<SEC-DOCUMENT>0001213900-19-005210.txt : 20190329
<SEC-HEADER>0001213900-19-005210.hdr.sgml : 20190329
<ACCEPTANCE-DATETIME>20190329133938
ACCESSION NUMBER:		0001213900-19-005210
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20190327
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190329
DATE AS OF CHANGE:		20190329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMMUCELL CORP /DE/
		CENTRAL INDEX KEY:			0000811641
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010382980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		19715426

	BUSINESS ADDRESS:	
		STREET 1:		56 EVERGREEN DR
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
		BUSINESS PHONE:		2078782770

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k032719_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report: March 27, 2019</B><BR>
(Date of earliest event reported)</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>ImmuCell
Corporation</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 32%; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DE</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-12934</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>01-0382980</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction <BR>
    of incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
Employer </FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>56 Evergreen Drive</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portland, Maine</B></P></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1.5pt solid; width: 49%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>04103</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>207-878-2770</B><BR>
(Registrant's telephone number, including area code)</FONT></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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B><BR>
(Former Name or Former Address, if changed since last report)</FONT></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"><B>&nbsp;</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">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions:</FONT></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-indent: 0">&#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><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">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9744;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
&#9744;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1.01 &ndash; Entry Into a Material Definitive Agreement.</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"><B>&nbsp;</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">On
March 27, 2019 ImmuCell Corporation (&ldquo;the Company&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Craig-Hallum Capital Group LLC (the &ldquo;Underwriter&rdquo;) in connection with an underwritten public
offering (the &ldquo;Offering&rdquo;) of 1,636,364 shares of the Company&rsquo;s common stock, par value $0.10 per share (&ldquo;Common
Stock&rdquo;). Subject to the terms and conditions of the Underwriting Agreement, the Company has agreed to sell to the Underwriter,
and the Underwriter has agreed to purchase from the Company, an aggregate of 1,636,364 shares of Common Stock. The price to the
public is $5.50 per share.</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
Company estimates net proceeds from the offering to be approximately $8.3 million, after deducting underwriting discounts and
commissions and estimated offering expenses. The Company intends to use a portion of the net proceeds of the offering for expansion
of production capacity for its <B>First Defense<SUP>&reg;</SUP></B> product line, and it is increasingly likely that it will use
a portion of those proceeds for expanded facilities to manufacture <B>Re-Tain&trade;</B>. Any remaining available net proceeds
will be used for reduction of indebtedness or general working capital.</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
Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing,
indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), other obligations of the parties and termination provisions. The representations,
warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific
dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting
parties.</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">Pursuant
to the terms of the Underwriting Agreement and related lock-up agreements, the Company and all of its directors and executive
officers also agreed not to sell or transfer any Common Stock held by them for 90 days after March 27, 2019 without first obtaining
the written consent of the Underwriter, subject to certain exceptions, extensions and terms as set forth in the Underwriting Agreement.</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">A
copy of the Underwriting Agreement is filed as Exhibit 1.1 to this Current Report and is incorporated herein by reference. The
Underwriting Agreement is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</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>&nbsp;</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"><B>Item
7.01 &ndash; Regulation FD Disclosure.</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"><B>&nbsp;</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">On
March 29, 2019, ImmuCell Corporation (the &quot;Company&quot;) issued a press release announcing closing of a previously announced
underwritten public offering of 1,636,364 shares of common stock at a price to the public of $5.50 per share pursuant to the Registration
Statement on Form S-3 (Registration Statement No. 333-228479) (the &ldquo;Registration Statement&rdquo;) previously filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on November 20, 2018 and declared effective by the SEC on November
29, 2018, including the prospectus supplement dated March 27, 2019 to the prospectus included in the Registration Statement.</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">This
Offering is discussed in greater detail in the Company&rsquo;s press releases dated March 26, 2019 (which announces the commencement
of the Offering), March 27, 2019 (which announces the pricing of the Offering) and March 29, 2019 (which announces the closing
of the Offering), which press releases are attached as Exhibits 99.1, 99.2 and 99.3 to this Current Report on Form 8-K and are
incorporated herein in their entirety.</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">Attached
as Exhibit 5.1 to this Current Report and incorporated herein by reference is a copy of the opinion of Pierce Atwood LLP relating
to the validity of the shares of common stock that were sold in the offering (the &ldquo;Legal Opinion&rdquo;). The Legal Opinion
is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</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
information in this item shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liabilities of Section 18, nor shall it be deemed
incorporated by reference in any of the Company&rsquo;s filings under the Securities Act or the Exchange Act, except to the extent,
if any, expressly set forth by specific reference in such filing.</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>&nbsp;</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></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"><B>Item
9.01 &ndash; Financial Statements and Exhibits.</B></FONT></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 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Exhibits.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Description</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; text-align: left; vertical-align: top">1.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: left"><A HREF="f8k032719ex1-1_immucell.htm">Underwriting Agreement between the Company and Craig-Hallum Capital Group LLC, dated March 27, 2019</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">5.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex5-1_immucell.htm">Opinion of Pierce Atwood LLP</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">23.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex5-1_immucell.htm">Consent of Pierce Atwood LLP (contained in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">99.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-1_immucell.htm">Press Release of ImmuCell Corporation, dated March 26, 2019.</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">99.2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-2_immucell.htm">Press Release of ImmuCell Corporation, dated March 27, 2019.</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">99.3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-3_immucell.htm">Press Release of ImmuCell Corporation, dated March 29, 2019.</A> <BR></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMMUCELL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    March 29, 2019</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1.5pt solid; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/&nbsp;   </I>Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Executive Officer and Principal&nbsp;Financial&nbsp;Officer</FONT></TD></TR>
</TABLE>
<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>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom">Exhibit No.</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; text-align: left; vertical-align: top">1.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: left"><A HREF="f8k032719ex1-1_immucell.htm">Underwriting Agreement between the Company and Craig-Hallum Capital Group LLC, dated March 27, 2019</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">5.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex5-1_immucell.htm">Opinion of Pierce Atwood LLP</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">23.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex5-1_immucell.htm">Consent of Pierce Atwood LLP (contained in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">99.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-1_immucell.htm">Press Release of ImmuCell Corporation, dated March 26, 2019.</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top">99.2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-2_immucell.htm">Press Release of ImmuCell Corporation, dated March 27, 2019.</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">99.3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="f8k032719ex99-3_immucell.htm">Press Release of ImmuCell Corporation, dated March 29, 2019.</A></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>f8k032719ex1-1_immucell.htm
<DESCRIPTION>UNDERWRITING AGREEMENT BETWEEN THE COMPANY AND CRAIG-HALLUM CAPITAL GROUP LLC, DATED MARCH 27, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,636,364
Shares</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"><B>&nbsp;</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; font-variant: small-caps"><B>ImmuCell
Corporation</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"><B>&nbsp;</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"><B>Common
Stock, par value $0.10 per share </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"><B>&nbsp;</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"><B>UNDERWRITING
AGREEMENT</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: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
27, 2019</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; text-transform: uppercase">Craig-Hallum
Capital Group LLC</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">222
South Ninth Street, Suite 350</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">Minneapolis,
Minnesota 55402</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">Ladies
and Gentlemen:</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ImmuCell
Corporation, a Delaware corporation (the <B><I>&ldquo;Company&rdquo;</I></B>), proposes to sell to Craig-Hallum Capital Group
LLC (<B><I>&ldquo;you&rdquo;</I></B> or the <B><I>&ldquo;Underwriter&rdquo;</I></B>) an aggregate of 1,636,364 shares (the <B><I>&ldquo;Shares&rdquo;</I></B>)
of Common Stock, par value $0.10 per share (the <B><I>&ldquo;Common Stock&rdquo;</I></B>), of the Company. The Shares consist
of authorized but unissued shares of Common Stock to be issued and sold by the Company to the Underwriter.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Underwriter hereby confirm their agreement with respect to the sale of the Shares by the Company to the Underwriter
as follows:</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <B><I>Registration
Statement and Prospectus</I></B>. The Company has prepared and filed with the Securities and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>)
a registration statement on Form S-3 (File No. 333-228479) under the Securities Act of 1933, as amended (the <B><I>&ldquo;Securities
Act&rdquo;</I></B> or the <B><I>&ldquo;Act&rdquo;</I></B>), and the rules and regulations (the <B><I>&ldquo;Rules and Regulations&rdquo;</I></B>)
of the Commission thereunder, and such amendments to such registration statement as may have been required to the date of this
Agreement. Such registration statement has been declared effective by the Commission. Each part of such registration statement,
including the amendments, exhibits and any schedules thereto, the documents incorporated by reference therein pursuant to Item
12 of Form S-3 under the Securities Act and the documents and information otherwise deemed to be a part thereof or included therein
by Rule 430B under the Securities Act (the <B><I>&ldquo;Rule 430B Information&rdquo;</I></B>) or otherwise pursuant to the Rules
and Regulations, as of the time the Registration Statement became effective, is herein called the <B><I>&ldquo;Registration Statement.&rdquo;
</I></B>Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the <B><I>&ldquo;Rule
462(b) Registration Statement&rdquo;</I></B> and, from and after the date and time of filing of the Rule 462(b) Registration Statement,
the term &ldquo;Registration Statement&rdquo; shall include the Rule 462(b) Registration Statement.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prospectus in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement
is herein called the <B><I>&ldquo;Base Prospectus.&rdquo;</I></B> Each preliminary prospectus supplement to the Base Prospectus
(including the Base Prospectus as so supplemented), that describes the Shares and the offering thereof, that omitted the Rule
430B Information and that was used prior to the filing of the final prospectus supplement referred to in the following sentence
is herein called a <B><I>&ldquo;Preliminary Prospectus.&rdquo;</I></B> Promptly after execution and delivery of this Agreement,
the Company will prepare and file with the Commission a final prospectus supplement to the Base Prospectus relating to the Shares
and the offering thereof in accordance with the provisions of Rule 430B and Rule 424(b) of the Rules and Regulations. Such final
supplemental form of prospectus (including the Base Prospectus as so supplemented), in the form filed with the Commission pursuant
to Rule 424(b), is herein called the <B><I>&ldquo;Prospectus.&rdquo;</I></B> Any reference herein to the Base Prospectus, any
Preliminary Prospectus or the Prospectus shall be deemed to include the documents incorporated by reference therein pursuant to
Item 12 of Form S-3 under the Securities Act as of the date of such prospectus.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Agreement, all references to the Registration Statement, the Rule 462(b) Registration Statement, the Base Prospectus,
any Preliminary Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the
copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System or any successor system
thereto (<B><I>&ldquo;EDGAR&rdquo;</I></B>). All references in this Agreement to financial statements and schedules and other
information which is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus (or other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is incorporated by reference in or
otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus,
any Preliminary Prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements
to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to mean and include
the subsequent filing of any document under the Securities Exchange Act of 1934, as amended (the <B><I>&ldquo;Exchange Act&rdquo;</I></B>),
and which is deemed to be incorporated by reference therein or otherwise deemed by the Rules and Regulations to be a part thereof.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. <B><I>Representations
and Warranties of the Company</I></B>.</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Representations
and Warranties of the Company</U></I>. The Company represents and warrants to, and agrees with, the Underwriter as follows:</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <I><U>Registration
Statement and Prospectuses</U></I>. No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus
(or any supplement thereto) has been issued by the Commission and no proceeding for that purpose has been initiated or is pending
or, to the knowledge of the Company, threatened by the Commission. As of the time each part of the Registration Statement (or
any post-effective amendment thereto) became or becomes effective (including each deemed effective date with respect to the Underwriter
pursuant to Rule 430B or otherwise under the Securities Act), such part conformed or will conform in all material respects to
the requirements of the Act and the Rules and Regulations. Upon the filing or first use within the meaning of the Rules and Regulations,
each Preliminary Prospectus and the Prospectus (or any supplement to either) conformed or will conform in all material respects
to the requirements of the Act and the Rules and Regulations. The Registration Statement and any post-effective amendment thereto
has become effective under the Securities Act. The Company has complied, to the Commission&rsquo;s satisfaction, with all requests
of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement,
any post-effective amendment or any part thereof is in effect and no proceedings for such purpose have been instituted or are
pending or, to the knowledge of the Company, are threatened by the Commission.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) <I><U>Accurate
Disclosure</U></I>. Each Preliminary Prospectus, at the time of filing thereof or the time of first use within the meaning of
the Rules and Regulations, did not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. Neither the Registration Statement nor any amendment thereto, at the effective time of each part thereof, or at the
Closing Date (as defined below), contained, contains or will contain an untrue statement of a material fact or omitted, omits
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
As of the Time of Sale (as defined below), neither (A) the Time of Sale Disclosure Package (as defined below) nor (B) any issuer
free writing prospectus (as defined below), when considered together with the Time of Sale Disclosure Package, included an untrue
statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. Neither the Prospectus nor any supplement thereto, as of its issue
date, at the time of any filing with the Commission pursuant to Rule 424(b) of the Rules and Regulations, or at the Closing Date,
included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The
representations and warranties in this Section&nbsp;2(a)(ii) shall not apply to statements in or omissions from any Preliminary
Prospectus, the Registration Statement (or any amendment thereto), the Time of Sale Disclosure Package or the Prospectus (or any
supplement thereto) made in reliance upon, and in conformity with, written information furnished to the Company by you specifically
for use in the preparation of such document, it being understood and agreed that the only such information furnished by the Underwriter
consists of the information described as such in Section 6(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><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 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
reference to an <B><I>&ldquo;issuer free writing prospectus&rdquo;</I></B> herein means an issuer free writing prospectus as defined
in Rule 433 of the Rules and Regulations.</FONT></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Time
of Sale Disclosure Package&rdquo;</I></B> means the any Preliminary Prospectus, any free writing prospectus set forth on Schedule
I and the information on Schedule II, all considered together.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
reference to a <B><I>&ldquo;free writing prospectus&rdquo;</I></B> herein means a free writing prospectus as defined in Rule 405
of the Rules and Regulations.</FONT></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&ldquo;Time
of Sale&rdquo;</I></B> means 7:00 a.m. (Eastern Time) on the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) <I><U>Issuer
Free Writing Prospectuses</U></I>. (A) Each issuer free writing prospectus does not include any information that conflicts with
the information contained in the Registration Statement, any Preliminary Prospectus or the Prospectus. The foregoing sentence
does not apply to statements in or omissions from any issuer free writing prospectus based upon and in conformity with written
information furnished to the Company by you specifically for use therein; it being understood and agreed that the only such information
furnished by the Underwriter consists of the information described as such in Section 6(e).</FONT></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-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1in; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
(1) At the earliest time after the filing of the Registration Statement that the Company or another offering participant made
a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares and (2) at the date hereof,
the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405 under the Securities Act, including
the Company in the preceding three years not having been convicted of a felony or misdemeanor or having been made the subject
of a judicial or administrative decree or order as described in Rule 405 of the Rules and Regulations (without taking account
of any determination by the Commission pursuant to Rule 405 of the Rules and Regulations that it is not necessary that the Company
be considered an ineligible issuer), nor an &ldquo;excluded issuer&rdquo; as defined in Rule 164 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in; margin-left: 0.5in"><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-top: 0; margin-bottom: 0; text-align: justify; text-indent: 1in; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)
Each issuer free writing prospectus satisfied, as of its issue date and at all subsequent times to the Time of Sale, all other
conditions to use thereof as set forth in Rules 164 and 433 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) <I><U>No
Other Offering Materials</U></I>. The Company has not distributed and will not distribute any prospectus or other offering
material in connection with the offering and sale of the Shares other than any Preliminary Prospectus, the Time of Sale
Disclosure Package or the Prospectus or other materials permitted by the Act to be distributed by the Company; <I>provided,
however,</I> that, except as set forth on Schedule I, the Company has not made and will not make any offer relating to the
Shares that would constitute a free writing prospectus, except in accordance with the provisions of Section&nbsp;4(a)(xv) of
this Agreement.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) <I><U>Financial
Statements</U></I>. The financial statements of the Company, together with the related notes, set forth or incorporated by reference
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus comply in all material respects with the
requirements of the Securities Act and the Exchange Act and fairly present, in all material respects, the financial condition
of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified
in conformity with generally accepted accounting principles (<B><I>&ldquo;GAAP&rdquo;</I></B>) in the United States consistently
applied throughout the periods involved (except as otherwise disclosed therein); the supporting schedules included in the Registration
Statement present fairly the information required to be stated therein; all non-GAAP financial information included in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus complies with the requirements of Regulation G and Item 10 of
Regulation S-K under the Act; and, except as disclosed in the Time of Sale Disclosure Package and the Prospectus, there are no
material off-balance sheet arrangements (as defined in Regulation S-K under the Act, Item 303(a)(4)(ii)) or any other relationships
with unconsolidated entities or other persons, that are likely to have a material current or, to the Company&rsquo;s knowledge,
material future effect on the Company&rsquo;s financial condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenue or expenses. No other financial statements or schedules are required to be included
in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus. To the Company&rsquo;s knowledge, RSM US
LLP, will express its opinion with respect to the financial statements as of and for the year ended December 31, 2018 filed as
a part of the Registration Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus,
is (x) an independent public accounting firm within the meaning of the Act and the Rules and Regulations, (y) a registered public
accounting firm (as defined in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002 (the <B><I>&ldquo;Sarbanes-Oxley Act&rdquo;</I></B>))
and (z) not in violation of the auditor independence requirements of the Sarbanes-Oxley Act.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi) <I><U>Organization
and Good Standing</U></I>. The Company has been duly organized and is validly existing as a corporation in good standing under
the laws of its jurisdiction of incorporation. The Company has full corporate power and authority to own its properties and conduct
its business as currently being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package
and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which
it owns or leases real property or in which the conduct of its business makes such qualification necessary and in which the failure
to so qualify would have a material adverse effect upon the business, prospects, management, properties, operations, condition
(financial or otherwise) or results of operations of the Company (<B><I>&ldquo;Material Adverse Effect&rdquo;</I></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii) <I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus, subsequent to
the respective dates as of which information is given in the Time of Sale Disclosure Package and the Prospectus, the Company has
not incurred any material liabilities or obligations (other than in the ordinary course of business consistent with past practices),
direct or contingent, or entered into any material transactions (other than in the ordinary course of business consistent with
past practices), or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and
there has not been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due
to the issuance of shares upon the exercise of outstanding options or warrants or conversion of convertible securities), or any
material change in the short-term or long-term debt (other than as a result of the conversion of convertible securities), or any
issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company, or any material
adverse change in the general affairs, business, prospects, management, properties, operations, financial condition or results
of operations of the Company (<B><I>&ldquo;Material Adverse Change&rdquo;</I></B>) or any development which could reasonably be
expected to result in any Material Adverse Change.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii) <I><U>Absence
of Proceedings</U></I>. Except as set forth in the Time of Sale Disclosure Package and in the Prospectus, there is not pending
or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding (a) to which the Company is a
party or (b) which has as the subject thereof any officer or director of the Company, any employee benefit plan sponsored by the
Company or any property or assets owned or leased by the Company before or by any court or Governmental Authority (as defined
below), or any arbitrator, which, individually or in the aggregate, might result in any Material Adverse Change, or would materially
and adversely affect the ability of the Company to perform its obligations under this Agreement or which are otherwise material
in the context of the sale of the Shares. There are no current or, to the knowledge of the Company, pending, legal, governmental
or regulatory actions, suits or proceedings (x) to which the Company is subject or (y) which has as the subject thereof any officer
or director of the Company, any employee plan sponsored by the Company or any property or assets owned or leased by the Company,
that are required to be described in the Registration Statement, Time of Sale Disclosure Package and Prospectus by the Act or
by the Rules and Regulations and that have not been so described.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix) <I><U>Disclosure
of Legal Matters</U></I>. There are no statutes, regulations, material contracts or documents that are required to be described
in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus or required to be filed as exhibits
to the Registration Statement by the Securities Act or by the Rules and Regulations that have not been so described or filed.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x) <I><U>Authorization;
No Conflicts; Authority</U></I>. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes
a valid, legal and binding obligation of the Company, enforceable in accordance with its terms, except as rights to indemnity
and contribution hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles
of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated
will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant
to any indenture, mortgage, deed of trust, loan agreement or other material agreement or instrument to which the Company is a
party or by which the Company is bound or to which any of the property or assets of the Company is subject, (B) result in any
violation of the provisions of the Company&rsquo;s charter or by-laws or (C) result in the violation of any law or statute or
any judgment, order, rule, regulation or decree of any court or arbitrator or federal, state, local or foreign governmental agency
or regulatory authority having jurisdiction over the Company or any of its properties or assets (each, a <B><I>&ldquo;Governmental
Authority&rdquo;</I></B>), except in the case of clauses (A) and (C) as would not result in a Material Adverse Effect. No consent,
approval, authorization or order of, or registration or filing with any Governmental Authority is required for the execution,
delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby, including the issuance
or sale of the Shares by the Company, except such as may be required under the Act, the rules of the Financial Industry Regulatory
Authority (<B><I>&ldquo;FINRA&rdquo;</I></B>), the NASDAQ Stock Market Rules or state securities or blue sky laws; and the Company
has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby, including the
authorization, issuance and sale of the Shares as contemplated by this Agreement.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi) <I><U>Capitalization;
the Shares; Registration Rights</U></I>. All of the issued and outstanding shares of capital stock of the Company, including the
outstanding shares of Common Stock, are duly authorized and validly issued, fully paid and nonassessable, have been issued in
compliance with all federal and state and foreign securities laws, were not issued in violation of or subject to any preemptive
rights or other rights to subscribe for or purchase securities that have not been waived in writing (a copy of which has been
delivered to counsel to the Underwriter), and the holders thereof are not subject to personal liability by reason of being such
holders; the Shares which may be sold hereunder by the Company have been duly authorized and, when issued, delivered and paid
for in accordance with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and
the holders thereof will not be subject to personal liability by reason of being such holders; and the capital stock of the Company,
including the Common Stock, conforms to the description thereof in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus. Except as otherwise stated in the Registration Statement, in the Time of Sale Disclosure Package
and in the Prospectus, (A) there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction
upon the voting or transfer of, any shares of Common Stock pursuant to the Company&rsquo;s charter, by-laws or any agreement or
other instrument to which the Company is a party or by which the Company is bound; (B)&nbsp;neither the filing of the Registration
Statement nor the offering or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to
the registration of any shares of Common Stock or other securities of the Company (collectively <B><I>&ldquo;Registration Rights&rdquo;</I></B>)
and (C)&nbsp;any person to whom the Company has granted Registration Rights has agreed not to exercise such rights until after
expiration of the Lock-Up Period (as defined below). The Company does not have an equity interest in any other companies or persons.
The Company has an authorized and outstanding capitalization as set forth in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus. The Common Stock (including the Shares) conforms in all material respects to the description thereof
contained in the Time of Sale Disclosure Package and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii) <I><U>Stock
Options</U></I>. Except as described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus,
and, except for options granted by the Company in the ordinary course of business since December 31, 2018 (and which do not relate
to more than 25,000 shares of Common Stock in the aggregate), there are no options, warrants, agreements, contracts or other rights
in existence to purchase or acquire from the Company any shares of the capital stock of the Company. The description of the Company&rsquo;s
stock option, stock bonus and other stock plans or arrangements (the <B><I>&ldquo;Company Stock Plans&rdquo;</I></B>), and the
options or other rights granted thereunder (collectively, the <B><I>&ldquo;Awards&rdquo;</I></B>), set forth in the Time of Sale
Disclosure Package and the Prospectus accurately and fairly presents in all material respects the information required to be shown
with respect to such plans, arrangements and Awards. Each grant of an Award (A) was duly authorized no later than the date on
which the grant of such Award was by its terms to be effective by all necessary corporate action, including, as applicable, approval
by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder
approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly
executed and delivered by each party thereto and (B)&nbsp;was made in accordance with the terms of the applicable Company Stock
Plan, and all applicable laws and regulatory rules or requirements, including all applicable federal securities laws.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii) <I><U>Compliance
with Laws</U></I>. The Company holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations,
licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self-regulatory body required
for the conduct of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications
and orders are valid and in full force and effect; and the Company has not received notice of any revocation or modification of
any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe
that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed
in the ordinary course, except where such revocation, modification or failure to renew would not have a Material Adverse Effect;
and the Company is in compliance in all material respects with all applicable federal, state, local and foreign laws, regulations,
orders and decrees.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv) <I><U>Ownership
of Assets</U></I>. The Company has good and marketable title to, or have valid rights to lease or otherwise use, all property
(whether real or personal) described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus
as being owned, leased or used by it, in each case free and clear of all liens, claims, security interests, other encumbrances
or defects except such as are described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus
or those that do not interfere in any material respect with the use of such property by the Company. The property held under lease
by the Company is held by it under valid, subsisting and enforceable leases with only such exceptions with respect to any particular
lease as do not interfere in any material respect with the conduct of the business of the Company.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv) <I><U>Intellectual
Property</U></I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) The
Company owns or has the right to use pursuant to a valid and enforceable written license or other legally enforceable right, all
Intellectual Property necessary for the conduct of the Company&rsquo;s business as now conducted or as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus to be conducted (the <B><I>&ldquo;Company IP&rdquo;</I></B>).
<B><I>&ldquo;Intellectual Property&rdquo;</I></B> means all patents, patent applications, trade and service marks, trade and service
mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology and know-how.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) To
the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any Company IP. There
is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company&rsquo;s
rights in or to any Company IP, and the Company is unaware of any facts which would form a reasonable basis for any such claim.
The Intellectual Property owned by the Company, and to the knowledge of the Company, the Intellectual Property licensed to the
Company, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of
the Company, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Company IP, and the
Company is unaware of any facts which would form a reasonable basis for any such claim. There is no pending or, to the knowledge
of the Company, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise
violates any Intellectual Property or other proprietary rights of others, and the Company has not received any written notice
of such claim and the Company is unaware of any other fact which would form a reasonable basis for any material claim with respect
thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C) To
the Company&rsquo;s knowledge, no employee of the Company is in violation of any term of any employment contract, patent disclosure
agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any
restrictive covenant to or with a former employer where the basis of such violation relates to such employee&rsquo;s employment
with the Company or actions undertaken by the employee while employed with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D) The
Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of their material Intellectual
Property.</FONT></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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E) All
patent applications owned by the Company and filed with the U.S. Patent and Trademark Office (the <B><I>&ldquo;PTO&rdquo;</I></B>)
or any foreign or international patent authority that have resulted in patents or currently pending applications that describe
inventions necessary to conduct the business of the Company as now conducted or as described in the Registration Statement, the
Time of Sale Disclosure Package and the Prospectus to be conducted (collectively, the <B><I>&ldquo;Company Patent Applications&rdquo;</I></B>)
have been or were duly and properly filed.</FONT></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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F) The
Company has complied with its duty of candor and disclosure to the PTO for the Company Patent Applications. To the Company&rsquo;s
knowledge, there are no facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude
the grant of a patent for the Company Patent Applications. The Company has no knowledge of any facts which would preclude it from
having clear title to the Company Patent Applications that have been identified by the Company as being exclusively owned by the
Company.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi) <I><U>No
Violations or Defaults</U></I>. The Company is not in violation of its charter, by-laws or other organizational documents, or
in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute
such a default in the performance of any material obligation, agreement or condition contained in any bond, debenture, note, indenture,
loan agreement or any other material contract, lease or other instrument to which it is subject or by which it is be bound, or
to which any of the material property or assets of the Company is subject, which has had or is reasonably likely to have a Material
Adverse Effect.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii) <I><U>Taxes</U></I>.
The Company has timely filed all federal, state, local and foreign income and franchise tax returns required to be filed and is
not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto,
other than any which the Company is contesting in good faith. There is no pending dispute with any taxing authority relating to
any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties
or assets of the Company for which there is not an adequate reserve reflected in the Company&rsquo;s financial statements included
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii) <I><U>Exchange
Listing and Exchange Act Registration</U></I>. The Common Stock is registered pursuant to Section&nbsp;12(b) of the Exchange Act
and is included or approved for listing on the NASDAQ Stock Market and the Company has not taken any action designed to, or likely
to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from
the NASDAQ Stock Market, and the Company has not received any notification that the Commission or the NASDAQ Stock Market is contemplating
terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of
the NASDAQ Stock Market for maintenance of inclusion of the Common Stock thereon. The Company has filed an application to include
the Shares on the NASDAQ Stock Market. Except as previously disclosed to counsel for the Underwriter or as set forth in the Time
of Sale Disclosure Package and the Prospectus, to the knowledge of the Company, no beneficial owners of the Company&rsquo;s capital
stock who, together with their associated persons and affiliates, hold in the aggregate 10% or more of such capital stock, have
any direct or indirect association or affiliate with a FINRA member.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xix) <I><U>Ownership
of Other Entities</U></I>. The Company, directly or indirectly, owns no capital stock or other equity or ownership or proprietary
interest in any corporation, partnership, association, trust or other entity.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx) <I><U>Internal
Controls</U></I>. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that
(i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization;
and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as disclosed in the Registration Statement, in the Time of Sale Disclosure
Package and in the Prospectus, the Company&rsquo;s internal control over financial reporting is effective and none of the Company,
its board of directors and audit committee is aware of any &ldquo;material weaknesses&rdquo; (as defined by the Public Company
Accounting Oversight Board) in its internal control over financial reporting, or any fraud, whether or not material, that involves
management or other employees of the Company who have a significant role in the Company&rsquo;s internal controls; and since the
end of the latest audited fiscal year, there has been no change in the Company&rsquo;s internal control over financial reporting
(whether or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal
control over financial reporting. The Company&rsquo;s board of directors has, subject to the exceptions, cure periods and the
phase in periods specified in the applicable stock exchange rules (<B><I>&ldquo;Exchange Rules&rdquo;</I></B>), validly appointed
an audit committee to oversee internal accounting controls whose composition satisfies the applicable requirements of the Exchange
Rules and the Company&rsquo;s board of directors and/or the audit committee has adopted a charter that satisfies the requirements
of the Exchange Rules.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxi) <I><U>No
Brokers or Finders</U></I>. Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder&rsquo;s
or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii) <I><U>Insurance</U></I>.
The Company carries, or is covered by, insurance from reputable insurers in such amounts and covering such risks as is adequate
for the conduct of its business and the value of its properties; all policies of insurance and any fidelity or surety bonds insuring
the Company or its business, assets, employees, officers and directors are in full force and effect; the Company is in compliance
with the terms of such policies and instruments in all material respects; there are no claims by the Company under any such policy
or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company
has not been refused any insurance coverage sought or applied for within the past five (5) years; and the Company has no reason
to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiii) <I><U>Investment
Company Act</U></I>. The Company is not and, after giving effect to the offering and sale of the Shares, will not be an &ldquo;investment
company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiv) <I><U>Eligibility
to Use Form S-3</U></I>. The conditions for use of Form&nbsp;S-3, in connection with the offer and sale of the Shares, as set
forth in the General Instructions thereto, have been satisfied.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxv) <I><U>Incorporated
Documents</U></I>. The documents incorporated by reference in the Time of Sale Disclosure Package and in the Prospectus, when
they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and were filed on a timely basis with the Commission and none of such
documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; any further documents so filed and incorporated
by reference in the Time of Sale Disclosure Package or in the Prospectus, when such documents are filed with the Commission, will
conform in all material respects to the requirements of the Exchange Act, and will not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvi)
<I><U>Sarbanes-Oxley Act</U></I>. The Company is in compliance, in all material respects, with all applicable provisions of the
Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvii)
<I><U>Disclosure Controls</U></I>. The Company has established and maintains disclosure controls and procedures (as defined in
Rules 13a-14 and 15d-14 under the Exchange Act) and such controls and procedures are effective in ensuring that material information
relating to the Company is made known to the principal executive officer and the principal financial officer. The Company has
utilized such controls and procedures in preparing and evaluating the disclosures in the Registration Statement, in the Time of
Sale Disclosure Package and in the Prospectus.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxviii)
<I><U>Anti-Bribery and Anti-Money Laundering Laws</U></I>. Each of the Company, and, to the Company&rsquo;s knowledge, any of
its officers, directors, agents or employees has not violated, its participation in the offering will not violate, and the Company
has instituted and maintains policies and procedures designed to ensure continued compliance with, each of the following laws:
anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited
to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions, signed December&nbsp;17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977,
as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope, or anti-money laundering
laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government
guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code section 1956 and 1957, the Patriot
Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization,
such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation
the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive,
or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder.</FONT></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;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
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    <!-- Field: /Page -->

<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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxix)
<I><U>OFAC</U></I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) Neither
the Company, nor, to the Company&rsquo;s knowledge, any of its directors, officers, employees, agents, affiliates or representatives,
is an individual or entity that is, or is owned or controlled by an individual or entity that is:</FONT></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 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control,
the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
<B><I>&ldquo;Sanctions&rdquo;</I></B>), nor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><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 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar,
Cuba, Iran, Libya, North Korea, Sudan and Syria).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) The
Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other individual or entity:</FONT></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 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) to
fund or facilitate any activities or business of or with any individual or entity or in any country or territory that, at the
time of such funding or facilitation, is the subject of Sanctions; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><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 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) in
any other manner that will result in a violation of Sanctions by any individual or entity (including any individual or entity
participating in the offering, whether as underwriter, advisor, investor or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 1in"><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 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C) For
the past five (5) years, the Company has not knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions
with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject
of Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx) <I><U>Compliance
with Environmental Laws</U></I>. Except as disclosed in the Time of Disclosure Package and the Prospectus, the Company is not
in violation of any statute, any rule, regulation, decision or order of any Governmental Authority or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the
environment or human exposure to hazardous or toxic substances (collectively, <B><I>&ldquo;Environmental Laws&rdquo;</I></B>),
owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any
off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental
Laws, which violation, contamination, liability or claim would, individually or in the aggregate, have a Material Adverse Effect;
and the Company is not aware of any pending investigation which might lead to such a claim. The Company does not anticipate incurring
any material capital expenditures relating to compliance with Environmental Laws.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxi) <I><U>Compliance
with Occupational Laws</U></I>. The Company (A) is in compliance, in all material respects, with any and all applicable foreign,
federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities
(including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the workplace
(<B><I>&ldquo;Occupational Laws&rdquo;</I></B>); (B) has received all material permits, licenses or other approvals required of
it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material
respects, with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ,
injunction or claim is pending or, to the Company&rsquo;s knowledge, threatened against the Company relating to Occupational Laws,
and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting
practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxii) <I><U>ERISA
and Employee Benefits Matters</U></I>. (A) To the knowledge of the Company, no &ldquo;prohibited transaction&rdquo; as defined
under Section 406 of ERISA or Section 4975 of the Code and not exempt under ERISA Section 408 and the regulations and published
interpretations thereunder has occurred with respect to any Employee Benefit Plan. At no time has the Company or any ERISA Affiliate
maintained, sponsored, participated in, contributed to or has or had any liability or obligation in respect of any Employee Benefit
Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any &ldquo;multiemployer
plan&rdquo; as defined in Section 3(37) of ERISA or any multiple employer plan for which the Company or any ERISA Affiliate has
incurred or could incur liability under Section 4063 or 4064 of ERISA. No Employee Benefit Plan provides or promises, or at any
time provided or promised, retiree health, life insurance, or other retiree welfare benefits except as may be required by the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law. Each Employee Benefit Plan is and has
been operated in material compliance with its terms and all applicable laws, including but not limited to ERISA and the Code and,
to the knowledge of the Company, no event has occurred (including a &ldquo;reportable event&rdquo; as such term is defined in
Section 4043 of ERISA) and no condition exists that would subject the Company or any ERISA Affiliate to any material tax, fine,
lien, penalty or liability imposed by ERISA, the Code or other applicable law. Each Employee Benefit Plan intended to be qualified
under Code Section 401(a) is so qualified and has a favorable determination or opinion letter from the IRS upon which it can rely,
and any such determination or opinion letter remains in effect and has not been revoked; to the knowledge of the Company, nothing
has occurred since the date of any such determination or opinion letter that is reasonably likely to adversely affect such qualification;
(B) with respect to each Foreign Benefit Plan, such Foreign Benefit Plan (1) if intended to qualify for special tax treatment,
meets, in all material respects, the requirements for such treatment, and (2) if required to be funded, is funded to the extent
required by applicable law, and with respect to all other Foreign Benefit Plans, adequate reserves therefor have been established
on the accounting statements of the Company; (C) the Company has no obligations under any collective bargaining agreement with
any union and, to the Company&rsquo;s knowledge, no organization efforts are underway with respect to employees of the Company.
As used in this Agreement, <B><I>&ldquo;Code&rdquo;</I></B> means the Internal Revenue Code of 1986, as amended; <B><I>&ldquo;Employee
Benefit Plan&rdquo;</I></B> means any &ldquo;employee benefit plan&rdquo; within the meaning of Section 3(3) of ERISA, including,
without limitation, all stock purchase, stock option, stock-based severance, employment, change-in-control, medical, disability,
fringe benefit, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs,
policies or other arrangements, whether or not subject to ERISA, under which (1) any current or former employee, director or independent
contractor of the Company has any present or future right to benefits and which are contributed to, sponsored by or maintained
by the Company or (2)&nbsp;the Company has had or has any present or future obligation or liability; <B><I>&ldquo;ERISA&rdquo;
</I></B>means the Employee Retirement Income Security Act of 1974, as amended; <B><I>&ldquo;ERISA Affiliate&rdquo;</I></B> means
any member of the company&rsquo;s controlled group as defined in Code Section 414(b), (c), (m) or (o); and <B><I>&ldquo;Foreign
Benefit Plan&rdquo;</I></B> means any Employee Benefit Plan established, maintained or contributed to outside of the United States
of America or which covers any employee working or residing outside of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiii) <I><U>Business
Arrangements</U></I>. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus
and except for such grants that are not material (individually or in the aggregate), the Company has not granted exclusive rights
to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound
by any agreement that materially affects the exclusive right of the Company to develop, manufacture, produce, assemble, distribute,
license, market or sell its products.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiv) <I><U>Labor
Matters</U></I>. No labor problem or dispute with the employees of the Company exists or, to the Company&rsquo;s knowledge, is
threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of
its principal suppliers, contractors or customers, that could have a Material Adverse Effect.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxv) <I><U>Statistical
Information</U></I>. Any third-party statistical and market-related data included in the Registration Statement, the Time of Sale
Disclosure Package and the Prospectus are based on or derived from sources that the Company believes to be reasonably current
and reliable and accurate in all material respects.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvi) <I><U>Forward-looking
Statements</U></I>. No forward-looking statement (within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of the
Exchange Act) contained in the Registration Statement, the Time of Sale Disclosure Package or the Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <I><U>Effect
of Certificates</U></I>. Any certificate signed by any officer of the Company and delivered to you or to counsel for the Underwriter
shall be deemed a representation and warranty by the Company to the Underwriter as to the matters covered thereby.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <B><I>Purchase,
Sale and Delivery of Shares</I></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Shares</U></I>.
On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell the Shares to the Underwriter, and the Underwriter agrees to purchase from the
Company the Shares. The purchase price for each Share shall be $5.17 per share.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares will be delivered by the Company to the Underwriter against payment of the purchase price therefor by wire transfer of
same day funds payable to the order of the Company at the offices of Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite
350, Minneapolis, Minnesota 55402, or such other location as may be mutually acceptable, at 9:00&nbsp;a.m. Central time on the
second (or if the Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the
third) full business day following the date hereof, or at such other time and date as you and the Company determine pursuant to
Rule 15c6-1(a) under the Exchange Act, such time and date of delivery being herein referred to as the <B><I>&ldquo;Closing Date.&rdquo;</I></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <I><U>Delivery</U></I>.
On the Closing Date, the Shares shall be delivered via The Depository Trust Company Deposit or Withdrawal at Custodian system
to the accounts designated by the Underwriter.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. <B><I>Covenants</I></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Covenants
of the Company</U></I>. The Company covenants and agrees with the Underwriter as follows:</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <I><U>Required
Filings</U></I>. During the period beginning on the date hereof and ending on the later of the Closing Date or such date, as in
the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered (assuming the absence
of Rule 172 under the Securities Act), in connection with sales by the Underwriter or a dealer (the <B>&ldquo;<I>Prospectus Delivery
Period&rdquo;</I></B>), prior to amending or supplementing the Registration Statement (including any Rule 462(b) Registration
Statement), the Time of Sale Disclosure Package or the Prospectus, the Company shall furnish to the Underwriter for review a copy
of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which
the Underwriter or counsel to the Underwriter reasonably object; provided, however, that the foregoing shall not restrict the
Company from filing any such proposed amendment or supplement to the extent the Company, upon advice of counsel, deems such filing
necessary to comply with applicable law. Subject to this Section 4(a)(i), immediately following execution of this Agreement, the
Company will prepare the Prospectus containing the Rule 430B Information and other selling terms of the Shares, the plan of distribution
thereof and such other information as may be required by the Securities Act or the Rules and Regulations or as the Underwriter
and the Company may deem appropriate, and if requested by the Underwriter, an issuer free writing prospectus containing the selling
terms of the Shares and such other information as the Company and the Underwriter may deem appropriate, and will file or transmit
for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus and each
issuer free writing prospectus.</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>&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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) <I><U>Notification
of Certain Commission Actions</U></I>. After the date of this Agreement, the Company shall promptly advise the Underwriter in
writing (A) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (B)
of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement
to any Preliminary Prospectus, the Time of Sale Disclosure Package or the Prospectus, (C) of the time and date that any post-effective
amendment to the Registration Statement becomes effective, (D) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending
its use or the use of any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or any issuer free writing
prospectus, or (E) of any proceedings to remove, suspend or terminate from listing or quotation the Common Stock from any securities
exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any
proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its
best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall
comply with the provisions of Rules 424(b) and 430B, as applicable, under the Securities Act and will use its reasonable efforts
to confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the
Commission (without reliance on Rule 424(b)(8) or Rule 164(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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) <I><U>Continued
Compliance with Securities Laws</U></I>. (A) During the Prospectus Delivery Period, the Company will comply with all requirements
imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in
force, and by the Exchange Act so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated
by the provisions hereof, the Time of Sale Disclosure Package and the Prospectus. If during such period any event occurs as a
result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate
in the opinion of the Company or its counsel or the Underwriter or counsel to the Underwriter to amend the Registration Statement
or supplement the Prospectus (or, if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) to comply with the Securities Act or to file under the Exchange Act any document which would be deemed to be incorporated
by reference in the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Time of Sale Disclosure
Package) in order to comply with the Securities Act or the Exchange Act, the Company promptly will (x)&nbsp;notify you of such
untrue statement or omission, (y)&nbsp; amend the Registration Statement or supplement the Prospectus (or, if the Prospectus is
not yet available to prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the
Company) so as to correct such statement or omission or effect such compliance, and (z) notify you when any amendment to the Registration
Statement is filed or becomes effective or when any supplement to the Prospectus (or, if the Prospectus is not yet available to
prospective purchasers, the Time of Sale Disclosure Package) is filed.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
If at any time following issuance of an issuer free writing prospectus there occurred or occurs an event or development as a result
of which such issuer free writing prospectus conflicted or would conflict with the information contained in the Registration Statement,
the Preliminary Prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or
would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing
at that subsequent time, not misleading, the Company (x)&nbsp;has promptly notified or promptly will notify the Underwriter of
such conflict, untrue statement or omission, (y)&nbsp;has promptly amended or will promptly amend or supplement, at its own expense,
such issuer free writing prospectus to eliminate or correct such conflict, untrue statement or omission, and (z)&nbsp;has notified
or promptly will notify you when such amendment or supplement was or is filed with the Commission where so required to be filed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) <I><U>Blue
Sky Qualifications</U></I>. The Company shall take or cause to be taken all necessary action required by law to qualify the Shares
for sale under the securities laws of such jurisdictions as you reasonably designate and to continue such qualifications in effect
so long as required for the distribution of the Shares, except that the Company shall not be required in connection therewith
to qualify as a foreign corporation or to execute a general consent to service of process in any state.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) <I><U>Provision
of Documents</U></I>. The Company will furnish, at its own expense, to the Underwriter and counsel for the Underwriter copies
of the Registration Statement, and to the Underwriter and any dealer each Preliminary Prospectus, the Time of Sale Disclosure
Package, the Prospectus, any issuer free writing prospectus, and all amendments and supplements to such documents, in each case
as soon as available and in such quantities as you may from time to time reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi) <I><U>Rule
158</U></I>. The Company will make generally available to its security holders as soon as practicable, but in no event later than
15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement (which need not be audited) covering
a 12-month period that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 of the Rules
and Regulations.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii) <I><U>Payment
and Reimbursement of Expenses</U></I>. The Company, whether or not the transactions contemplated hereunder are consummated or
this Agreement is terminated, will pay or cause to be paid (A) all expenses (including transfer taxes allocated to the respective
transferees) incurred in connection with the delivery to the Underwriter of the Shares, (B) all expenses and fees (including,
without limitation, fees and expenses of the Company&rsquo;s accountants and counsel but, except as otherwise provided below,
not including fees of the Underwriter&rsquo;s counsel) in connection with the preparation, printing, filing, delivery, and shipping
of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits thereto),
the Shares, each Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus
and any amendment thereof or supplement thereto, and the printing, delivery, and shipping of this Agreement and other underwriting
documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions), (C) all filing fees incurred
in connection with the qualification of the Shares for offering and sale by the Underwriter or by dealers under the securities
or blue sky laws of the states and other jurisdictions which you shall designate, (D) the fees and expenses of the transfer agent
or registrar, (E) the filing fees incident to any required review and approval by FINRA of the terms of the sale of the Shares,
(F) listing fees, if any, (G) the cost and expenses of the Company relating to investor presentations or any &ldquo;roadshow&rdquo;
undertaken in connection with marketing of the Shares, (H) all reasonable, out-of-pocket, accountable expenses of the Underwriter
(including but not limited to reasonable fees and disbursements of the Underwriter&rsquo;s counsel and the Underwriter&rsquo;s
reasonable travel, database, printing, postage, facsimile and telephone expenses) incurred in connection with the Underwriter&rsquo;s
investigation of the Company, preparing to market and marketing the Shares, sale of the Shares or in contemplation of performing
its obligations hereunder, which amount will not exceed $100,000 in the aggregate, and (I)&nbsp;all other costs and expenses of
the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii) <I><U>Use
of Proceeds</U></I>. The Company will apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes
set forth in the Time of Sale Disclosure Package and in the Prospectus.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix) <I><U>Company
Lock Up</U></I>. The Company will not, without the prior written consent of the Underwriter, from the date of execution of this
Agreement and continuing to and including the date 90 days after the date of the Prospectus (the <B><I>&ldquo;Lock-Up Period&rdquo;</I></B>),
(A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or (B) enter into
any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock,
whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Common Stock or such other securities,
in cash or otherwise, except, in each case, for (x) the sale of the Shares as contemplated by this Agreement, (y) issuances of
shares of Common Stock upon the exercise or conversion of options, warrants or convertible securities disclosed as outstanding
in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, and (z) the issuance of employee stock
options not exercisable during the Lock-Up Period pursuant to the Company&rsquo;s stock option, stock bonus and other stock plans
or arrangements, as in effect on the date hereof in the ordinary course of business consistent with past practices. The Company
agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of
the Lock-Up Period.</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;&nbsp;</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x) <I><U>Stockholder
Lock-Ups</U></I>. The Company has caused to be delivered to you prior to the date of this Agreement a letter, in the form of Exhibit
A hereto (the <B><I>&ldquo;Lock-Up Agreement&rdquo;</I></B>), from each individual or entity listed on Schedule III. The Company
will enforce the terms of each Lock-Up Agreement and issue stop-transfer instructions to the transfer agent for the Common Stock
with respect to any transaction or contemplated transaction that would constitute a breach of or default under the applicable
Lock-Up Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi) <I><U>No
Market Stabilization or Manipulation</U></I>. The Company has not taken and will not take, directly or indirectly, any action
designed to or which might reasonably be expected to cause or result in, or which has constituted, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii) <I><U>SEC
Reports</U></I>. During the Prospectus Delivery Period, the Company will file on a timely basis with the Commission such periodic
and special reports as required by the Rules and Regulations.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii) <I><U>Internal
Controls</U></I>. During the Prospectus Delivery Period, the Company will maintain such controls and other procedures, including
without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder,
that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&rsquo;s rules
and forms, including without limitation, controls and procedures designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s
management, including its principal executive officer and its principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company
is made known to them by others within those entities.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv) <I><U>Sarbanes-Oxley</U></I>.
During the Prospectus Delivery Period, the Company will comply with all applicable provisions of the Sarbanes-Oxley Act.</FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv) <I><U>Free
Writing Prospectuses</U></I>. The Company represents and agrees that, unless it obtains the prior written consent of the Underwriter,
it has not made and will not make any offer relating to the Shares that would constitute an issuer free writing prospectus or
that would otherwise constitute a free writing prospectus required to be filed with the Commission; provided that the prior written
consent of the Underwriter shall be deemed to have been given in respect of the free writing prospectuses included in Schedule
I. Any such free writing prospectus consented to by the Underwriter is hereinafter referred to as a <B><I>&ldquo;Permitted Free
Writing Prospectus.&rdquo;</I></B> The Company represents that it has treated or agrees that it will treat each Permitted Free
Writing Prospectus as an issuer free writing prospectus and has complied and will comply with the requirements of Rule 164 and
Rule 433 applicable to any Permitted Free Writing Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. <B><I>Conditions
of Underwriter&rsquo;s Obligations</I></B>. The obligations of the Underwriter hereunder are subject to the accuracy, as of the
date hereof and at the Closing Date (as if made at the Closing Date), of and compliance with all representations, warranties and
agreements of the Company contained herein, to the performance by the Company of its obligations hereunder and to the following
additional conditions:</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Required
Filings; Absence of Certain Commission Actions</U></I>. If filing of the Prospectus, or any amendment or supplement thereto, or
any issuer free writing prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have
filed the Prospectus (or such amendment or supplement) or such issuer free writing prospectus with the Commission in the manner
and within the time period so required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall remain
effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration
Statement, or any amendment thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, the Prospectus
or any issuer free writing prospectus shall have been issued; no proceedings for the issuance of such an order shall have been
initiated or threatened; any request of the Commission for additional information (to be included in the Registration Statement,
the Time of Sale Disclosure Package, the Prospectus, any issuer free writing prospectus or otherwise) shall have been complied
with to your reasonable satisfaction.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <I><U>Continued
Compliance with Securities Laws</U></I>. You shall not have advised the Company that (i) the Registration Statement or any amendment
thereof or supplement thereto contains an untrue statement of a material fact which, in your opinion, is material or omits to
state a material fact which, in your opinion, is required to be stated therein or necessary to make the statements therein not
misleading, or (ii) the Time of Sale Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or
any issuer free writing prospectus contains an untrue statement of fact which, in your opinion, is material, or omits to state
a fact which, in your opinion, is material and is required to be stated therein, or necessary to make the statements therein,
in light of the circumstances under which they are made, not misleading.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <I><U>Absence
of Certain Events</U></I>. Except as contemplated in the Time of Sale Disclosure Package and in the Prospectus or as permitted
under this Agreement, subsequent to the respective dates as of which information is given in the Time of Sale Disclosure Package,
the Company shall not have incurred any material liabilities or obligations, direct or contingent, or entered into any material
transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock; and there
shall not have been any change in the capital stock (other than a change in the number of outstanding shares of Common Stock due
to the issuance of shares upon the exercise of outstanding options or warrants or conversion of convertible securities), or any
material change in the short-term or long-term debt of the Company (other than as a result of the conversion of convertible securities),
or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the Company, or
any Material Adverse Change or any development involving a prospective Material Adverse Change (whether or not arising in the
ordinary course of business), or any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered
by insurance, incurred by the Company, the effect of which, in any such case described above, in your judgment, makes it impractical
or inadvisable to offer or deliver the Shares on the terms and in the manner contemplated in the Time of Sale Disclosure Package
and in the Prospectus.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <I><U>Opinion
of Company Counsel</U></I>. On the Closing Date, there shall have been furnished to you the opinion and negative assurance letter
of Pierce Atwood LLP, counsel for the Company, dated the Closing Date and addressed to you in substantially the form attached
hereto as Exhibit&nbsp;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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <I><U>Opinion
of Underwriter&rsquo;s Counsel</U></I>. On the Closing Date, there shall have been furnished to you such negative assurance letter
of Ellenoff Grossman &amp; Schole LLP, counsel for the Underwriter, dated the Closing Date and addressed to you, with respect
to such matters as you reasonably may request, and such counsel shall have received such papers and information as they request
to enable them to pass upon such matters.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <I><U>Comfort
Letter</U></I>. On the date hereof, on the effective date of any post-effective amendment to the Registration Statement filed
after the date hereof, and on the Closing Date you shall have received an accountant&rsquo;s &ldquo;comfort&rdquo; letter of RSM
US LLP, dated such date and addressed to you, in form and substance satisfactory to you.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <I><U>Officers&rsquo;
Certificate</U></I>. On the Closing Date, there shall have been furnished to you a certificate, dated the Closing Date and addressed
to you, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) The
representations and warranties of the Company in this Agreement are true and correct as if made at and as of the Closing Date,
and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied
at or prior to the Closing Date;</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) No
stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
or the qualification of the Shares for offering or sale nor suspending or preventing the use of the Time of Sale Disclosure Package,
the Prospectus or any issuer free writing prospectus, has been issued, and no proceeding for that purpose has been instituted
or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body; and</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) Affirms
the accuracy of the matters set forth in subsection (c) of this Section 5.</FONT></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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <I><U>Lock-Up
Agreement</U></I>. The Underwriter shall have received all of the Lock-Up Agreements referenced in Section 4 and the Lock-Up Agreements
shall remain in full force and effect.</FONT></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;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <I><U>FINRA
No Objections</U></I>. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) <I><U>Other
Documents</U></I>. The Company shall have furnished to you and counsel for the Underwriter such additional documents, certificates
and evidence as you or they may have reasonably requested.</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) <I><U>Exchange
Listing</U></I>. The Shares to be delivered on the Closing Date have been approved for listing on the NASDAQ Stock Market, subject
to official notice of issuance.</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
<I><U>CFO Certificate</U></I>. On the date hereof and on the Closing Date, the Company shall have furnished to you a certificate,
dated as of such date, signed on behalf of the Company by its chief financial officer, regarding certain financial information
the Preliminary Prospectus and the Prospectus, respectively, in form and substance satisfactory to you.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are satisfactory
in form and substance to you and counsel for the Underwriter in their respective reasonable judgment. The Company will furnish
you with such conformed copies of such opinions, certificates, letters and other documents as you shall reasonably request.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. <B><I>Indemnification
and Contribution</I></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Indemnification
by the Company</U></I>. The Company agrees to indemnify and hold harmless the Underwriter, its affiliates, directors and officers
and each person, if any, who controls the Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the
Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Underwriter may become
subject, under the Act or otherwise (including in settlement of any litigation if such settlement is effected with the written
consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the 430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus, or any amendment or supplement thereto, any issuer free writing prospectus, or any issuer
information that the Company has filed or is required to file pursuant to Rule 433(d) of the Rules and Regulations, or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, and will reimburse the Underwriter for any legal or other expenses reasonably incurred
by it in connection with investigating or defending against such loss, claim, damage, liability or action as such expenses are
incurred; <I>provided, however,</I> that the Company will not be liable in any such case to the extent that any such loss, claim,
damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with written information furnished to the Company by you specifically for use
in the preparation thereof; it being understood and agreed that the only information furnished by the Underwriter consists of
the information described as such in Section&nbsp;6(e).</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;&nbsp;</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <I><U>Indemnification
by the Underwriter</U></I>. The Underwriter will indemnify and hold harmless the Company, its affiliates, directors and officers
and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Act and Section&nbsp;20 of the
Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which the Company may become subject,
under the Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent
of the Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including
the 430B Information and any other information deemed to be a part of the Registration Statement at the time of effectiveness
and at any subsequent time pursuant to the Rules and Regulations, if applicable, any Preliminary Prospectus, the Time of Sale
Disclosure Package, the Prospectus, or any amendment or supplement thereto, or any issuer free writing prospectus, or any issuer
information that the Company has filed or is required to file pursuant to Rule 433(d) of the Rules and Regulations, or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information
furnished to the Company by you specifically for use in the preparation thereof (it being understood and agreed that the only
information furnished by the Underwriter consists of the information described as such in Section 6(e)), and will reimburse the
Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending against
any such loss, claim, damage, liability or action as such expenses are incurred.</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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <I><U>Notice
and Procedures</U></I>. Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement
of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under
such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying
party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except to the extent
such indemnifying party has been materially prejudiced by such failure (through the forfeiture of substantive rights or defenses).
In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party of the indemnifying party&rsquo;s election so to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation; <I>provided</I>, <I>however</I>, that if, in the sole judgment of the Underwriter, it is advisable for the Underwriter
to be represented by separate counsel, the Underwriter shall have the right to employ a single counsel (in addition to local counsel)
to represent all of the indemnified parties, in which event the reasonable fees and expenses of such separate counsel shall be
borne by the indemnifying party or parties and reimbursed to the indemnified parties as incurred. An indemnifying party shall
not be obligated under any settlement agreement relating to any action under this Section 6 to which it has not agreed in writing.
In addition, no indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not
be unreasonably withheld or delayed), effect any settlement of any pending or threatened proceeding unless such settlement includes
an unconditional release of such indemnified party for all liability on claims that are the subject matter of such proceeding
and does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified
party. Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel pursuant to this Section&nbsp;6(c), such indemnifying party agrees that
it shall be liable for any settlement effected without its written consent if (i) such settlement is entered into more than 45
days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed
such indemnified party in accordance with such request prior to the date of such settlement.</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;&nbsp;</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <I><U>Contribution;
Limitations on Liability; Non-Exclusive Remedy</U></I>. If the indemnification provided for in this Section&nbsp;6 is unavailable
or insufficient to hold harmless an indemnified party under subsection&nbsp;(a) or (b) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred
to in subsection&nbsp;(a) or (b) above, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Underwriter on the other from the offering of the Shares or (ii)&nbsp;if the allocation
provided by clause&nbsp;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause&nbsp;(i) above but also the relative fault of the Company on the one hand and the
Underwriter on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities,
as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the
Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriter, in each
case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or the Underwriter and the parties&rsquo; relevant intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriter
agree that it would not be just and equitable if contributions pursuant to this subsection&nbsp;(d) were to be determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the first sentence of this subsection&nbsp;(d). The amount paid by an indemnified party as a result of the losses, claims, damages
or liabilities referred to in the first sentence of this subsection&nbsp;(d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which
is the subject of this subsection&nbsp;(d). Notwithstanding the provisions of this subsection&nbsp;(d), the Underwriter shall
not be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received
by the Underwriter with respect to the Shares purchased by it hereunder exceeds the amount of any damages that the Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 6 are not exclusive
and shall not limit any rights or remedies that might otherwise be available to any indemnified party at law or in equity.</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;&nbsp;</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <I><U>Information
Provided by the Underwriter</U></I>. The Underwriter confirms that the statements with respect to the public offering of the Shares
by the Underwriter set forth in the second paragraph under the caption &ldquo;Underwriting&rdquo; in the Time of Sale Disclosure
Package and in the Prospectus are correct. The Underwriter confirms and the Company acknowledges that the foregoing information
constitutes the only information concerning the Underwriter furnished in writing to the Company by the Underwriter specifically
for inclusion in the Registration Statement, any Preliminary Prospectus, the Time of Sale Disclosure Package, the Prospectus or
any issuer free writing prospectus.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. <B><I>Representations
and Agreements to Survive Delivery</I></B>. All representations, warranties, and agreements of the Company and the Underwriter
herein or in certificates delivered pursuant hereto, including but not limited to the agreement of the Company and the Underwriter
contained in Section 6 hereof, shall remain operative and in full force and effect regardless of any investigation made by or
on behalf of the Underwriter or any controlling person thereof, or the Company or any of its officers, directors, or controlling
persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriter hereunder and any termination of
this Agreement.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. <B><I>Termination
of this Agreement.</I></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"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <I><U>Right
to Terminate</U></I>. You shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified
at any time at or prior to the Closing Date if (i)&nbsp;the Company shall have failed, refused or been unable, at or prior to
the Closing Date, to perform any agreement on its part to be performed hereunder, (ii)&nbsp;any condition of the Underwriter&rsquo;s
obligations hereunder is not fulfilled, (iii)&nbsp;trading in the Company&rsquo;s Common Stock shall have been suspended by the
Commission or the NASDAQ Stock Market or&nbsp;trading in securities generally on the NYSE American, NASDAQ Stock Market or New
York Stock Exchange shall have been suspended, (iv)&nbsp;minimum or maximum prices for trading shall have been fixed, or maximum
ranges for prices for securities shall have been required, on the NYSE American, NASDAQ Stock Market or New York Stock Exchange,
by such Exchange or by order of the Commission or any other Governmental Authority having jurisdiction, (v)&nbsp;a banking moratorium
shall have been declared by federal or New York state authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States shall have occurred, or (vi)&nbsp;there shall have occurred any attack on,
outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration by the United States of
a national emergency or war, any material adverse change in financial markets, any substantial change or development involving
a prospective substantial change in United States or international political, financial or economic conditions, or any other calamity
or crisis that, in your reasonable judgment, is material and adverse and makes it impractical or inadvisable to proceed with the
completion of the sale of and payment for the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <I><U>Notice
of Termination</U></I>. If you elect to terminate this Agreement as provided in this Section, the Company shall be notified promptly
by you by telephone, confirmed by letter.</FONT></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; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <I><U>Effect
of Termination</U></I>. No party shall be relieved of any liability under this Agreement arising from any breach of its obligations
hereunder occurring prior to termination of this Agreement as a result of the termination of this Agreement.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. <B><I>Notices</I></B>.
Except as otherwise provided herein, all communications hereunder shall be in writing and, if to the Underwriter, shall be mailed
via overnight delivery service or hand delivered via courier to Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite
350, Minneapolis, Minnesota 55402, Attention: General Counsel; if to the Company, shall be mailed or delivered to it at 56 Evergreen
Drive, Portland, Maine 04103, Attention: Michael F. Brigham, with a copy to Pierce Atwood LLP, 254 Commercial Street, Portland,
Maine 04101, Attention: David J. Champoux, Esq.; or in each case to such other address as the person to be notified may have requested
in writing. Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written
notice of a new address for such purpose.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. <B><I>Persons
Entitled to Benefit of Agreement</I></B>. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 6. Nothing
in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy
or claim under or in respect of this Agreement or any provision herein contained. The term &ldquo;successors and assigns&rdquo;
as herein used shall not include any purchaser, as such purchaser, of any of the Shares from the Underwriter.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. <B><I>Absence
of Fiduciary Relationship</I></B>. The Company acknowledges and agrees that: (a) the Underwriter has been retained solely to act
as an underwriter in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the
Company and the Underwriter has been created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Shares
set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriter
and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the
transactions contemplated by this Agreement; (c) it has been advised that the Underwriter and its affiliates are engaged in a
broad range of transactions which may involve interests that differ from those of the Company and that the Underwriter has no
obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship;
(d) it has been advised that the Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely
for the benefit of the Underwriter, and not on behalf of the Company; (e) it waives to the fullest extent permitted by law, any
claims it may have against the Underwriter for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any
of the transactions contemplated by this Agreement and agrees that the Underwriter shall have no liability (whether direct or
indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
employees or creditors of the Company.</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;&nbsp;</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. <B><I>Governing
Law; Waiver of Jury Trial</I></B>. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
and the Underwriter hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. <B><I>Counterparts</I></B>.
This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts
shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. <B><I>General
Provisions.</I></B> This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all
prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may not be amended or modified unless in writing by all of the parties hereto and no condition
herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The
Section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation
of this Agreement. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not
affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or
provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made
such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. Notwithstanding anything
herein to the contrary, the Engagement Agreement, dated March 11, 2019 (&ldquo;<B><I>Engagement Agreement</I></B>&rdquo;), by
and between the Company and Craig-Hallum Capital Group LLC, shall continue to be effective and the terms therein, including,
without limitation, Section 3 with respect to any future offerings, shall continue to survive and be enforceable by the
Underwriter in accordance with its terms, provided that, in the event of a conflict between the terms of the Engagement
Agreement and this Agreement, the terms of this Agreement shall prevail.</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page Follows]</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;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between
the Company and the Underwriter in accordance with its terms.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>ImmuCell Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; 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">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmed as of the date first</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">above mentioned.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Craig-Hallum Capital Group LLC</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rick Hartfiel</FONT></TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rick Hartfiel</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[Signature Page to ICCC Underwriting Agreement]</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Permitted Free Writing Prospectuses</B></FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
II</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"><B>&nbsp;</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"><B>Pricing
Information</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"><B>&nbsp;</B></FONT></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">Shares:
1,636,364 shares</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
to the public: $5.50 per share</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
to the Underwriter: $5.17 per share</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"><B>&nbsp;</B></FONT></P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List
of Individuals and Entities Executing Lock-Up Agreements</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"><B>&nbsp;</B></FONT></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">David
S. Cunningham</FONT></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">Jonathan
E. Rothschild</FONT></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">David
S. Tomsche</FONT></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">Paul
R. Wainman</FONT></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">Michael
F. Brigham</FONT></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">Bobbi
Jo Brockmann</FONT></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">Joseph
H. Crabb</FONT></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">Elizabeth
L. Williams</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
T. Rosgen</FONT></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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Common Stock Lock-Up Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">Date:
March __, 2019</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Craig-Hallum
Capital Group LLC</FONT></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">222
South Ninth Street, Suite 350</FONT></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">Minneapolis,
Minnesota 55402</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an inducement to Craig-Hallum Capital Group LLC (the &ldquo;<B><I>Underwriter</I></B>&rdquo;) to execute an underwriting agreement
(the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;) providing for a public offering (the &ldquo;<B><I>Offering</I></B>&rdquo;)
of common stock, par value $0.10 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), or other securities, of ImmuCell Corporation,
a Delaware corporation, and any successor (by merger or otherwise) thereto (the &ldquo;<B><I>Company</I></B>&rdquo;), the undersigned
hereby agrees that without, in each case, the prior written consent of the Underwriter during the period specified in the second
succeeding paragraph (the &ldquo;<B><I>Lock-Up Period</I></B>&rdquo;), the undersigned will not: (1) offer, pledge, announce the
intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any
shares of the Company&rsquo;s Common Stock or any securities convertible into, exercisable or exchangeable for or that represent the
right to receive Common Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by the
undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be
issued upon exercise of a stock option or warrant) whether now owned or hereafter acquired (the &ldquo;<B><I>Undersigned&rsquo;s Securities</I></B>&rdquo;);
(2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership
of the Undersigned&rsquo;s Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to,
the registration of any Common Stock or any security convertible into or exercisable or exchangeable for Common Stock; or (4)
publicly disclose the intention to do any of the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned agrees that the foregoing restrictions preclude the undersigned from engaging in any hedging or other transaction
which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Undersigned&rsquo;s
Securities even if such Securities would be disposed of by someone other than the undersigned. Such prohibited hedging or other
transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation
any put or call option) with respect to any of the Undersigned&rsquo;s Securities or with respect to any security that includes, relates
to, or derives any significant part of its value from such Securities.</FONT></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"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial Lock-Up Period will commence on the date of this Agreement and continue and include the date ninety (90) days after the
date of the final prospectus used to sell Common Stock in the Offering pursuant to the Underwriting Agreement; provided, however,
that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a
material event relating to the Company occurs or (2) prior to the expiration of the initial Lock-Up Period, the Company announces
that it will release earnings results during the 16-day period beginning on the last day of the initial Lock-Up Period, then in
each case the initial Lock-Up Period will be extended until the expiration of the 18-day period beginning on the date of release
of the earnings results, or the occurrence of the material news or material event, as applicable, unless the Underwriter waives,
in writing, such extension.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby acknowledges that the Company will be requested to agree in the Underwriting Agreement to provide written notice
to the undersigned of any event that would result in an extension of the Lock-Up Period pursuant to the previous paragraph and
agrees that any such notice properly delivered will be deemed to have been given to, and received by, the undersigned. The undersigned
further agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this Agreement
during the period from the date of this Agreement to and including the 34th day following the expiration of the initial Lock-Up
Period, it will give notice thereof to the Company and will not consummate such transaction or take any such action unless it
has received written confirmation from the Company that the Lock-Up Period (as may have been extended pursuant to the previous
paragraph) has expired.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the undersigned may transfer the Undersigned&rsquo;s Securities (i) as a bona fide gift or gifts, (ii) to any trust for
the direct or indirect benefit of the undersigned or the immediate family of the undersigned, (iii) if the undersigned is a corporation,
partnership, limited liability company, trust or other business entity (1) transfers to another corporation, partnership, limited
liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under
the Securities Act of 1933, as amended) of the undersigned or (2) distributions of shares of Common Stock or any security convertible
into or exercisable for Common Stock to limited partners, limited liability company members or stockholders of the undersigned,
(iv) if the undersigned is a trust, transfers to the beneficiary of such trust, (v) transfers by testate succession or intestate
succession, or (vi) pursuant to the Underwriting Agreement; provided, in the case of clauses (i) through (v), that (x) such transfer
shall not involve a disposition for value, (y) the transferee agrees in writing with the Underwriter to be bound by the terms
of this Lock-Up Agreement, and (z) no filing by any party under Section 16(a) of the Securities Exchange Act of 1934, as amended
(the &ldquo;<B><I>Exchange Act</I></B>&rdquo;), shall be required or shall be made voluntarily in connection with such transfer.
For purposes of this Agreement, &ldquo;immediate family&rdquo; shall mean any relationship by blood, marriage or adoption, nor more
remote than first cousin.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the foregoing restrictions shall not apply to (i) the exercise of stock options granted pursuant to the Company&rsquo;s equity
incentive plans; provided that it shall apply to any of the Undersigned&rsquo;s Securities issued upon such exercise, or (ii) the establishment
of any contract, instruction or plan (a &ldquo;<B><I>Plan</I></B>&rdquo;) that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B)
under the Exchange Act; provided that no sales of the Undersigned&rsquo;s Securities shall be made pursuant to such a Plan prior to
the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof), and such a Plan may only
be established if no public announcement of the establishment or existence thereof and no filing with the Securities and Exchange
Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the undersigned,
the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the undersigned,
the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the
provisions hereof).</FONT></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"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer
of shares of Common Stock if such transfer would constitute a violation or breach of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and
that upon request, the undersigned will execute any additional documents necessary to ensure the validity or enforcement of this
Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon
the successors, assigns, heirs or personal representatives of the undersigned. The undersigned understands that the undersigned
shall be released from all obligations under this Agreement if (i) the Company notifies the Underwriter that it does not intend
to proceed with the Offering, (ii) the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other
than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the
Common Stock to be sold thereunder, or (iii) the Offering is not completed by April 30, 2019.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that the Underwriter is entering into the Underwriting Agreement and proceeding with the Offering in reliance
upon this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></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>

<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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Printed Name of Holder</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Printed Name and Title of Person Signing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>(if signing as custodian, trustee, or on behalf</I></FONT> <FONT STYLE="font-size: 10pt"><I>of an entity)</I></FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Company Counsel Opinion</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
__, 2019</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Craig-Hallum
Capital Group LLC</FONT></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">222
South Ninth Street, Suite 350</FONT></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">Minneapolis,
Minnesota 55402</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RE:
ImmuCell Corporation</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel for ImmuCell Corporation (the &ldquo;Company&rdquo;) in connection with the proposed issuance and sale,
on the terms set forth in the Underwriting Agreement (the &ldquo;Underwriting Agreement&rdquo;) dated as of March __, 2019 between
the Company and Craig-Hallum Capital Group LLC (the &ldquo;Underwriter&rdquo;), of an aggregate of _________ shares (the &ldquo;Shares&rdquo;)
of the Company&rsquo;s common stock, par value $0.10 per share (the &ldquo;Common Stock&rdquo;), at a public offering price of
$_________ per share. &nbsp;In accordance with the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and
the rules and regulations of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) promulgated thereunder, the
Company has prepared and filed with the Commission a registration statement on Form S-3 (File No. 333-228479) (as amended, including
the information, if any, deemed pursuant to Rule 430B under the Securities Act to be part of the registration statement at the
time of its effectiveness, the &ldquo;Registration Statement&rdquo;), including a base prospectus (the &ldquo;Base Prospectus&rdquo;)
and a final prospectus supplement filed with the Commission on March __, 2019 (the &ldquo;Final Prospectus&rdquo; and, together
with the Base Prospectus, the &ldquo;Prospectus&rdquo;), relating to the Shares. &nbsp;As used herein, the terms &ldquo;Registration
Statement&rdquo; and &ldquo;Prospectus&rdquo; include the documents incorporated by reference therein pursuant to Item 12 of Form
S-3 under the Securities Act, as of the effective date of the Registration Statement or the date of the Prospectus. &nbsp;This
opinion is furnished to you pursuant to Section 5(d) of the Underwriting Agreement. &nbsp;Capitalized terms used herein which
are defined in the Underwriting Agreement have the respective meanings ascribed thereto in the Underwriting Agreement, unless
otherwise defined herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
such capacity, we have examined, among other things: &nbsp;(i) the Underwriting Agreement; (ii) the Registration Statement; (iii)
the Prospectus; (iv) the Company&rsquo;s Certificate of Incorporation as in effect on the date hereof (the &ldquo;Certificate
of Incorporation&rdquo;); (v) the Company&rsquo;s Bylaws as in effect on the date hereof (the &ldquo;Bylaws&rdquo;); (vi) the
other documents listed on Exhibit A; and (vii) originals or copies of such corporate and other records, certificates and documents
as we deemed necessary or advisable for purposes of this opinion, including, without limitation, the certificate of the Secretary
of the Company dated as of the date hereof and the officers&rsquo; certificate in the form attached hereto as Exhibit B (collectively,
the &ldquo;Documents&rdquo;). &nbsp;In rendering our opinion, we have relied, with respect to the factual matters set forth therein,
upon such documents, records, certificates and written statements of officers of the Company, and assumed that all representations
and warranties of the Company set forth in such documents and written statements are true and correct. &nbsp;However, nothing
has come to our attention in the course of representing the Company in connection with the sale of the Shares or otherwise that
would lead us to conclude that you and we are not justified in such reliance. &nbsp;In rendering our opinion, we have assumed
the genuineness of all signatures of, and the authority and legal competency of, persons signing on behalf of parties other than
the Company, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents
of all documents submitted to us as copies.</FONT></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"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not made any independent review or investigation of Uniform Commercial Code filings, litigation dockets or Bankruptcy Court
records in respect of the Company or conducted any searches in any offices or registries of liens in any jurisdiction, and we
have not made any independent review or investigation of orders, judgments, or decrees by which the Company or any of its properties
may be bound, nor have we made any independent investigation as to the existence of actions, suits, investigations or proceedings,
if any, pending or threatened against the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing and subject to the qualifications set forth below, we are of the opinion that:</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>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware.
The Company has full corporate power and authority to own its properties and conduct its business as currently being carried on
and as described in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus, and is duly qualified
to do business as a foreign corporation and is in good standing in the states of Maine and New York.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) The
capital stock of the Company conforms in all material respects as to legal matters to the description thereof contained in the
Time of Sale Disclosure Package and in the Prospectus under the heading &ldquo;Description of Common Stock&rdquo;. The Company
has authorized capital stock as described under the heading &ldquo;Description of Common Stock&rdquo; in the Time of Sale Disclosure
Package and in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) The
Shares to be issued and sold by the Company under the Underwriting Agreement have been duly authorized and, when issued, delivered
and paid for in accordance with the terms of the Underwriting Agreement, will have been validly issued and will be fully paid
and nonassessable. Except as otherwise stated in the Registration Statement, in the Time of Sale Disclosure Package or in the
Prospectus, there are no preemptive rights or other rights to subscribe for or to purchase any shares of Common Stock pursuant
to the Certificate of Incorporation, the Bylaws or any Material Agreement (as hereinafter defined).</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) The
Registration Statement has become effective under the Securities Act and, to our knowledge, no stop order suspending the effectiveness
of the Registration Statement has been issued and, to our knowledge, no proceeding for that purpose has been instituted or threatened
by the Commission.</FONT></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"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) The
statements in the Registration Statement, in the Time of Sale Disclosure Package and in the Prospectus under the heading &ldquo;Description
of Common Stock&rdquo;, insofar as they purport to constitute descriptions of the Certificate of Incorporation, the Bylaws or
any Material Agreement or summaries of statutes or regulations, are accurate in all material respects.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi) The
Company has full corporate power and authority to enter into the Underwriting Agreement and the Underwriting Agreement has been
duly authorized, executed and delivered by the Company.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii) The
execution, delivery and performance of the Underwriting Agreement and the consummation of the transactions therein contemplated
will not (A) result in a violation of the provisions of the Certificate of Incorporation or the Bylaws, (B) violate in any material
respect any order or decree known to us of any court or Governmental Agency having jurisdiction over the Company or any of its
properties, (C) constitute a material default under, or result in a material breach or violation of, any of the provisions of
any agreement or instrument listed as an Item 4 or Item 10 exhibit to the Company&rsquo;s Annual Report on Form 10-K for the fiscal
year ended December 31, 2018 as filed with the Commission on March 22, 2019 (the &ldquo;Material Agreements&rdquo;), (D) result
in a violation, in any material respect, of the General Corporation Law of the State of Delaware, or (E) give rise to any rights
for or relating to the registration of any shares of Common Stock or securities of the Company pursuant to any Material Agreement,
except in the case of clauses (B), (C) or (D) as would not result in a Material Adverse Effect.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii) No
consent, approval, authorization or order of, or filing with, any court or Governmental Agency is required for the execution,
delivery and performance of the Underwriting Agreement or for the consummation of the transactions contemplated thereby, including
the issuance or sale of the Shares by the Company, except (A) such as may be required under the Securities Act, FINRA rules, the
NASDAQ Stock Market Rules or state securities or blue sky laws, and (B) such that, if not obtained, would not result in a Material
Adverse Effect.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix) The
Registration Statement, the Preliminary Prospectus included in the Time of Sale Disclosure Package and the Prospectus, and any
amendment thereof or supplement thereto (other than, in each case, the documents referred to below in paragraph (x), which are
addressed solely in paragraph (x) and not in this paragraph (ix)), appear to be appropriately responsive on their face, and as
of their respective effective or issue dates (including without limitation each deemed effective date with respect to the Underwriter
pursuant to the Rules and Regulations) are appropriately responsive on their face as to form in all material respects to the requirements
of the Securities Act and the Rules and Regulations (except as to the financial statements, including the notes thereto and the
auditor&rsquo;s report thereon, and other financial and statistical information included therein, as to which no opinion is being
rendered herein), and, to our knowledge, the conditions for use of Form S-3 in connection with the offering and sale of the Shares,
set forth in the General Instructions thereto have been satisfied.</FONT></P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
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    <!-- Field: /Page -->

<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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x) Each
document filed by the Company pursuant to the Exchange Act (other than the financial statements and supporting schedules included
therein, and the notes thereto and the auditor&rsquo;s report thereon, as to which no opinion is being rendered herein) and incorporated
or deemed to be incorporated by reference in the Time of Sale Disclosure Package or in the Prospectus is appropriately responsive
on its face when so filed as to form in all material respects to the requirement of the Exchange Act.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi) The
Company is not an &ldquo;investment company,&rdquo; as that term is defined in the Investment Company Act of 1940, as amended.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii) To
our knowledge, the Company owns or has the right to use pursuant to a valid and enforceable written license or other legally enforceable
right, all Intellectual Property necessary for the conduct of the Company&rsquo;s business as now conducted or as described in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus to be conducted.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii) To
our knowledge, other than ordinary ex parte prosecution activities, there is no pending or threatened action, suit, proceeding
or claim by others challenging the Company&rsquo;s rights in or to any of its Intellectual Property or the validity or scope of
any such Intellectual Property.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv) To
our knowledge, (A) the Company is not infringing, misappropriating or violating any Intellectual Property of others, and (B) there
are no infringements, misappropriations or violations by others of any of the Intellectual Property rights of the Company, which
in our judgment could affect materially the use thereof by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv) We
do not have knowledge of any material fact with respect to the patent applications of the Company that would (A) preclude the
issuance of patents with respect to such applications in due course and with appropriate amendment or (B) lead us to conclude
that such patents, when issued, would not be valid and enforceable in accordance with applicable regulations.</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 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi) To
our knowledge, each inventor named in a patent application of, each attorney who prepares or prosecutes patent applications for,
and other persons involved in the preparation or prosecution of patent applications who are associated with the inventor or assignee
of the patent application of the Company have complied with the U.S. Patent and Trademark Office&rsquo;s duty of candor and disclosure
for the patent applications of the Company.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
your concurrence, the opinions expressed in this opinion letter, whether or not qualified by language such as &ldquo;to the best
of our knowledge&rdquo; or &ldquo;known to us&rdquo; (as each is defined below), are based solely upon (i) our review of the Documents,
(ii) discussions with various parties, including officers of the Company only to the extent herein described, (iii)&nbsp;the representations
and warranties of the Company contained in the Underwriting Agreement, (iv) discussions with those of our current attorneys who
have given legal representation to the Company, (v) such review of published sources of law as we have deemed necessary and (vi)
examination of such other documents and such other investigation as we have deemed appropriate to render the opinions contained
herein. Whenever we indicate above that the opinion is with respect to matters within the &ldquo;knowledge of&rdquo; or &ldquo;known
by&rdquo; us, such knowledge means the representations contained in the Officers&rsquo; Certificate, inquiries of an appropriate
officer of the Company whom we have determined is likely to have personal knowledge of the matters covered by this opinion, and
the current conscious awareness of facts of the attorneys currently practicing law with our firm who had involvement in the transaction
or such other attorneys presently in the firm whom we have determined are likely, in the course of representing the Company, to
have knowledge of the matters covered by the opinion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to our opinion in paragraph (i), above, &ldquo;good standing&rdquo; means that, as of the date of the Certificate of Good
Standing provided by the Secretary of State of the State of Delaware (the &ldquo;Secretary of State&rdquo;) dated March __, 2019,
the Company (i) has, within its most recently completed report year, filed with the Secretary of State an annual report required
under Section 502 of the Delaware General Corporation Law and paid the related franchise tax, and (ii) has not filed articles
of dissolution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion in paragraph (i), above, regarding the Company&rsquo;s qualification to do business as a foreign corporation in good standing
in the State of Maine and the State of New York is based solely on the Certificate of the Secretary of State of Maine dated March
__, 2019 and the State of New York Office of the Secretary of State Certificate of Good Standing dated March __, 2019.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion relates only to the laws of the State of Delaware and the federal laws of the United States and we express no opinion
regarding the laws of any other jurisdiction. &nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
express no legal opinion upon any matter other than those explicitly addressed in numbered paragraphs (i) through (xvi) above,
and our express opinions thereon contained shall not be interpreted to be implied opinions upon any other matter. For example,
except to the extent expressly addressed, we are rendering no opinion upon the following legal issues: (a)&nbsp;Federal and state
laws and regulations relating to commodity futures; (b) Federal Reserve Board margin regulations; (c)&nbsp;Federal and State pension
and employee benefit laws and regulations; (d) Federal and state antitrust and unfair competition laws and regulations; (e) Federal,
state and local environmental laws and regulations; (f) Federal, state and local land use and subdivision laws and regulations;
(g) Federal, state and local tax laws and regulations; (h) Federal patent, copyright and trademark, state trademark, and other
Federal and state intellectual property laws and regulations; (i) Federal and state racketeering laws and regulations; (j) Federal
and state health and safety laws and regulations; (k) Federal, state and local labor laws and regulations; and (l) Federal and
state laws and regulations concerning filing and notice requirements, other than requirements applicable to charter-related documents
and filings with the SEC and the NASDAQ Stock Market. Further, we express no opinion as to the registration and qualification
of the Shares under the securities or blue sky laws of any state or other jurisdiction in the United States of America or any
country other than the United States of America, or as to any requirements of the Financial Industry Regulatory Authority, Inc.</FONT></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"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in the course of acting as counsel for the Company in connection with the preparation of the Registration Statement,
the Time of Sale Disclosure Package and the Prospectus, on the basis of conferences with officers and other representatives of
the Company, representatives of the Underwriter and representatives of the independent accountants for the Company, examination
of the Documents and such other procedures as we have deemed appropriate, but without independent review or verification and without
assuming responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement,
the Time of Sale Disclosure Package and the Prospectus (except as set forth in paragraphs (ii) and (iv) above), nothing has come
to our attention that causes us to believe that (a) any part of the Registration Statement or any amendment thereof (including
any 430B Information omitted from the Registration Statement at the time it became effective but that is deemed to be part of
and included in the Registration Statement pursuant to Rule 430B) when such part became effective (including each deemed effective
date with respect to the Underwriter pursuant to the Rules and Regulations) contained or contains any untrue statement of a material
fact or omitted or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading; or (b) the Time of Sale Disclosure Package as of the Time of Sale included or includes any untrue statement of
material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; or (c) the Prospectus (as of its issue date and as of the Closing Date) included any
untrue statement of material fact or omitted to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; it being understood that we express no belief as to the financial statements,
including the notes thereto and the auditor&rsquo;s report there in, or other financial, accounting or statistical data or information,
or information relating to the Underwriter or the method of distribution of the Shares by the Underwriter included therein or
omitted therefrom, or assessments of or reports on the effectiveness of the Company&rsquo;s internal control over financial reporting
included in any of the documents mentioned in this paragraph.</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
opinions are given as of the date hereof, they are intended to apply only to those facts and circumstances that exist as of the
date hereof, and we assume no obligation or responsibility to update or supplement these opinions to reflect any facts or circumstances
that may hereafter come to our attention or any changes in laws that may hereafter occur, or to inform you of any change in circumstances
occurring after the date hereof that would alter the opinions rendered herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinions are limited to the matters set forth herein, and no opinion may be inferred or is implied beyond the matters expressly
contained herein. &nbsp;Except as expressly set forth herein, this letter is being provided solely for the purposes of complying
with the requirements of Section&nbsp;5(d) of the Underwriting Agreement and is being rendered solely for the benefit of the addressee
hereof. &nbsp;This letter may not be used or relied upon for any other purpose, or by any other person or entity, or filed with
or disclosed to any third party, without our prior written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Very
truly yours,</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PIERCE
ATWOOD LLP</B></FONT></P>
</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the opinion letter to which this <U>Exhibit A</U> is attached, we have reviewed the following Documents:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Certificate of Incorporation of the Company, as amended, as certified by the Secretary
                                         of State of the State of Delaware on March __, 2019;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         By-Laws of the Company, as amended, certified by certain Officers of the Company, as
                                         now being in effect;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Officer&rsquo;s Certificate of the Company dated and delivered to us on the date hereof
                                         as to which we have relied exclusively with respect to certain matters relating to the
                                         Investment Company Act of 1940 and certifying as to certain other factual matters pertinent
                                         to the opinion letter to which this <U>Exhibit A</U> is attached;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         corporate minute books or other records of the Company pertaining to the proceedings
                                         of the shareholders and directors of the Company from January 1, 2017 through the date
                                         hereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate
                                         of the Chief Executive Officer and the Chief Financial Officer of the Company dated and
                                         delivered to the Underwriter on the date hereof pursuant to the provisions of Sections
                                         5(g) and 5(l) of the Underwriting Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certificate
                                         dated March __, 2019 of the Secretary of State of the State of Delaware as to the good
                                         standing of the Company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement, together with all exhibits thereto filed with the Commission
                                         on November 20, 2018 and all exhibits listed therein and incorporated therein by reference;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">written
                                         order of the Commission declaring the Registration Statement effective at 5:00 p.m. on
                                         November 29, 2018, and as to which we have relied exclusively with respect to the first
                                         clause of our numbered opinion (iv) above;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Prospectus Supplement relating to the Shares in the form filed with the Commission on
                                         March __, 2019 pursuant to Rule 424(b)(5) under the Securities Act;</FONT></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"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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                                         Company&rsquo;s Annual Report on Form 10-K for fiscal year ended December 31, 2018, as
                                         filed with the Commission on March 22, 2019, together with all exhibits listed therein
                                         and incorporated therein by reference;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 23.4pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 50.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company&rsquo;s Current Reports on Form 8-K, as filed with the Commission on February
                                         13, 2019, March 1, 2019, March __ 2019, and March __, 2019, together with all exhibits
                                         listed therein and incorporated therein by reference;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 23.4pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 50.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Officers&rsquo; and Directors&rsquo; Questionnaires completed and signed by each officer
                                         and director of the Company dated on or about _______________;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 23.4pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 50.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Certificate of Registrar and Transfer Agent, dated as of March __, 2019 as supplemented
                                         by the Officers&rsquo; Certificate of the Company, on which we have relied with respect
                                         to the number of issued and outstanding shares of Common Stock; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 23.4pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 50.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         executed Underwriting Agreement.</FONT></TD></TR></TABLE>

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">B-11</P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>f8k032719ex5-1_immucell.htm
<DESCRIPTION>OPINION OF PIERCE ATWOOD LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
5.1</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
29, 2019</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ImmuCell
Corporation</FONT></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">56
Evergreen Drive</FONT></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">Portland,
Maine 04104</FONT></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"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ImmuCell
Corporation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></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">Ladies
and Gentlemen:</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel to ImmuCell Corporation, a Delaware corporation (&ldquo;Company&rdquo;), in connection with (i) the registration
statement on Form S-3 (File No. 333-228479) (the &ldquo;Registration Statement&rdquo;) filed by the Company on November 20, 2018
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (&ldquo;Act&rdquo;);
and (ii) the prospectus supplement, dated March 27, 2019 (the &ldquo;Prospectus Supplement&rdquo;) relating to the issuance and
sale by the Company of up to 1,636,364 shares of the Company&rsquo;s common stock, $0.10 par value, (the &ldquo;Shares&rdquo;).</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Company&rsquo;s Certificate
of Incorporation, (ii) the Company&rsquo;s By-laws, (iii) the Registration Statement, (iv) the Prospectus Supplement, and (v)
such records of the Company, certificates of officers of the Company and public officials, and other documents as we have deemed
relevant and necessary as a basis for the opinions hereinafter expressed. In such examination, we have assumed the genuineness
of all signatures, the authenticity of all documents submitted to us as certified copies or photocopies, and the authenticity
of the originals of such documents.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our examination mentioned above and subject to the qualifications stated herein, we are of the opinion that the Shares will
be, when sold in the manner described in the Prospectus Supplement, validly issued, fully paid and non-assessable.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion with the Commission in accordance with the requirements of Item 601(b)(5) of Regulation
S-K under the Act as an exhibit to the Current Report on Form 8-K to be filed by the Company in connection with the sale of the
Shares and to the use of our name in the Prospectus Supplement, and in any amendment or supplement thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
giving the foregoing consent, we do not admit that we are in the category of persons whose consent is required under Section 7
of the Act, or the rules and regulations of the Commission.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></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>

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    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Pierce Atwood LLP</FONT></TD>
    <TD STYLE="width: 60%; 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">&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">Pierce Atwood LLP</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">&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">cc: Michael F. Brigham</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>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>f8k032719ex99-1_immucell.htm
<DESCRIPTION>PRESS RELEASE OF IMMUCELL CORPORATION, DATED MARCH 26, 2019
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; text-align: left; color: gray"><B>ImmuCell</B></P>

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<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; text-align: left; color: gray"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ImmuCell Corporation Announces Commencement
of Public Offering of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><I><U>For Immediate Release</U></I></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>PORTLAND, Maine&nbsp;&ndash;&nbsp;March 26,
2019 &ndash; ImmuCell Corporation (Nasdaq: ICCC)</B> (&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;), <FONT STYLE="background-color: white">a
growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve
the health and productivity of dairy and beef cattle</FONT>, today announced that it intends to offer and sell, subject to market
and other conditions, shares of its common stock in an underwritten public offering. All of the shares of common stock are being
offered by ImmuCell. The proposed offering is subject to market and other conditions, as well as customary closing conditions,
and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms
of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Craig-Hallum Capital Group is acting as sole managing
underwriter for the offering.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">The
Company intends to use a portion of the net proceeds of the offering for expansion of production capacity for its <B>First Defense</B></FONT><B><FONT STYLE="font-family: Calibri,sans-serif">&reg;
</FONT></B><FONT STYLE="font-family: Times New Roman,serif">product line, and it is increasingly likely that it will use a portion
of those proceeds for expanded facilities to manufacture <B>Re-Tain&trade;</B>.&nbsp; Any remaining available net proceeds will
be used for reduction of indebtedness or general working capital.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">A shelf registration statement on Form S-3 relating
to the offered shares of common stock was filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), and was declared
effective on November 29, 2018. A preliminary prospectus supplement and accompanying prospectus relating to the offering will
be filed with the SEC and will be available on the SEC&rsquo;s website, located at www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying prospectus related to the offering may be obtained, when available, from Craig-Hallum Capital Group
LLC at 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, Attention: Equity Capital Markets, by telephone at 612-334-6300,
or by email at prospectus@chlm.com.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such state or other jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">ImmuCell Corporation's (<B>Nasdaq: ICCC</B>) purpose
is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell
markets products that provide <B>Immediate Immunity</B>&trade; to newborn dairy and beef livestock and is in the late stages of
developing a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and
other information about the Company are available at: http://www.immucell.com.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><B>Contacts:</B></TD>
    <TD>Michael F. Brigham, President and CEO<BR>
    ImmuCell Corporation<BR>
    (207) 878-2770</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">Joe Diaz, Robert Blum and Joe Dorame</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">Lytham Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">(602) 889-9700</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">iccc@lythampartners.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Cautionary Note Regarding Forward-Looking Statements
(Safe Harbor Statement):</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This Press Release contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Such statements include, but are not limited to, any statements relating to: our plans and strategies for our business;
projections of future financial performance; the value of our deferred tax assets; projections about depreciation expense and
its impact on income for book and tax return purposes; the scope and timing of ongoing and future product development work and
commercialization of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis;
the expected efficacy of new products; estimates about the market size for our products; future market share of and revenue generated
by current products and products still in development; our ability to increase production output and reduce costs of goods sold
associated with our new product, <B>Tri-Shield First Defense<SUP>&reg;</SUP></B>; the future adequacy of our own manufacturing
facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely
basis; the continuing availability to us on reasonable terms of third-party providers of critical products or services; the robustness
of our manufacturing processes and related technical issues; estimates about our production capacity; the future adequacy of our
working capital and the availability and cost of third-party financing; the timing and outcome of pending or anticipated applications
for regulatory approvals; future regulatory requirements relating to our products; future expense ratios and margins; future compliance
with bank debt covenants; future cost of our variable interest rate exposure on most of our bank debt; costs associated with sustaining
compliance with current Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance
for the facility to produce the Drug Substance; factors that may affect the dairy and beef industries and future demand for our
products; implementation of international trade tariffs that could reduce the export of dairy products, which could in turn weaken
the price received by our customers for their products; our effectiveness in competing against competitors within both our existing
and our anticipated product markets; the cost-effectiveness of additional sales and marketing expenditures and resources; anticipated
changes in our manufacturing capabilities and efficiencies; anticipated competitive and market conditions; and any other statements
that are not historical facts. Forward-looking statements can be identified by the use of words such as &ldquo;expects&rdquo;,
&ldquo;may&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;aims&rdquo;, &ldquo;intends&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;,
&ldquo;should&rdquo;, &ldquo;will&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;targets&rdquo;,
&ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;seeks&rdquo; and similar words and expressions. In addition, there can
be no assurance that future developments affecting us will be those that we anticipate. Such statements involve risks and uncertainties,
including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory
approval, production and marketing of our products (including <B>First Defense<SUP>&reg;</SUP></B> and <B>Re-Tain&trade;</B>),
competition within our anticipated product markets, customer acceptance of our new and existing products, product performance,
alignment between our manufacturing resources and product demand, our reliance upon third parties for financial support, products
and services, changes in laws and regulations, decision making by regulatory authorities, possible dilutive impacts on existing
stockholders from any equity financing transactions in which we may engage, currency values and fluctuations and other risks detailed
from time to time in filings we make with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q,
our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based
on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized
above.</P>

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

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<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>f8k032719ex99-2_immucell.htm
<DESCRIPTION>PRESS RELEASE OF IMMUCELL CORPORATION, DATED MARCH 27, 2019
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

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

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

<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; color: gray"><B>ImmuCell</B></P>

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<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; color: gray"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ImmuCell Corporation Announces Pricing of $9.0
Million Public Offering of Common Stock</B></P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I><U>For
Immediate Release</U></I></B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>PORTLAND, Maine &ndash; March 27, 2019 &ndash;
ImmuCell Corporation (Nasdaq: ICCC)</B> (&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;), <FONT STYLE="background-color: white">a
growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve
the health and productivity of dairy and beef cattle</FONT>, <FONT STYLE="background-color: white">today announced the pricing
of its previously announced underwritten public offering of </FONT>1,636,364 <FONT STYLE="background-color: white">shares of common
stock of the Company at a price to the public of $5.50 per share.</FONT> ImmuCell expects to receive aggregate gross proceeds
of approximately $9.0 million from the offering. All of the shares of common stock are being offered by ImmuCell. <FONT STYLE="background-color: white">The
offering is expected to close on or about March 29, 2019, subject to customary closing conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Craig-Hallum Capital Group is acting as sole managing
underwriter for the offering.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">The Company intends to use
a portion of the net proceeds of the offering for expansion of production capacity for its <B>First Defense</B></FONT><B><FONT STYLE="font-family: Calibri,sans-serif">&reg;</FONT></B>
<FONT STYLE="font-family: Times New Roman,serif">product line, and it is increasingly likely that it will use a portion of those
proceeds for expanded facilities to manufacture <B>Re-Tain&trade;</B>. Any remaining available net proceeds will be used for reduction
of indebtedness or general working capital.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">A shelf registration statement
on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) and was declared effective on November 29, 2018. A preliminary prospectus supplement describing
the terms of the offering has been filed with the SEC and is available on the SEC&rsquo;s website at www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from </FONT>Craig-Hallum
Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, Attention: Equity Capital Markets, by telephone
at 612-334-6300, or by email at prospectus@chlm.com <FONT STYLE="background-color: white">or
at the SEC&rsquo;s website at http://www.sec.gov.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other
jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">ImmuCell Corporation's (<B>Nasdaq: ICCC</B>) purpose is to create scientifically-proven
and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell markets products that provide
<B>Immediate Immunity</B>&trade; to newborn dairy and beef livestock and is in the late stages of developing a novel treatment
for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information about the
Company are available at: http://www.immucell.com.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><B>Contacts:</B></TD>
    <TD>Michael F. Brigham, President and CEO<BR>
ImmuCell Corporation<BR>
(207) 878-2770</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">Joe Diaz, Robert Blum and Joe Dorame</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">Lytham Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">(602) 889-9700</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 1in">iccc@lythampartners.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Cautionary Note Regarding Forward-Looking Statements (Safe Harbor
Statement):</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This Press Release contains &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to: our plans and strategies for our business; projections of future financial
performance; the value of our deferred tax assets; projections about depreciation expense and its impact on income for book and
tax return purposes; the scope and timing of ongoing and future product development work and commercialization of our products;
future costs of product development efforts; the estimated prevalence rate of subclinical mastitis; the expected efficacy of new
products; estimates about the market size for our products; future market share of and revenue generated by current products and
products still in development; our ability to increase production output and reduce costs of goods sold associated with our new
product, <B>Tri-Shield First Defense<SUP>&reg;</SUP></B>; the future adequacy of our own manufacturing facilities or those of third
parties with which we have contractual relationships to meet demand for our products on a timely basis; the continuing availability
to us on reasonable terms of third-party providers of critical products or services; the robustness of our manufacturing processes
and related technical issues; estimates about our production capacity; the future adequacy of our working capital and the availability
and cost of third-party financing; the timing and outcome of pending or anticipated applications for regulatory approvals; future
regulatory requirements relating to our products; future expense ratios and margins; future compliance with bank debt covenants;
future cost of our variable interest rate exposure on most of our bank debt; costs associated with sustaining compliance with current
Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance for the facility to produce
the Drug Substance; factors that may affect the dairy and beef industries and future demand for our products; implementation of
international trade tariffs that could reduce the export of dairy products, which could in turn weaken the price received by our
customers for their products; our effectiveness in competing against competitors within both our existing and our anticipated product
markets; the cost-effectiveness of additional sales and marketing expenditures and resources; anticipated changes in our manufacturing
capabilities and efficiencies; anticipated competitive and market conditions; and any other statements that are not historical
facts. Forward-looking statements can be identified by the use of words such as &ldquo;expects&rdquo;, &ldquo;may&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;aims&rdquo;, &ldquo;intends&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;,
&ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;targets&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;,
&ldquo;seeks&rdquo; and similar words and expressions. In addition, there can be no assurance that future developments affecting
us will be those that we anticipate. Such statements involve risks and uncertainties, including, but not limited to, those risks
and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of
our products (including <B>First Defense<SUP>&reg;</SUP></B> and <B>Re-Tain&trade;</B>), competition within our anticipated product
markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources
and product demand, our reliance upon third parties for financial support, products and services, changes in laws and regulations,
decision making by regulatory authorities, possible dilutive impacts on existing stockholders from any equity financing transactions
in which we may engage, currency values and fluctuations and other risks detailed from time to time in filings we make with the
Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current
Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results
may differ materially due to various factors, including the risk factors summarized above.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>f8k032719ex99-3_immucell.htm
<DESCRIPTION>PRESS RELEASE OF IMMUCELL CORPORATION, DATED MARCH 29, 2019
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

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

<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; color: gray"><B>ImmuCell</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 24pt Arial,sans-serif; margin: 0pt 0; color: gray"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>ImmuCell Corporation
Announces Closing of $9 Million Public Offering of Common Stock</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 8pt"><B><I><U>For Immediate Release</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-align: justify"><B>PORTLAND, Maine&nbsp;&ndash;&nbsp;March
29, 2019 &ndash; ImmuCell Corporation (Nasdaq: ICCC) </B>(&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;), a growing animal
health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and
productivity of dairy and beef cattle, today announced the closing of its previously announced underwritten public offering of
1,636,364 shares of common stock at a price to the public of $5.50 per share. All of the shares of common stock were offered by
ImmuCell.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-align: justify">Craig-Hallum Capital
Group acted as sole managing underwriter for the offering.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-align: justify">The net proceeds from the offering are approximately
$8.3 million, after deducting underwriting discounts and other estimated expenses incurred in connection with the offering.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The Company intends to use a portion of the net proceeds of the offering
for expansion of production capacity for its <B>First Defense<SUP>&reg;</SUP></B> product line, and it is increasingly likely that
it will use a portion of those proceeds for expanded facilities to manufacture <B>Re-Tain&trade;</B>. Any remaining available net
proceeds will be used for reduction of indebtedness or general working capital.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; background-color: white; text-indent: 297.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-align: justify">The Company is in the process of finalizing
its results for the three-month and twelve-month periods ended March 31, 2019. Based on currently available information, the Company
estimates that, as of and for the three-month and twelve-month periods ended March 31, 2019:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Product
                                         sales during the three-month period ended March 31, 2019 are anticipated to be approximately
                                         $4,252,000, compared to $2,881,000 during the three-month period ended March 31, 2018,
                                         an increase of $1,371,000 or 48%;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Product
                                         sales during the twelve-month period ended March 31, 2019 are anticipated to be approximately
                                         $12,357,000 compared to $9,768,000 during the twelve-month period ended March 31, 2018,
                                         an increase of $2,589,000 or 26%;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
                                         was a backlog of orders for the <B>First Defense<SUP>&reg;</SUP></B> product line of
                                         approximately $185,000 and $1,245,000 as of March 31, 2019 and 2018, respectively;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash,
                                         cash equivalents and short-term investments are anticipated to be approximately $2,410,000
                                         as of March 31, 2019 (exclusive of the net proceeds from this offering), as compared
                                         to $3,060,470 as of March 31, 2018.</FONT></TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">A shelf registration statement
on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) and was declared effective on November 29, 2018. Copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may be obtained from </FONT>Craig-Hallum Capital Group LLC at 222 South Ninth
Street, Suite 350, Minneapolis, Minnesota 55402, Attention: Equity Capital Markets, by telephone at 612-334-6300, or by email at
prospectus@chlm.com <FONT STYLE="background-color: white">or at the SEC&rsquo;s website
at </FONT>http://www.immucell.com<FONT STYLE="background-color: white">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This press release shall not constitute an offer to sell, or the solicitation
of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-align: justify">ImmuCell Corporation&rsquo;s&nbsp;<B>(Nasdaq:
</B><B>ICCC</B><B>)</B>&nbsp;purpose is to create scientifically-proven and practical
products that improve the health and productivity of dairy and beef cattle.&nbsp;ImmuCell markets <B>First Defense<SUP>&reg;</SUP></B>,
providing <B>Immediate Immunity&trade;</B> to newborn dairy and beef livestock, and is in the late stages of developing <B>Re-Tain&trade;</B>,
a novel treatment for mastitis, the most significant cause of economic loss to the dairy industry. Press releases and other information
about the Company are available at: http://www.immucell.com.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><B>Contact:</B></TD>
    <TD>Michael F. Brigham, President and CEO</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(207) 878-2770</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Joe Diaz, Robert Blum and Joe Dorame</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(602) 889-9700</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">iccc@lythampartners.com</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Cautionary Note Regarding Forward-Looking Statements (Safe Harbor
Statement):</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This Press Release contains &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to: our plans and strategies for our business; projections of future financial
performance; the value of our deferred tax assets; projections about depreciation expense and its impact on income for book and
tax return purposes; the scope and timing of ongoing and future product development work and commercialization of our products;
future costs of product development efforts; the estimated prevalence rate of subclinical mastitis; the expected efficacy of new
products; estimates about the market size for our products; future market share of and revenue generated by current products and
products still in development; our ability to increase production output and reduce costs of goods sold associated with our new
product, <B>Tri-Shield First Defense<SUP>&reg;</SUP></B>; the future adequacy of our own manufacturing facilities or those of third
parties with which we have contractual relationships to meet demand for our products on a timely basis; the continuing availability
to us on reasonable terms of third-party providers of critical products or services; the robustness of our manufacturing processes
and related technical issues; estimates about our production capacity; the future adequacy of our working capital and the availability
and cost of third-party financing; the timing and outcome of pending or anticipated applications for regulatory approvals; future
regulatory requirements relating to our products; future expense ratios and margins; future compliance with bank debt covenants;
future cost of our variable interest rate exposure on most of our bank debt; costs associated with sustaining compliance with current
Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance for the facility to produce
the Drug Substance; factors that may affect the dairy and beef industries and future demand for our products; implementation of
international trade tariffs that could reduce the export of dairy products, which could in turn weaken the price received by our
customers for their products; our effectiveness in competing against competitors within both our existing and our anticipated product
markets; the cost-effectiveness of additional sales and marketing expenditures and resources; anticipated changes in our manufacturing
capabilities and efficiencies; anticipated competitive and market conditions; and any other statements that are not historical
facts. Forward-looking statements can be identified by the use of words such as &ldquo;expects&rdquo;, &ldquo;may&rdquo;, &ldquo;anticipates&rdquo;,
&ldquo;aims&rdquo;, &ldquo;intends&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;,
&ldquo;plans&rdquo;, &ldquo;believes&rdquo;, &ldquo;estimates&rdquo;, &ldquo;targets&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;,
&ldquo;seeks&rdquo; and similar words and expressions. In addition, there can be no assurance that future developments affecting
us will be those that we anticipate. Such statements involve risks and uncertainties, including, but not limited to, those risks
and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of
our products (including <B>First Defense<SUP>&reg;</SUP></B> and <B>Re-Tain&trade;</B>), competition within our anticipated product
markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources
and product demand, our reliance upon third parties for financial support, products and services, changes in laws and regulations,
decision making by regulatory authorities, possible dilutive impacts on existing stockholders from any equity financing transactions
in which we may engage, currency values and fluctuations and other risks detailed from time to time in filings we make with the
Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current
Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results
may differ materially due to various factors, including the risk factors summarized above.</P>

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