issued amount of any class or series of shares of capital stock ranking
                                         senior to that class or series of Preferred Stock with respect to distribution and liquidation
                                         rights;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reclassify any authorized
                                         shares of capital stock into a class or series of shares of capital stock ranking senior
                                         to that class or series of Preferred Stock with respect to distribution and liquidation
                                         rights;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">create, authorize or issue
                                         any security or obligation convertible into or evidencing the right to purchase any shares
                                         of capital stock ranking senior to that class or series of Preferred Stock with respect
                                         to distribution and liquidation rights; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">amend, alter or repeal the
                                         provisions of our Articles of Incorporation or any Certificate of Designations relating
                                         to that class or series of Preferred Stock, whether by merger, consolidation or otherwise,
                                         in a manner that materially and adversely affects the class or series of Preferred Stock.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8203;The authorization, creation or
increase of the authorized or issued amount of any class or series of shares of capital stock ranking on parity or junior to a
class or series of Preferred Stock with respect to distribution and liquidation rights will not be deemed to materially and adversely
affect that class or series. Further, with respect to any merger, consolidation or similar event, so long as a class or series
of Preferred Stock remains outstanding with the terms thereof materially unchanged or the holders of shares of that class or series
receive shares of the successor with substantially identical rights, taking into account that, upon the occurrence of such event,
we may not be the surviving entity, the occurrence of such event will not be deemed to materially and adversely affect that class
or series.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing voting provisions will not
apply if all of the outstanding shares of the class or series of Preferred Stock with the right to vote have been redeemed or
called for redemption and sufficient funds have been deposited in trust for the redemption either at or prior to the act triggering
these voting rights.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Conversion and
Exchange Rights</I>. We will describe in the applicable prospectus supplement the terms and conditions, if any, upon which you
may, or we may require you to, convert or exchange Preferred Stock of any class or series into shares of Common Stock or any other
class or series of shares of capital stock or debt securities or other property. The terms will include the number of shares of
Common Stock or other securities or property into which the Preferred Stock are convertible or exchangeable, the conversion or
exchange price (or the manner of determining it), the conversion or exchange period, provisions as to whether conversion or exchange
will be at the option of the holders of the class or series or at our option, the events requiring an adjustment of the conversion
or exchange price and provisions affecting conversion or exchange upon the redemption of shares of the class or series.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
summary of some general terms and provisions of our Series A Preferred Stock. Because it is a summary, it does not contain all
of the information that may be important to you. If you want more information, you should read our Articles of Incorporation and
Bylaws, copies of which have been filed with the SEC. See &ldquo;Where You Can Find More Information.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights</I>.
Holders of the Series A Preferred Stock do not have any voting rights, except as described below or as otherwise required by law.
In any matter in which the Series A Preferred Stock may vote (as expressly provided herein or as may be required by law), each
share of Series A Preferred Stock will be entitled to one vote per $25.00 of liquidation preference; provided that if the Series
A Preferred Stock and any other stock ranking on parity to the Series A Preferred Stock as to dividend rights and rights as to
the distribution of assets upon the Company&rsquo;s liquidation, dissolution or winding up are entitled to vote together as a
single class on any matter, the holders of each will vote in proportion to their respective liquidation preferences.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Dividends</I>.
Subject to the preferential rights, if any, of the holders of any class or series of capital stock of the Company ranking senior
to the Series A Preferred Stock as to dividends, the holders of the Series A Preferred Stock are entitled to receive, when, as
and if declared by the Board of Directors (or a duly authorized committee of the Board), only out of funds legally available for
the payment of dividends, cumulative cash dividends at the annual rate of&nbsp;9.0% of the $25.00 liquidation preference&nbsp;per
year (equivalent to $2.25 per year).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation</I>.
In the event of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, holders of
shares of Series A Preferred Stock will be entitled to be paid out of the assets of the Company legally available for distribution
to its stockholders (<I>i.e.</I>, after satisfaction of all the Company&rsquo;s liabilities to creditors, if any) and, subject
to the rights of holders of any shares of each other class or series of capital stock ranking, as to rights to the distribution
of assets upon the Company&rsquo;s voluntary or involuntary liquidation, dissolution or winding up, senior to the Series A Preferred
Stock, a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends to the date
of payment (whether or not declared), before any distribution or payment may be made to holders of shares of the Common Stock
or any other class or series of the Company&rsquo;s capital stock ranking, as to rights to the distribution of assets upon any
voluntary or involuntary liquidation, dissolution or winding up, junior to the Series A Preferred Stock (the &ldquo;liquidation
preference&rdquo;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, upon such voluntary or involuntary
liquidation, dissolution or winding up of the Company&rsquo;s affairs, the assets of the Company legally available for distribution
to the Company&rsquo;s stockholders are insufficient to pay the full amount of the liquidation preference on all outstanding shares
of Series A Preferred Stock and the corresponding amounts payable on all shares of each other class or series of capital stock
of the Company ranking, as to rights to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up, on parity with the Series A Preferred Stock, then the holders of the Series A Preferred Stock and each such other
class or series of capital stock of the Company ranking, as to rights to the distribution of assets upon the Company&rsquo;s voluntary
or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Stock will share ratably in any distribution
of assets in proportion to the full liquidation preference to which they would otherwise be respectively entitled. </p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Preemptive Rights</I>.
No holders of Series A Preferred Stock will, as holders of Series A Preferred Stock, have any preemptive rights to purchase or
subscribe for the Common Stock or any other security.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption Rights</I>.
The Company is not required to redeem the Series A Preferred Stock at any time. Accordingly, the Series A Preferred Stock will
remain outstanding indefinitely, unless the Company decides, at its option, to exercise its redemption right or, under circumstances
as described in &ldquo;Conversion Rights,&rdquo; where the holders of Series A Preferred Stock have a conversion right, such holders
convert the Series A Preferred Stock into the Common Stock. The Series A Preferred Stock is not subject to any sinking fund.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Conversion Rights</I>.
The shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company
or any other entity, except upon the occurrence of a delisting event or change of control.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Nonassessability</I>.
All outstanding shares of our Series A Preferred Stock are fully paid and nonassessable.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shares of Common Stock and Series
A Preferred Stock are listed on Nasdaq under the symbols &ldquo;SLNH&rdquo; and &ldquo;SLNHP&rdquo;, respectively.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our
Common Stock and Series A Preferred Stock is American Stock Transfer &amp; Trust Company, LLC (&ldquo;Transfer Agent&rdquo;).
The Transfer Agent&rsquo;s address is 6201 15<SUP>th</SUP> Avenue, Brooklyn, NY 11219.</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"><FONT STYLE="font-size: 10pt">&#8203;</FONT><B>Outstanding
Stock Options and 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 10, 2021, there were options
to acquire a total of 992,300 shares of Common Stock at a weighted-average exercise price of $5.44, of which 355,800 shares of
our Common Stock are currently issuable upon exercise of outstanding stock options at a weighted-average exercise price of $4.37
per share; and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">outstanding warrants to purchase up to
an aggregate of 2,385,141 shares of Common Stock at a weighted average exercise price of $13.37 (including the shares underlying
the warrants).</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-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>Certain Provisions of Our Articles
of Incorporation Bylaws</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Articles of Incorporation and Bylaws
contain provisions and terms that may delay, defer, or prevent a tender offer or change in control of the Company that a shareholder
might consider to be in his, her, or its best interests, including attempts that might result in a premium being paid over the
market price for our shares of Common Stock. The Company expects that such provisions and terms will operate to discourage extraordinary
corporate transactions with respect to the Company, such as takeover bids, and will instead encourage any potential acquiror of
the Company to first correspond with the Board. These provisions and terms include:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Special meetings of shareholders may only be called by the Chief Executive
    Officer, President, or Secretary of the Company or otherwise by resolution of the Board; shareholders have no right to call
    special meetings thereof.</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">The Company maintains a classified Board that is divided into three classes
    serving for respective three-year terms. As a result, it would take at least two successive annual meetings of shareholders
    to replace a majority of our Board.</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Vacancies on the Board may be filled only by majority vote of remaining directors
    then in office, even if less than a quorum, with the individual elected to serve for the remainder of the unexpired term.</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Except in instances of removal for cause, a director of the Company may be
    removed from service as a director only after the affirmative vote of 75% or more of outstanding shares of stock or 75% of
    the entire Board.</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt">&#9679;</td>
    <td style="font-size: 10pt; text-align: justify">Our Articles of Incorporation authorize us to issue up to 75,000,000 shares
    of Common Stock. Under Nevada law, our Board is permitted, in its discretion, at any time, and from time to time, without
    any action by the shareholders of the Company, to issue shares of our Common Stock (except to the extent such issuance would
    be violative of fiduciary duties, so dilutive to existing holders that it would be the equivalent of a sale of the Company,
    or otherwise prohibited by select provisions of the NRS). The issuance of shares of authorized but unissued stock could, under
    certain circumstances, have an anti-takeover effect, for example, by diluting the stock ownership of a person seeking to effect
    a change in the composition of our Board or contemplating a tender offer or other transaction for the acquisition of the Company.</td></tr>
</table>

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

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Nevada Anti-Takeover
Statutes</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to Sections 78.411 &ndash;
78.444 of the Nevada Revised Statutes, relating to combinations with interested stockholders. These provisions prohibit an &ldquo;interested
stockholder&rdquo; from entering into a &ldquo;combination&rdquo; with the Company unless certain conditions are met. An &ldquo;interested
stockholder&rdquo; is a person who, together with affiliates and associates, beneficially owns (or within the prior two years,
did beneficially own) 10% or more of the Company&rsquo;s capital stock entitled to vote.</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; background-color: white">Section 78.416 of the Nevada Revised
Statutes defines &ldquo;combination&rdquo; to include the following:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">any merger or consolidation
                                         involving the Company (or its subsidiary) and (i) the interested stockholder or (ii)
                                         any other entity which is, or after and as a result of the merger or consolidation would
                                         be, an affiliate or associate of the interested stockholder;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">any sale, transfer, pledge
                                         or other disposition of the assets of the Company (or its subsidiary) involving the interested
                                         stockholder or its affiliate or associate where the assets transferred (i) have an aggregate
                                         market value equal to more than 5% of the aggregate market value of all of the Company&rsquo;s
                                         assets, on a consolidated basis; (ii) have an aggregate market value equal to more than
                                         5% of the aggregate market value of all outstanding voting shares of the Company; or
                                         (iii) represent more than 10% of the earning power or net income of the Company, on a
                                         consolidated basis;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">subject to certain exceptions,
                                         any transaction that results in the issuance or transfer by the Company of any stock
                                         of the Corporation with a market value of 5% or more of the value of the outstanding
                                         shares of the Company;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the adoption of any plan
                                         or proposal for the liquidation or dissolution of the Company under any agreement, arrangement
                                         or understanding with the interested stockholder, or its affiliate or associate;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">any transaction involving
                                         the Company that has the effect of increasing the proportionate share of the stock of
                                         any class or series of the Company beneficially owned by the interested stockholder,
                                         or its affiliate or associate; or</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the receipt by the interested
                                         stockholder, or its affiliate or associate of the benefit of any loans, advances, guarantees,
                                         pledges or other financial benefits provided by or through the Company.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, Sections 78.378 through 78.3793
of the Nevada Revised Statutes limit the voting rights of certain acquired shares in a Nevada corporation (an &ldquo;issuing corporation&rdquo;)
that (i) has 200 or more stockholders, at least 100 of which are Nevada residents and (ii) conducts business in Nevada. Specifically,
if the acquisition results in ownership of: (i) 20% or more but less than 33%; (ii) 33% percent or more but less than 50%; or
(iii) 50% or more, as applicable, of the issuing corporation&rsquo;s then outstanding voting power with respect to the election
of directors, then the securities acquired in such acquisition are denied voting rights unless the acquisition is approved by
(i) the holders of a majority of the issuing corporation&rsquo;s voting power; and (ii) the holders of a majority of each class
or series of stock if the acquisition would adversely affect or change any preference of any relative or other right given to
any such class or series. Unless an issuing corporation&rsquo;s articles of incorporation or bylaws then in effect provide otherwise:
(i) not less than all of the voting securities of the issuing corporation acquired by the acquiring person may be redeemable by
an issuing corporation at the average price paid for the securities within 30 days if (x) the acquiring person has not given a
timely offeror&rsquo;s statement to the issuing corporation in accordance with Section 78.3789 of the Nevada Revised Statutes
or (y) the issuing corporation&rsquo;s stockholders vote not to grant voting rights to the acquiring person&rsquo;s securities,
and (ii) if the issuing corporation&rsquo;s stockholders vote to accord voting rights to the securities acquired by acquiring
person, then any stockholder of the issuing corporation who voted against granting voting rights to the acquiring person may demand
the purchase from an issuing corporation, for fair value, all or any portion of his securities.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect the existence of these provisions
to have an anti-takeover effect with respect to transactions that our Board does not approve in advance and could result in making
it more difficult to accomplish transactions that our shareholders may see as beneficial such as (i) discouraging business combinations
that might result in a premium over the market price for the shares of our Common Stock; (ii) discouraging hostile takeovers which
could inhibit temporary fluctuations in the market price of our Common Stock that often result from actual or rumored hostile
takeover attempts; and (iii) preventing changes in our management.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure of Commission Position on
Indemnification for Securities Act Liabilities</B></p>

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a007_v1"></a><B>DESCRIPTION
OF WARRANTS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with
the additional information that we may include in any applicable prospectus supplements, summarizes the material terms and provisions
of the warrants that we may offer under this prospectus and the related warrant agreements and warrant certificates. While the
terms summarized below will apply generally to any warrants that we may offer, we will describe the particular terms of any series
of warrants in more detail in the applicable prospectus supplement. If we indicate in the prospectus supplement, the terms of
any warrants offered under that prospectus supplement may differ from the terms described below. If there are differences between
that prospectus supplement and this prospectus, the prospectus supplement will control. Thus, the statements we make in this section
may not apply to a particular series of warrants. Specific warrant agreements will contain additional important terms and provisions
and will be incorporated by reference as an exhibit to the registration statement which includes this prospectus.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue warrants for purchase of
Common Stock or Preferred Stock in one or more series. We may issue warrants independently or together with Common Stock or Preferred
Stock, and the warrants may be attached to or separate from the Common Stock or Preferred Stock.</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 will evidence each series of warrants
by warrant certificates that we may issue under a separate agreement. We may enter into the warrant agreement with a warrant agent.
Each warrant agent may be a bank that we select which has its principal office in the United States and a combined capital and
surplus of at least $125,000,000. We may also choose to act as our own warrant agent. We will indicate the name and address of
any such warrant agent in the applicable prospectus supplement relating to a particular series of warrants.</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 will describe in the applicable prospectus
supplement the terms of the series of warrants, including:</p>

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

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

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the currency for which the
                                         warrants may be purchased;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">if applicable, the designation
                                         and terms of the securities with which the warrants are issued and the number of warrants
                                         issued with each such security or each principal amount of such security;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">if applicable, the date on
                                         and after which the warrants and the related securities will be separately transferable;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the number of shares of Common
                                         Stock or Preferred Stock purchasable upon the exercise of one warrant and the price at
                                         which such shares may be purchased upon such exercise;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the warrant agreement under
                                         which the warrants will be issued;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the effect of any merger,
                                         consolidation, sale or other disposition of our business on the warrant agreement and
                                         the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">anti-dilution provisions
                                         of the warrants, if any;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the terms of any rights to
                                         redeem or call the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any provisions for changes
                                         to or adjustments in the exercise price or number of securities issuable upon exercising
                                         the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the manner in which the warrant
                                         agreement and warrants may be modified;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the identities of the warrant
                                         agent and any calculation or other agent for the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">federal income taxes of holding
                                         or exercising the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the terms of the securities
                                         issuable upon exercise of the warrants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any securities exchange or
                                         quotation system on which the warrants or any securities deliverable upon exercise of
                                         the warrants may be listed; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any other specific terms,
                                         preferences, rights or limitations of or restrictions on the warrants.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before exercising their warrants, holders
of warrants will not have any of the rights of holders of Common Stock or Preferred Stock purchasable upon such exercise, including
the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights,
if any.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each warrant will entitle the holder to
purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the
applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of the warrants
may exercise the warrants at any time up to 5:00 p.m. Eastern Time on the expiration date that we set forth in the applicable
prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.</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">Holders of the warrants may exercise the
warrants by delivering the warrant certificate representing the warrants to be exercised together with the specified information,
and paying the required amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement.
We will set forth on the reverse side of the warrant certificate, and in the applicable prospectus supplement, the information
that the holder of the warrant will be required to deliver to the warrant agent.</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">Until the warrant is properly exercised,
no holder of any warrant will be entitled to any rights of a holder of the securities purchasable upon exercise of the warrant.</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">Upon receipt of the required payment and
the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office
indicated in the applicable prospectus supplement, we will issue and deliver the securities purchasable upon such exercise. If
fewer than all of the warrants represented by the warrant certificate are exercised, then we will issue a new warrant certificate
for the remaining amount of warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender
securities as all or part of the exercise price for warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Enforceability of Rights By Holders
of Warrants </B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any warrant agent will act solely as our
agent under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder
of any warrant. A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will
have no duty or responsibility in case of any default by us under the applicable warrant agreement or warrant, including any duty
or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may,
without the consent of the related warrant agent or the holder of any other warrant, enforce by appropriate legal action its right
to exercise, and receive the securities purchasable upon exercise of, its warrants in accordance with their terms.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calculations relating to warrants may
be made by a calculation agent, an institution that we appoint as our agent for this purpose. The prospectus supplement for a
particular warrant will name the institution that we have appointed to act as the calculation agent for that warrant as of the
original issue date for that warrant. We may appoint a different institution to serve as calculation agent from time to time after
the original issue date without the consent or notification of the holders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation agent&rsquo;s determination
of any amount of money payable or securities deliverable with respect to a warrant will be final and binding in the absence of
manifest error.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless we provide otherwise in the applicable
prospectus supplement, the warrants and warrant agreements, and any claim, controversy or dispute arising under or related to
the warrants or warrant agreements, will be governed by and construed in accordance with the laws of the State of New York.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a008_v1"></a><B>DESCRIPTION
OF DEBT SECURITIES</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References in this &ldquo;Description
of Debt Securities&rdquo; section to &ldquo;we,&rdquo; &ldquo;us&rdquo; &ldquo;our&rdquo; or &ldquo;SHI&rdquo; mean Soluna Holdings,
Inc. and not any of its consolidated subsidiaries, unless the context otherwise requires. The following is a summary of some general
terms of the debt securities that we may offer by this prospectus and any applicable prospectus supplement. Because it is a summary,
it does not contain all of the information that may be important to you. If you want more information, you should read the forms
of indentures or note purchase agreements which we will file in connection with a particular offering and will be incorporated
by reference into the registration statement of which this prospectus is a part. If we issue debt securities, we will file any
additional final indentures, and any supplemental indentures or officer&rsquo;s certificates or note purchase agreements related
to the particular series of debt securities issued, with the SEC, and you should read those documents for further information
about the terms and provisions of such debt securities. See &ldquo;Where You Can Find More Information.&rdquo; This summary is
also subject to and qualified by reference to the descriptions of the particular terms of our debt securities to be described
in the applicable prospectus supplement. The applicable prospectus supplement may add to, update or change the terms of such debt
securities from those described below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debt securities sold under this prospectus
will be direct obligations of SHI and, unless otherwise stated in a prospectus supplement, will not be obligations of any of our
subsidiaries. Such debt obligations may be secured or unsecured and may be senior or subordinated indebtedness. Our debt securities
will be issued under one or more indentures between us and a trustee or a note purchase agreement. Any indenture will be subject
to and governed by the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;). The statements made in
this prospectus relating to any future indentures, note purchase agreements and the debt securities to be issued under the indentures
or note purchase agreements are summaries of certain anticipated provisions of the indentures or note purchase agreements and
are not complete.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities that rank
&ldquo;senior,&rdquo; &ldquo;senior subordinated&rdquo; or &ldquo;junior subordinated,&rdquo; and which may be convertible into
another security. The debt securities that we refer to as &ldquo;senior&rdquo; will be direct obligations of SHI and will rank
equally and ratably in right of payment with our other indebtedness that is not subordinated, without giving effect to collateral
arrangements. We may issue debt securities that will be subordinated in right of payment to the prior payment in full of our senior
debt, as defined in the applicable prospectus supplement, and may rank equally and ratably with our other senior subordinated
indebtedness, if any, without giving effect to collateral arrangements. We refer to these as &ldquo;senior subordinated&rdquo;
securities. We may also issue debt securities that may be subordinated in right of payment to the senior subordinated securities.
These would be &ldquo;junior subordinated&rdquo; securities. We will file as an amendment to the registration statement of which
this prospectus is a part &nbsp;or in connection with a particular offering and will be incorporated by reference into the registration
statement of which this prospectus is a part three separate forms of indenture, one for the senior securities, one for the senior
subordinated securities and one for the junior subordinated securities, and a form of note purchase agreement.</p>

<p style="margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities without limit
as to aggregate principal amount, in or more series, in each case as we establish in one or more supplemental indentures or note
purchase agreements. We need not issue all debt securities of one series at the same time. Unless we otherwise provide, we may
reopen a series, without the consent of the holders of the series, for the issuance of additional securities of that series.</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 anticipate that each indenture will
provide that we may, but need not, designate more than one trustee under an indenture, each with respect to one or more series
of debt securities. Any trustee under any indenture may resign or be removed with respect to one or more series of debt securities,
and we may appoint a successor trustee to act with respect to any such series.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement will
describe the specific terms relating to the series of debt securities we will offer, including, where applicable, the following:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the title and series designation
                                         and whether they are senior securities, senior subordinated securities or junior subordinated
                                         securities;</td></tr></table>

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

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the aggregate principal amount
                                         of the debt securities offered and any limit on the aggregate principal amount of that
                                         series that may be authenticated and delivered;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the&nbsp;percentage of the
                                         principal amount at which we will issue the debt securities and, if other than the principal
                                         amount of the debt securities, the portion of the principal amount of the debt securities
                                         payable upon maturity of the debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">if convertible, the initial
                                         conversion price, the conversion period and any other terms governing such conversion;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the stated maturity date;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any fixed or variable interest
                                         rate or rates per annum;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether such interest will
                                         be payable in cash or additional debt securities of the same series or will accrue and
                                         increase the aggregate principal amount outstanding of such series;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the place where principal,
                                         premium, if any, and interest will be payable and where the debt securities can be surrendered
                                         for transfer, exchange or conversion;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the date from which interest
                                         may accrue and any interest payment dates and any related record dates;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the terms of any guarantee
                                         of the debt securities and the identity of any guarantor or guarantors of such debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any sinking fund requirements;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any provisions for redemption
                                         or repurchase, including the redemption or repurchase price;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether the debt securities
                                         are denominated or payable in U.S. dollars, a foreign currency or&nbsp;units of two or
                                         more currencies;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether the amount of payments
                                         of principal of or premium, if any, or interest on the debt securities may be determined
                                         with reference to an index, formula or other method and the manner in which such amounts
                                         shall be determined;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the events of default and
                                         covenants of the debt securities, to the extent different from or in addition to those
                                         described in this prospectus;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether we will issue the
                                         debt securities in certificated or book-entry form;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether the debt securities
                                         will be in registered or bearer form and, if in registered form, the denominations, if
                                         other than $2,000 and integral multiples of $1,000 in excess thereof, or, if in bearer
                                         form, the denominations and terms and conditions relating thereto;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether we will issue any
                                         of the debt securities in permanent global form and, if so, the terms and conditions,
                                         if any, upon which interests in the global security may be exchanged, in whole or in
                                         part, for the individual debt securities represented by the global security;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any addition or change to
                                         the provisions relating to the defeasance or covenant defeasance provisions of, or the
                                         satisfaction and discharge of, the debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">whether we will pay additional
                                         amounts on the debt securities in respect of any tax, assessment or governmental charge
                                         and, if so, whether we will have the option to redeem the debt securities instead of
                                         making this payment;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the subordination provisions,
                                         if any, relating to the debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">if the debt securities are
                                         to be issued upon the exercise of warrants, the time, manner and place for such debt
                                         securities to be authenticated and delivered;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any restriction or condition
                                         on the transferability of debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any addition or change to
                                         the provisions related to compensation and reimbursement of the trustee which applies
                                         to the debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any addition or change to
                                         the provisions related to supplemental indentures both with and without the consent of
                                         the holders;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">provisions, if any, granting
                                         special rights to holders upon the occurrence of specified events;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any addition or change to
                                         the events of default which applies to any debt securities and any change in the right
                                         of the trustee or the requisite holders of such debt securities to declare the principal
                                         amount thereof due and payable pursuant to the indenture;</td></tr></table>

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

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">any addition or change to
                                         the covenants set forth in the indenture, or described in this prospectus or any prospectus
                                         supplement with respect to such series of debt securities; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any other terms of debt securities
                                         of such series (which terms will not be inconsistent with the provisions of the Trust
                                         Indenture Act, but may modify, amend, supplement or delete any of the terms of the indenture,
                                         including those described in this prospectus or any prospectus supplement, with respect
                                         to such series).</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will describe in the applicable prospectus
supplement any material U.S. federal income tax considerations applicable to the debt securities offered by such prospectus supplement.</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 may issue debt securities at less than
the principal amount payable at maturity. We refer to these securities as &ldquo;original issue discount&rdquo; securities. If
material or applicable, we will describe in the applicable prospectus supplement special U.S. federal income tax considerations
applicable to original issue discount securities.</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">Except as may be described in any prospectus
supplement, any future indenture or note purchase agreement will not contain any other provisions that would limit our ability
to incur indebtedness or that would afford holders of the debt securities protection in the event of a highly leveraged or similar
transaction involving us or in the event of a change in control. You should review carefully the applicable prospectus supplement
for information with respect to events of default and covenants applicable to the debt securities being offered.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Denominations, Interest, Registration
and Transfer</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise described in the applicable
prospectus supplement, we will issue debt securities of any series that are registered securities in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof, other than global securities, which may be of any denomination.</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">Unless otherwise specified in the applicable
prospectus supplement, we will pay the interest, principal and any premium at the corporate trust office of the trustee or at
the location specified in a note purchase agreement or, at our option, we may make payment of interest by check mailed to the
address of the person entitled to the payment as it appears in the applicable register or by wire transfer of funds to that person
at an account maintained within the United States or, in the case of global securities, in accordance with the procedures of the
depositary for such securities.</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">If we do not punctually pay or otherwise
provide for interest on any interest payment date, the defaulted interest will be paid either:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">to the person in whose name
                                         the debt security is registered at the close of business on a special record date the
                                         trustee will fix; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">in any other lawful manner,
                                         all as the applicable indenture or note purchase agreement describes.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may have your debt securities divided
into more debt securities of smaller authorized denominations or combined into fewer debt securities of larger authorized denominations,
as long as the total principal amount is not changed. We call this an &ldquo;exchange.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may exchange or transfer debt securities
at the office of the applicable trustee. The trustee acts as our agent for registering debt securities in the names of holders
and transferring debt securities. We may change this appointment to another entity or perform this role ourselves. The entity
performing the role of maintaining the list of registered holders is called the &ldquo;registrar.&rdquo; The registrar will also
perform transfers.</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">You will not be required to pay a service
charge to transfer or exchange debt securities, but you may be required to pay for any tax or other governmental charge associated
with the exchange or transfer. The registrar will make the transfer or exchange only if it is satisfied with your proof of ownership.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Merger, Consolidation or Sale of Assets</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not consolidate with or merge into
any other person or convey, transfer or lease all or substantially all of our properties and assets to any other person (other
than one of our direct or indirect wholly owned subsidiaries), and we may not permit any other person (other than one of our direct
or indirect wholly owned subsidiaries) to consolidate with or merge into us, unless:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">we are the surviving entity
                                         or, in case we consolidate with or merge into another person, the person formed by such
                                         consolidation or merger is, or in case we convey, transfer or lease all or substantially
                                         all of our properties and assets to any person, such acquiring person is, an entity organized
                                         and validly existing under the laws of the United States, any state thereof or the District
                                         of Columbia and expressly assumes, by a supplemental indenture executed and delivered
                                         to the trustee, in form satisfactory to the trustee, the due and punctual payment of
                                         the principal of and any premium and interest on all applicable debt securities issued
                                         under the applicable indenture and the performance or observance of every covenant of
                                         the applicable indenture on our part to be performed or observed;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">immediately after giving
                                         effect to such transaction, and treating any indebtedness which becomes an obligation
                                         of us or any of our subsidiaries as a result of such transaction as having been incurred
                                         by us or such subsidiary at the time of such transaction, no event of default, and no
                                         event which, after notice or lapse of time or both, would become an event of default,
                                         in each case under the applicable indenture, has happened and is continuing; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we have delivered to the
                                         trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that such
                                         consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture
                                         is required in connection with such transaction, such supplemental indenture complies
                                         with the applicable indenture provisions described in this paragraph and that all conditions
                                         precedent provided for in the applicable indenture relating to such transaction have
                                         been complied with.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Events of Default and Related Matters
</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Events of Default</I>. Unless otherwise
described in a prospectus supplement, the term &ldquo;event of default&rdquo; for any series of debt securities means any of the
following:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">we do not pay the principal
                                         of or any premium on a debt security of that series when due;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we do not pay interest on
                                         a debt security of that series within 30&nbsp;days after its due date;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we do not deposit any sinking
                                         fund payment for that series within 30&nbsp;days after its due date;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we remain in breach of any
                                         other covenant of the applicable indenture (other than a covenant added to the indenture
                                         solely for the benefit of another series) for 60&nbsp;days after we receive a notice
                                         of default specifying the breach and requiring that it be remedied. Only the trustee
                                         or holders of at least a majority in principal amount of outstanding debt securities
                                         of the affected series may send the notice;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we experience specified events
                                         of bankruptcy, insolvency or reorganization; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any other event of default
                                         described in the applicable prospectus supplement occurs.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Remedies if an Event of Default Occurs.
</I>If an event of default has occurred and has not been cured, the trustee or the holders of not less than a majority in principal
amount of the outstanding debt securities of the affected series may declare the entire principal amount of all the debt securities
of that series to be due and payable immediately. If an event of default occurs because we experience specified events of bankruptcy,
insolvency or reorganization, the principal amount of all the debt securities of that series will be automatically accelerated
and become immediately due and payable, without any action by the trustee or any holder. At any time after the trustee or the
holders have accelerated any series of debt securities, but before a judgment or decree for payment of the money due has been
obtained, the holders of a majority in principal amount of the outstanding debt securities of the affected series may, under certain
circumstances, rescind and annul such acceleration.</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">Except in cases of default where the trustee
has some special duties, the trustee is not required to take any action under the applicable indenture at the request of any holders
unless the holders offer the trustee reasonable protection from expenses and liability. We refer to this as an &ldquo;indemnity.&rdquo;
If reasonable indemnity is provided, the holders of not less than a majority in principal amount of the outstanding debt securities
of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any
remedy available to the trustee. These majority holders may also direct the trustee in performing any other action under the applicable
indenture, subject to certain limitations.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before you bypass the trustee and bring
your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to
the applicable indenture or debt securities issued under such indenture, the following must occur:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">you must give the trustee
                                         written notice that an event of default has occurred and is continuing;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the holders of at least a
                                         majority in principal amount of all outstanding debt securities of the relevant series
                                         must make a written request that the trustee take action because of the default and must
                                         offer reasonable indemnity to the trustee against the cost and other liabilities of taking
                                         that action; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the trustee must have not
                                         taken action for 60&nbsp;days after receipt of the notice, request and offer of indemnity
                                         and must have not received from the holders of a majority in principal amount of all
                                         outstanding debt securities of the relevant series other conflicting directions within
                                         such 60 day period.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, you are entitled at any time
to bring a lawsuit for the payment of money due on your debt security after its due date.</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">Every year we will furnish to the trustee
a written statement by certain of our officers certifying that, to their best knowledge, we are in compliance with the applicable
indenture and the debt securities, or else specifying any default.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification of an Indenture or Note
Purchase Agreement</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise described in a prospectus
supplement, there are three types of changes we can make to the indentures, note purchase agreements and our debt securities:</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"><I>Changes Requiring Your Approval</I>.
First, we cannot make certain changes to the indentures, note purchase agreements and our debt securities without the approval
of each holder of debt securities affected by the change. The following is a list of those types of changes:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">change the stated maturity
                                         of the principal of, or interest on, a debt security;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reduce the principal of,
                                         or the rate of interest on, a debt security;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reduce the amount of any
                                         premium due upon redemption;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reduce the amount of principal
                                         of an original issue discount security payable upon acceleration of its maturity;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">change the currency or place
                                         of payment on a debt security;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">impair a holder&rsquo;s right
                                         to sue for payment on or after the stated maturity of a debt security;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">in the case of a subordinated
                                         debt security, modify the subordination provisions of such debt security in a manner
                                         that is adverse to the holders;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reduce the&nbsp;percentage
                                         of holders of debt securities whose consent is needed to modify or amend an indenture;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">reduce the&nbsp;percentage
                                         of holders of debt securities whose consent is needed to waive compliance with certain
                                         provisions of an indenture or certain defaults and their consequences;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">waive past defaults in the
                                         payment of principal of or premium, if any, or interest on the debt securities or in
                                         respect of any covenant or provision that cannot be modified or amended without the approval
                                         of each holder of the debt securities; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">modify any of the foregoing
                                         provisions.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Changes Requiring Majority Approval</I>.
Second, certain changes require the approval of holders of not less than a majority in principal amount of the outstanding debt
securities of the affected series. We require the same majority vote to obtain a waiver of a past default. However, we cannot
obtain a waiver of a payment default or any other aspect of an indenture or the debt securities listed in the first category described
above under &ldquo;&mdash; Changes Requiring Your Approval&rdquo; without the consent of each holder of debt securities affected
by the waiver.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Changes Not Requiring Approval</I>.
Third, certain changes do not require any approval of holders of debt securities. These include:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">to evidence the assumption
                                         by a successor obligor of our obligations;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add to our covenants for
                                         the benefit of holders of debt securities of all or any series or to surrender any right
                                         or power conferred upon us;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add any additional events
                                         of default for the benefit of holders of all or any series of debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add to or change any provisions
                                         necessary to permit or facilitate the issuance of debt securities in bearer form, registrable
                                         or not registrable as to principal, and with or without interest coupons, or to permit
                                         or facilitate the issuance of debt securities in uncertificated form;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add to, change or eliminate
                                         any of the provisions, so long as such addition, change or elimination does not apply
                                         to any debt security of any existing series of debt security entitled to the benefit
                                         of such provision or modify the rights of the holder of any such debt security with respect
                                         to such provision or such addition, change or elimination only becomes effective when
                                         there is no such security outstanding;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add guarantees of or to
                                         secure all or any series of the debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to establish the forms or
                                         terms of debt securities of any series;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to evidence and provide for
                                         the acceptance of appointment of a successor trustee;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to cure any ambiguity, to
                                         correct or supplement any provision in the applicable indenture or note purchase agreement
                                         which may be defective or inconsistent with any other provision contained therein or
                                         to conform the terms of the indenture or note purchase agreement that are applicable
                                         to a series of debt securities to the description of the terms of such debt securities
                                         in the offering memorandum, prospectus supplement or other offering document applicable
                                         to such debt securities at the time of initial sale thereof;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to permit or facilitate the
                                         defeasance or satisfaction and discharge of debt securities of any series; provided that
                                         such action does not adversely affect the interests of any holder of debt securities
                                         in any material respect;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to prohibit the authentication
                                         and delivery of additional series of debt securities;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to add to or change or eliminate
                                         any provision as shall be necessary or desirable in accordance with any amendments to
                                         the Trust Indenture Act;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to comply with the rules
                                         of any applicable depositary; or</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">to change anything that does
                                         not adversely affect the interests of the holders of debt securities of any series in
                                         any material respect.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Further Details Concerning Approval</I>.
Debt securities are not considered outstanding, and therefore the holders thereof are not eligible to vote or consent or give
their approval or take other action under the applicable indenture or note purchase agreement, if we have deposited or set aside
in trust for you money for their payment or redemption or if we or one of our affiliates own them. Debt securities are also not
considered to be outstanding and therefore the holders thereof are not eligible to vote or consent or give their approval or take
other action under the applicable indenture or note purchase agreement if they have been fully defeased or discharged, as described
below under &ldquo;&mdash;&nbsp;Discharge, Defeasance and Covenant Defeasance&thinsp;&mdash;&thinsp;Discharge&rdquo; or &ldquo;&mdash;
Full Defeasance.&rdquo;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Discharge</I>. Unless otherwise described
in a prospectus supplement, we may discharge our obligations to holders of any series of debt securities that have become due
and payable or will become due and payable at their stated maturity within one year, or are to be called for redemption within
one year, by depositing or causing to be deposited with the trustee, in trust, funds in the applicable currency in an amount sufficient
to pay the debt securities of such series, including any premium and interest to the date of such deposit (in the case of debt
securities which have become due and payable) or to such stated maturity or redemption date, as applicable.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Full Defeasance.</I>&nbsp;Unless otherwise
described in a prospectus supplement, we can, under particular circumstances, effect a full defeasance of any series of debt securities.
By this we mean we can legally release ourselves from any payment or other obligations on the debt securities if, among other
things, we put in place the arrangements described below to pay those debt securities and deliver certain certificates and opinions
to the trustee:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">we must irrevocably deposit
                                         (or cause to be deposited), in trust, for the benefit of all direct holders of the debt
                                         securities of such series money or government obligations (or, in some circumstances,
                                         depository receipts representing such government obligations), or a combination thereof,
                                         that will provide funds in an amount sufficient to pay the debt securities of such series,
                                         including any premium and interest on the debt securities of such series at their stated
                                         maturity or applicable redemption date (a &ldquo;government obligation&rdquo; for these
                                         purposes means, with respect to any series of debt securities, securities that are not
                                         callable or redeemable at the option of the issuer thereof and are (1)&nbsp;direct obligations
                                         of the government that issued the currency in which such series is denominated (or, if
                                         such series is denominated in euros, the direct obligations of any government that is
                                         a member of the European Monetary Union) for the payment of which its full faith and
                                         credit is pledged or (2)&nbsp;obligations of a person controlled or supervised by and
                                         acting as an agency or instrumentality of such government the payment of which is unconditionally
                                         guaranteed as a full faith and credit obligation by such government); and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">we must deliver to the trustee
                                         a legal opinion stating that the current U.S. federal income tax law has changed or an
                                         Internal Revenue Service, or IRS, ruling has been issued, in each case to the effect
                                         that holders of the outstanding debt securities of such series will not recognize gain
                                         or loss for federal income tax purposes as a result of such full defeasance and will
                                         be subject to federal income tax on the same amounts and in the same manner and at the
                                         same times as would have been the case if such full defeasance had not occurred.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the following
rights and obligations will survive full defeasance:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">your right to receive payments
                                         from the trust when payments are due;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">our obligations relating
                                         to registration and transfer of debt securities and lost or mutilated certificates; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">our obligations to maintain
                                         a payment office and to hold moneys for payment in trust.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Covenant Defeasance</I>. Under current
U.S. federal income tax law, we can make the same type of deposit described above with respect to a series of debt securities
and be released from the obligations imposed by most of the covenants with respect to such series and provisions of the applicable
indenture or note purchase agreement with respect to such series, and we may omit to comply with those covenants and provisions
without creating an event of default. This is called &ldquo;covenant defeasance.&rdquo;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we accomplish covenant defeasance,
the following provisions of an indenture or a note purchase agreement and the debt securities of such series would no longer apply:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">most of the covenants applicable
                                         to such series of debt securities and any events of default for failure to comply with
                                         those covenants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any subordination provisions;
                                         and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">certain other events of default
                                         as set forth in any prospectus supplement.</td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms and conditions, if any, upon
which the debt securities are convertible into or exchangeable for Common Stock or Preferred Stock, other debt securities or other
property will be set forth in the applicable prospectus supplement. Such terms will include whether the debt securities are convertible
into or exchangeable for Common Stock or Preferred Stock, other debt securities or other property, the conversion or exchange
price (or manner of calculation thereof), the conversion or exchange period, whether conversion or exchange will be at the option
of the holders, the events requiring an adjustment of the conversion or exchange price and provisions affecting conversion or
exchange in the event of the redemption of such debt securities and any restrictions on conversion or exchange.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will describe in the applicable prospectus
supplement the terms and conditions, if any, upon which any series of senior subordinated securities or junior subordinated securities
is subordinated to debt securities of another series or to our other indebtedness. The terms will include a description of:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the indebtedness ranking
                                         senior to the debt securities being offered;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the restrictions, if any,
                                         on payments to the holders of the debt securities being offered while a default with
                                         respect to the senior indebtedness is continuing;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the restrictions, if any,
                                         on payments to the holders of the debt securities being offered following an event of
                                         default with respect to such debt securities; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">provisions requiring holders
                                         of the debt securities being offered and any related guarantees to remit payments to
                                         holders of senior indebtedness.</td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue the debt securities of a
series in whole or in part in the form of one or more registered global securities that we will deposit with a depositary or with
a nominee for a depositary identified in the applicable prospectus supplement and registered in the name of such depositary or
nominee. In such case, we will issue one or more registered global securities denominated in an amount equal to the aggregate
principal amount of all of the debt securities of the series to be issued and represented by such registered global security or
securities.</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">Unless and until it is exchanged in whole
or in part for debt securities in definitive registered form, a registered global security may not be transferred except as a
whole:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">by the depositary for such
                                         registered global security to its nominee;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">by a nominee of the depositary
                                         to the depositary or another nominee of the depositary; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">by the depositary or its
                                         nominee to a successor of the depositary or a nominee of the successor.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement relating to
a series of debt securities will describe the specific terms of the depositary arrangement with respect to any portion of such
series represented by a registered global security. We currently anticipate that the following provisions will apply to all depositary
arrangements for debt securities:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">ownership of beneficial interests
                                         in a registered global security will be limited to persons that have accounts with the
                                         depositary for the registered global security, those persons being referred to as &ldquo;participants,&rdquo;
                                         or persons that may hold interests through participants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">upon the issuance of a registered
                                         global security, the depositary for the registered global security will credit, on its
                                         book-entry registration and transfer system, the participants&rsquo; accounts with the
                                         respective principal amounts of the debt securities represented by the registered global
                                         security beneficially owned by the participants;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any dealers, underwriters
                                         or agents participating in the distribution of the debt securities will designate the
                                         accounts to be credited; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">ownership of any beneficial
                                         interest in the registered global security will be shown on, and the transfer of any
                                         ownership interest will be effected only through, records maintained by the depositary
                                         for the registered global security (with respect to interests of participants) and on
                                         the records of participants (with respect to interests of persons holding through participants).</td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws of some states may require that
certain purchasers of securities take physical delivery of the securities in definitive form. These laws may limit the ability
of those persons to own, transfer or pledge beneficial interests in registered global securities.</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">So long as the depositary for a registered
global security, or its nominee, is the registered owner of the registered global security, the depositary or the nominee, as
the case may be, will be considered the sole owner or holder of the debt securities represented by the registered global security
for all purposes under the applicable indenture. Except as set forth below, owners of beneficial interests in a registered global
security:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">will not be entitled to have
                                         the debt securities represented by a registered global security registered in their names;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">will not receive or be entitled
                                         to receive physical delivery of the debt securities in the definitive form; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">will not be considered the
                                         owners or holders of the debt securities under the applicable indenture.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, each person owning a beneficial
interest in a registered global security must rely on the procedures of the depositary for the registered global security and,
if the person is not a participant, on the procedures of a participant through which the person owns its interest, to exercise
any rights of a holder under the applicable indenture.</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 understand that under currently existing
industry practices, if we request any action of holders or if an owner of a beneficial interest in a registered global security
desires to give or take any action that a holder is entitled to give or take under an indenture, the depositary for the registered
global security would authorize the participants holding the relevant beneficial interests to give or take the action, and those
participants would authorize beneficial owners owning through those participants to give or take the action or would otherwise
act upon the instructions of beneficial owners holding through them.</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">We will make payments of principal of and premium, if any,
and interest, if any, on debt securities represented by a registered global security registered in the name of a depositary or
its nominee to the depositary or its nominee, as the case may be, as the registered owners of the registered global security.
Neither we nor any trustee or any other agent of us or a trustee will be responsible or liable for any aspect of the records relating
to, or payments made on account of, beneficial ownership interests in the registered global security or for maintaining, supervising
or reviewing any records relating to the beneficial ownership 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">We expect that the depositary for any
debt securities represented by a registered global security, upon receipt of any payments of principal and premium, if any, and
interest, if any, in respect of the registered global security, will immediately credit participants&rsquo; accounts with payments
in amounts proportionate to their respective beneficial interests in the registered global security as shown on the records of
the depositary. We also expect that standing customer instructions and customary practices will govern payments by participants
to owners of beneficial interests in the registered global security held through the participants, as is now the case with the
securities held for the accounts of customers in bearer form or registered in &ldquo;street&nbsp;name.&rdquo; We also expect that
any of these payments will be the responsibility of the participants.</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">No registered global security may be exchanged
in whole or in part for debt securities registered, and no transfer of a registered global security in whole or in part may be
registered, in the name of any person other than the depositary for such registered global security, unless (1)&nbsp;such depositary
notifies us that it is unwilling or unable to continue as depositary for such registered global security or has ceased to be a
clearing agency registered under the Exchange Act and we fail to appoint an eligible successor depositary within 90&nbsp;days,
(2)&nbsp;an event of default shall have occurred and be continuing with respect to such debt securities, or (3)&nbsp;circumstances,
if any, exist in addition to or in lieu of the foregoing as have been specified for that purpose in an applicable prospectus supplement.
In any such case, the affected registered global security may be exchanged in whole or in part for debt securities in definitive
form and the applicable trustee will register any such debt securities in such name or names as such depositary directs.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently anticipate that certain registered
global securities will be deposited with, or on behalf of, The Depository Trust Company, New York, New York, or DTC, and will
be registered in the name of Cede &amp; Co., as the nominee of DTC. DTC has advised us that DTC is a limited-purpose trust company
organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law,
a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial
Code and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities
that its participants, or direct participants, deposit with DTC. DTC also facilitates the post-trade settlement among direct participants
of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges
between direct participants&rsquo; accounts. This eliminates the need for physical movement of securities certificates. Direct
participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations and
certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust &amp; Clearing Corporation, or DTCC. DTCC
is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are
registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available
to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that
clear through or maintain a custodial relationship with a direct participant, either directly or indirectly. The rules applicable
to DTC and its direct participants are on file with the SEC. The information in this paragraph concerning DTC and DTC&rsquo;s
book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy
thereof. In the event registered global securities are deposited with, or on behalf of, a depositary other than DTC, we will describe
additional or differing terms of the depositary arrangements in the applicable prospectus supplement relating to that particular
series of debt securities.</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 may also issue bearer debt securities
of a series in the form of one or more global securities, referred to as &ldquo;bearer global securities.&rdquo; We currently
anticipate that we will deposit these bearer global securities with a common depositary for Euroclear Bank SA/NV and Clearstream
Banking, soci&eacute;t&eacute; anonyme, or with a nominee for the depositary identified in the prospectus supplement relating
to that series. The prospectus supplement relating to a series of debt securities represented by a bearer global security will
describe the specific terms and procedures, including the specific terms of the depositary arrangement and any specific procedures
for the issuance of debt securities in definitive form in exchange for a bearer global security, with respect to the portion of
the series represented by a bearer global security.</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">Neither we nor any trustee assumes any
responsibility for the performance by DTC or any other depositary or its participants of their respective obligations, including
obligations that they have under the rules and procedures that govern their operations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any future indentures or note purchase
agreements and our debt securities issued thereunder will be governed by and construed in accordance with the laws of the State
of New York.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a009_v1"></a><B>DESCRIPTION
OF SUBSCRIPTION RIGHTS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue subscription rights to purchase
our Common Stock, Preferred Stock or debt securities. These subscription rights may be offered independently or together with
any other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such
offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters
or other purchasers pursuant to which the underwriter or other purchasers may be required to purchase any securities remaining
unsubscribed for after such offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement relating to
any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the offering, including
some or all of the following:</p>

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

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



<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">&#9679;</td><td style="text-align: justify">the exercise price payable
                                         for our Common Stock, Preferred Stock or debt securities upon the exercise of the subscription
                                         rights;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the number of subscription
                                         rights to be issued to each stockholder;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the number and terms of our
                                         Common Stock, Preferred Stock or debt securities which may be purchased per each subscription
                                         right;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the extent to which subscription
                                         rights are transferable;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">any other terms of the subscription
                                         rights, including the terms, procedures and limitations relating to the exchange and
                                         exercise of the subscription rights;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the date on which the right
                                         to exercise the subscription rights shall commence, and the date on which the subscription
                                         rights shall expire;</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">the extent to which the subscription
                                         rights may include an over-subscription privilege with respect to unsubscribed securities
                                         or an over-allotment privilege to the extent the securities are fully subscribed; and</td></tr></table>



<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">&#9679;</td><td style="text-align: justify">if applicable, the material
                                         terms of any standby underwriting or purchase arrangement which may be entered into by
                                         the Company in connection with the offering of subscription rights.</td></tr></table>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a010_v1"></a><B>DESCRIPTION
OF UNITS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue units comprising shares of
Common Stock or Preferred Stock and warrants to purchase shares of Common Stock, Preferred Stock or other securities. Each unit
will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a
unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued
may provide that the securities included in such unit may not be held or transferred separately, at any time or at any time before
a specified date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement will
describe:</p>

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

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

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any unit agreement under
                                         which the units will be issued;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any provisions for the issuance,
                                         payment, settlement, transfer or exchange of the units or of the securities comprising
                                         the units; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">whether the units will be
                                         issued in fully registered or global form.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement will
describe the terms of any units. The preceding description and any description of units in the applicable prospectus supplement
does not purport to be complete and is subject to and is qualified in its entirety by reference to the unit agreement and, if
applicable, collateral arrangements and depositary arrangements relating to such units.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a011_v1"></a><B>SELLING
STOCKHOLDERS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus also relates to the possible
resale by the selling stockholders to be named in a prospectus supplement, who we refer to in this prospectus as the &ldquo;selling
stockholders,&rdquo; of up to 3,552,146 shares of our Common Stock underlying the Selling Stockholders Notes and Selling Stockholders
Warrants (each as defined below) which were issued in a transaction exempt from registration under the Securities Act pursuant
to a Securities Purchase Agreement (the &ldquo;SPA&rdquo;) among the Company and the selling stockholders dated October 25, 2021
pursuant to which such stockholders received (i) secured convertible notes in the aggregate principal amount of $16,304,348 for
an aggregate purchase price of $15 million (collectively, the &ldquo;Selling Stockholders Notes&rdquo;), which are, subject to
certain conditions, convertible at any time by the selling stockholders, into an aggregate of 1,776,073 shares of Common Stock
(the &ldquo;Conversion Shares&rdquo;), at a price per share of $9.18, and (ii) Class A, Class B and Class C common stock purchase
warrants (collectively, the &ldquo;Selling Stockholders Warrants&rdquo;) to purchase up to an aggregate of 1,776,073 shares of
Common Stock (the &ldquo;Warrant Shares&rdquo;), at an exercise price of $12.50, $15.00 and $18.00 per share, respectively. The
Selling Stockholders Warrants are immediately exercisable for five years upon issuance, subject to applicable Nasdaq rules.</p>

<p style="margin: 0pt 0">&nbsp;&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">The
shares of Common Stock to be offered by the selling stockholders are &ldquo;restricted securities&rdquo; under applicable federal
and state securities laws and are being registered under the Securities Act to give those selling stockholders the opportunity
to publicly sell these shares, if they elect to do so following exercise of the Selling Stockholders Warrants or conversion of
the Selling Stockholders Notes. The registration of these shares does not require that the selling stockholders exercise any of
the Selling Stockholders Warrants, convert any of the Selling Stockholders Notes or sell any of the Conversion Shares or Warrant
Shares. The selling stockholders may sell all, some or none of the shares of Common Stock they receive pursuant to this prospectus
and the applicable prospectus supplement. See &ldquo;Plan of Distribution.&rdquo;</FONT></p>

<p style="margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further information regarding the selling
stockholders will be set forth in a prospectus supplement or in filings we make with the SEC under the Exchange Act which are
incorporated by reference into this prospectus.</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">To our knowledge, none of the selling
stockholders had any position, office, or other material relationship with us or any of our affiliates within the past three years.<br style="clear: both"></p>

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

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a012_v1"></a><B>PLAN
OF DISTRIBUTION</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and/or the selling stockholders may
sell the securities being offered pursuant to this prospectus through underwriters or dealers, through agents, or directly to
one or more purchasers or through a combination of these methods. The applicable prospectus supplement will describe the terms
of the offering of the securities, including:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the name or names of any
                                         underwriters, if any, and if required, any dealers or agents;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">the purchase price of the
                                         securities and the proceeds that we will receive from the sale;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any underwriting discounts
                                         and other items constituting underwriters&rsquo; compensation;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any discounts or concessions
                                         allowed or reallowed or paid to dealers; and</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">any securities exchange or
                                         market on which the securities may be listed.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and/or the selling stockholders may
distribute the securities from time to time in one or more transactions at:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">a fixed price or prices,
                                         which may be changed;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">market prices prevailing
                                         at the time of sale;</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">prices related to such prevailing
                                         market prices; or</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">&#9679;</td><td style="text-align: justify">negotiated prices.</td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If underwriters are used in an offering,
we and/or the selling stockholders will execute an underwriting agreement with such underwriters and will specify the name of
each underwriter and the terms of the transaction (including any underwriting discounts and other terms constituting compensation
of the underwriters and any dealers) in a prospectus supplement. The securities may be offered to the public either through underwriting
syndicates represented by managing underwriters or directly by one or more investment banking firms or others, as designated.
If an underwriting syndicate is used, the managing underwriter(s) will be specified on the cover of the prospectus supplement.
If underwriters are used in the sale, the offered securities will be acquired by the underwriters for their own accounts and may
be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or
at varying prices determined at the time of sale. Any public offering price and any discounts or concessions allowed or reallowed
or paid to dealers may be changed from time to time. Unless otherwise set forth in the prospectus supplement, the obligations
of the underwriters to purchase the offered securities will be subject to conditions precedent and the underwriters will be obligated
to purchase all of the offered securities if any are purchased.</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 and/or the selling stockholders may
grant to the underwriters options to purchase additional securities to cover over-allotments, if any, at the public offering price,
with additional underwriting commissions or discounts, as may be set forth in a related prospectus supplement. The terms of any
over-allotment option will be set forth in the prospectus supplement for those securities.</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">If we and/or the selling stockholders
use a dealer in the sale of the securities being offered pursuant to this prospectus or any prospectus supplement, we and/or the
selling stockholders will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public
at varying prices to be determined by the dealer at the time of resale. The names of the dealers and the terms of the transaction
will be specified in a prospectus supplement.</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 and/or the selling stockholders may
sell the securities directly or through agents we and/or the selling stockholders designate from time to time. We will name any
agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus
supplement. Unless the prospectus supplement states otherwise, any agent will act on a best-efforts basis for the period of its
appointment.</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 and/or the selling stockholders may
authorize agents or underwriters to solicit offers by institutional investors to purchase securities from us at the public offering
price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified
date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these
contracts in the prospectus supplement.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and/or the selling stockholders may
also sell equity securities covered by this registration statement in an &ldquo;at the market&rdquo; offering as defined in Rule
415(a)(4) under the Securities Act. Such offering may be made into an existing trading market for such securities in transactions
at other than a fixed price on or through the facilities of Nasdaq or any other securities exchange or quotation or trading service
on which such securities may be listed, quoted or traded at the time of sale.</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">Such at the market offerings, if any,
may be conducted by underwriters acting as principal or agent.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the securities,
underwriters, dealers or agents may receive compensation from us and/or the selling stockholders or from purchasers of the securities
for whom they act as agents in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through
dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters
or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution
of the securities, and any institutional investors or others that purchase securities directly and then resell the securities,
may be deemed to be underwriters, and any discounts or commissions received by them from us and any profit on the resale of the
securities by them may be deemed to be underwriting discounts and commissions under the Securities Act.</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 may provide agents and underwriters
with indemnification against particular civil liabilities, including liabilities under the Securities Act, or contribution with
respect to payments that the agents or underwriters may make with respect to such liabilities. Agents and underwriters may engage
in transactions with, or perform services for, us in the ordinary course of business.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we and/or the selling stockholders
may enter into derivative transactions with third parties (including the writing of options) in privately negotiated transactions.
If the applicable prospectus supplement indicates, in connection with such a transaction, the third parties may, pursuant to this
prospectus and the applicable prospectus supplement, sell securities covered by this prospectus and the applicable prospectus
supplement. If so, the third party may use securities borrowed from us or others to settle such sales and may use securities received
from us to close out any related short positions. We and/or the selling stockholders may also loan or pledge securities covered
by this prospectus and the applicable prospectus supplement to third parties, who may sell the loaned securities or, in an event
of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable prospectus supplement.
The third party in such sale transactions will be an underwriter and will be identified in the applicable prospectus supplement
or in a post-effective amendment.</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">To facilitate an offering of a series
of securities, persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect
the market price of the securities. This may include over-allotments or short sales of the securities, which involve the sale
by persons participating in the offering of more securities than have been sold to them by us. In those circumstances, such persons
would cover such over-allotments or short positions by purchasing in the open market or by exercising the over-allotment option
granted to those persons. In addition, those persons may stabilize or maintain the price of the securities by bidding for or purchasing
securities in the open market or by imposing penalty bids, whereby selling concessions allowed to underwriters or dealers participating
in any such offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions.
The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which
might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. We make no representation
or prediction as to the direction or magnitude of any effect that the transactions described above, if implemented, may have on
the price of our securities.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All securities we may offer, other than
our Common Stock and Series A Preferred Stock, will be new issues of securities with no established trading market. Any agents
or underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making
at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities. There is currently no
market for any of the securities being registered hereby, other than our Common Stock and Series A Preferred Stock which are listed
on Nasdaq. We have no current plans for listing of debt securities, warrants, units or subscription rights on any securities exchange
or quotation system; any such listing with respect to any particular debt securities, warrants, units or subscription rights will
be described in the applicable prospectus supplement or other offering materials, as the case may be. Any underwriters to whom
securities are sold by us for public offering and sale may make a market in the securities, but such underwriters will not be
obligated to do so and may discontinue any market making at any time without notice.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities
laws of some states, if applicable, the securities offered pursuant to this prospectus will be sold in those states only through
registered or licensed brokers or dealers. In addition, in some states securities may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available
and complied with.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a013_v1"></a><B>LEGAL
MATTERS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in connection
with the particular offering of any securities, the validity of the issuance of the securities offered hereby will be passed upon
for us by Sullivan &amp; Worcester LLP, New York, New York.</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: center; text-indent: 0in"><a name="a014_v1"></a><B>EXPERTS</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
of Soluna Holdings, Inc. as of and for the two years ended December 31, 2020 incorporated into this prospectus by reference to
our Annual Report on Form 10-K for the year ended December 31, 2020 have been audited by Wojeski &amp; Company, CPAs, P.C., an
independent registered public accounting firm, as stated in their report thereon, which are incorporated by reference herein in
reliance upon such report and upon the authority of such firm as experts in accounting and auditing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="a015_v1"></a><B>WHERE
YOU CAN FIND MORE INFORMATION</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus constitutes a part of
a Registration Statement on Form S-3 filed under the Securities Act. As permitted by the SEC&rsquo;s rules, this prospectus and
any prospectus supplement, which form a part of the registration statement, do not contain all of the information that is included
in the registration statement. You will find additional information about us in the registration statement. Any statements made
in this prospectus or any prospectus supplement concerning legal documents are not necessarily complete and you should read the
documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding
of the document or matter.</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 file annual, quarterly and current
reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at no cost from the
SEC&rsquo;s website at http://www.sec.gov. Our corporate website is www.solunacomputing.com. The information on our corporate
website is not incorporated by reference in this prospectus, any prospectus supplement or the registration statement of which
they form a part, and the documents incorporated by reference herein and therein, and you should not consider it a part of this
prospectus, any prospectus supplement, the registration statement or such documents.</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: center; text-indent: 0in"><a name="a016_v1"></a><B>INCORPORATION
OF DOCUMENTS BY REFERENCE</B></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed a Registration Statement
on Form S-3 with the SEC under the Securities Act. This prospectus is part of the registration statement, but the registration
statement includes and incorporates by reference additional information and exhibits. The SEC permits us to &ldquo;incorporate
by reference&rdquo; the information contained in documents that we file with the SEC, which means that we can disclose important
information to you by referring you to those documents rather than by including them in this prospectus. Information that is incorporated
by reference is considered to be part of this prospectus and you should read it with the same care that you read this prospectus.
Information that we file later with the SEC will automatically update and supersede the information that is either contained,
or incorporated by reference, in this prospectus, and will be considered to be a part of this prospectus from the date those documents
are filed. We have filed with the SEC, and incorporate by reference in this prospectus:</p>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Annual Report on Form 10-K for the fiscal year ended </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000039/mti10kv3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2020</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, filed with the SEC on March
    31, 2021, as amended by our Form 10-K/A, filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000043/mti10ka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    29, 2021;</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    Quarterly Reports on Form 10-Q for the quarters ended </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000061/mti10q1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    31, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000321/g082290_10q.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    30, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, and </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000679/g082396_10q.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    30, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, filed with the SEC on May 17,
    2021, August 10, 2021 and November 12, 2021, respectively;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1%"></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         Current Reports on Form 8-K filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000007/mti8k012121.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
                                         21, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000014/mkty8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
                                         24, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000016/mti8k022621.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
                                         26, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000018/mkty8k022621.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">),
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000025/mti8k030221.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
                                         8, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000033/mkty8k03222021.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
                                         22, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000095/g082131_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
                                         12, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000116/g082165_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
                                         29, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000047/mti8k043021.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
                                         30, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000124/g082184_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                         4, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000160/g082207_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                         19, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000172/g082210_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                         27, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000187/g082214_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
                                         10, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000192/g082217_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
                                         15, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000208/g082243_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
                                         24, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000340/g082297_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                         12, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000398/g082320_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                         23, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000408/g082330_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                         31, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000461/g082347_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
                                         22, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000505/g082363_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
                                         30, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000568/g082388_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
                                         12, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
                                         25, 2021</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                         </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000632/g082430_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
                                         4, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;
                                         </FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<!-- Field: Page; Sequence: 103; Value: 24 -->
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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1%"></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         Definitive Proxy Statement on Schedule 14A for our annual meeting of stockholders held
                                         on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000062/mtidef14a.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
                                         9, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         filed with the SEC on May 18, 2021 and our Definitive Proxy Statement on Schedule 14A
                                         for a special meeting of stockholders held on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000548/g082379_def14a.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
                                         29, 2021</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                         filed with the SEC on October 7, 2021; and</FONT></TD>
</TR></TABLE>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    registration statement on Form 8-A filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000100329721000034/mkty8a12b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    22, 2021</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to the Common Stock
    and our registration statement on Form 8-A filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/64463/000175392621000384/g082310_8a.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    19, 2021</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to our Series A
    Preferred Stock.</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">We also incorporate by reference all additional
documents that we file with the SEC under the terms of Section 13(a), 13(c), 14 or 15(d) of the Exchange Act that are made after
the initial filing of the registration statement of which this prospectus forms a part and prior to effectiveness of the registration
statement and after the initial filing date of the registration statement of which this prospectus is a part until the offering
of the particular securities covered by a prospectus supplement or term sheet has been completed. We are not, however, incorporating,
in each case, any documents or information that we are deemed to furnish and not file in accordance with SEC rules.</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 will provide, without charge, to each
person to whom a copy of this prospectus or any prospectus supplement forming a part of the registration statement is delivered,
including any beneficial owner, upon the written or oral request of such person, a copy of any or all of the documents incorporated
by reference herein, including exhibits. Requests should be directed to:</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: center"><FONT STYLE="font-weight: normal">Soluna
Holdings, Inc. </FONT><br>
<FONT STYLE="font-weight: normal">325 Washington Avenue Extension</FONT><br>
<FONT STYLE="font-weight: normal">Albany, NY 12205</FONT><br>
<FONT STYLE="font-weight: normal">hello@soluna.io</FONT></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Copies of these filings are also available on our website at
www.solunacomputing.com<I>.</I> For other ways to obtain a copy of these filings, please refer to &ldquo;Where You Can Find More
Information&rdquo; above.</p>

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


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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SOLUNA HOLDINGS, INC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 12pt"><B>Shares
of 9.0% Series A Cumulative Perpetual Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Liquidation
Preference $25.00 per Share</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</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: center"><B>&nbsp;&nbsp;&nbsp;, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<!-- Field: Page; Sequence: 105; Options: NewSection -->
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    <!-- Field: /Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
