<SEC-DOCUMENT>0001185185-25-001235.txt : 20250919
<SEC-HEADER>0001185185-25-001235.hdr.sgml : 20250919
<ACCEPTANCE-DATETIME>20250919160245
ACCESSION NUMBER:		0001185185-25-001235
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250919
DATE AS OF CHANGE:		20250919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IGC Pharma, Inc.
		CENTRAL INDEX KEY:			0001326205
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				202760393
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276330
		FILM NUMBER:		251326807

	BUSINESS ADDRESS:	
		STREET 1:		10224 FALLS ROAD
		CITY:			POTOMAC
		STATE:			MD
		ZIP:			20854
		BUSINESS PHONE:		301-529-4996

	MAIL ADDRESS:	
		STREET 1:		10224 FALLS ROAD
		CITY:			POTOMAC
		STATE:			MD
		ZIP:			20854

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	India Globalization Capital, Inc.
		DATE OF NAME CHANGE:	20050505
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>igc424b5091925.htm
<DESCRIPTION>FORM 424B5
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 60%; padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt"><b>PROSPECTUS SUPPLEMENT</b></font></td>
    <td style="text-align: right; width: 40%; padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt"><b>Filed Pursuant to Rule 424(b)(5)</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt"><b>(To the Prospectus effective January 8, 2024)</b></font></td>
    <td style="text-align: right; padding: 0.25pt; font-size: 10pt"><font style="font-size: 10pt"><b>Registration No. 333-276330</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><img src="image_001.jpg" alt="" ><font style="font-size: 10pt"></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Up to $11,309,229</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>IGC Pharma, Inc.</b></font></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We have entered into
an At-the-Market (ATM) Sales Agreement (the &#8220;Sales Agreement&#8221;) with A.G.P./Alliance Global Partners (&#8220;A.G.P.&#8221;
or the &#8220;Sales Agent&#8221;) relating to shares of our common stock, par value $0.0001 per share. Under the Sales Agreement, we
may offer and sell shares of our common stock having an aggregate offering price of up to $60,000,000 from time to time through the Sales
Agent as our sales agent. Under the terms of the Sales Agreement, we may also sell shares to the Sales Agent as principal for its own
account.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">By means of this prospectus
supplement, we are offering $11,309,229 of common stock pursuant to General Instruction I.B.6 of Form S-3. As of September 3, 2025, the
aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was approximately $33,927,686, which
was calculated based on approximately 72,136,567 shares of outstanding common stock held by non-affiliates and on a price per share of
$0.47, the highest closing price of our common stock in the past 60 days or on September 3, 2025. Pursuant to General Instruction I.B.6
of Form S-3, in no event will we sell our securities in a public primary offering with a value exceeding more than one-third of our public
float in any 12-month period (or $11,309,229) so long as our public float remains below $75,000,000. As of September 17, 2025, pursuant
to General Instruction I.B.6 of Form S-3 and during the 12-calendar months prior to and including the date of this prospectus supplement,
we have sold 12,807,199 shares of our common stock in connection with this &#8220;At-the-Market&#8221; financing facility.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Sales Agent is
not required to sell any specific number or dollar amount of shares of our common stock but will use its commercially reasonable efforts,
as our agent and subject to the terms of the Sales Agreement, to sell the shares offered by this prospectus supplement and the accompanying
prospectus. Sales of the shares, if any, may be made by any means permitted by law and deemed to be an &#8220;at the market&#8221; offering
as defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made directly
on the NYSE American, at market prices, in negotiated transactions at market prices prevailing at the time of sale or at prices related
to such prevailing market prices, or any other method permitted by law. The price per share will be at prevailing market prices when
we have an order to sell our shares in effect. An order to sell our shares may contain a minimum sales price and a maximum number of
shares to be sold under the order.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Sales Agent will
be entitled to compensation at a fixed commission rate of 3% of the gross sales price per share sold. We have also agreed to reimburse
certain expenses of the Sales Agent in connection with the Sales Agreement. The net proceeds to us that we receive from sales of our
common stock will depend on the number of shares actually sold and the offering price for such shares. The actual proceeds to us will
vary. In connection with the sale of shares of our common stock on our behalf, the Sales Agent may be deemed to be an &#8220;underwriter&#8221;
within the meaning of the Securities Act, and the compensation of the Sales Agent may be deemed to be underwriting commissions or discounts.
We have agreed to provide indemnification and contribution to the Sales Agent against certain liabilities, including liabilities under
the Securities Act and the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). See &#8220;Plan of Distribution&#8221;
beginning on page S-13 for more information regarding the Sales Agent&#8217;s compensation and expenses.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our shares of common
stock trade on the NYSE American under the symbol IGC. On September 17, 2025, the last reported sale price of our common stock, as reported
on the NYSE American, was $0.41 per share.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We are a smaller reporting
company under Rule 405 of the Securities Act and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus supplement, the documents incorporated by reference herein, and future filings.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Investing in our
securities involves a high degree of risk. Before investing in our securities, you should carefully consider the risk factors described
in </b>&#8220;<b>Risk Factors</b>&#8221; <b>in this prospectus supplement beginning on page S-7, in the accompanying prospectus and in
other documents incorporated by reference, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 filed with
the U.S. Securities and Exchange Commission (</b>&#8220;<b>SEC</b>&#8221;<b>) on June 27, 2025, and our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2025 filed with the SEC on August 14, 2025, and other documents that we subsequently file with the SEC
that update, supplement or supersede such information.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We urge you to carefully
read this prospectus supplement and the accompanying prospectus, which describe the terms of the offering before you make your investment
decision.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><i>Sales Agent</i></font></p>

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

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 18pt"><b>A.G.P.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>The date of this
prospectus supplement is September 17, 2025</b></font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt; text-align: center"><font style="font-size: 10pt"><b>IGC Pharma,
Inc.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 8pt; text-align: center"><font style="font-size: 10pt"><u><a name="TableOfContents"></a>Table of
Contents</u></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Prospectus Supplement</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 90%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 9%; border-bottom: black 1pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><b>Page</b></td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_001">ABOUT THIS PROSPECTUS SUPPLEMENT</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-4</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_002">PROSPECTUS SUPPLEMENT SUMMARY</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-5</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_003">RISK FACTORS</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-7</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_004">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-9</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_005">USE OF PROCEEDS</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-11</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_006">DIVIDEND POLICY</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-11</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_007">DILUTION</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-12</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_008">PLAN OF DISTRIBUTION</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-13</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_009">DESCRIPTION OF CAPITAL STOCK</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-14</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_010">LEGAL MATTERS</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-16</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_011">EXPERTS</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-16</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_012">WHERE YOU CAN FIND MORE INFORMATION</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-17</td></tr>
  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><a href="#a_013">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</a></td>
    <td>&nbsp;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: right">S-17</td></tr>
  </table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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: bottom">
    <td style="padding: 0.25pt; width: 90%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 9%; text-align: center"><font style="font-size: 10pt"><b>Page</b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_001"><font style="font-size: 10pt">ABOUT THIS PROSPECTUS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">1</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_002"><font style="font-size: 10pt">ABOUT IGC PHARMA, INC.</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">1</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_003"><font style="font-size: 10pt">RISK FACTORS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">2</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_004"><font style="font-size: 10pt">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">3</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_005"><font style="font-size: 10pt">USE OF PROCEEDS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">5</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_006"><font style="font-size: 10pt">THE SECURITIES WE MAY OFFER</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">5</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_007"><font style="font-size: 10pt">DESCRIPTION OF COMMON STOCK</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">6</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_008"><font style="font-size: 10pt">DESCRIPTION OF WARRANTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">7</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_009"><font style="font-size: 10pt">DESCRIPTION OF UNITS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">7</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_010"><font style="font-size: 10pt">DESCRIPTION OF RIGHTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">8</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_011"><font style="font-size: 10pt">ANTI-TAKEOVER LAW, LIMITATIONS OF LIABILITY AND INDEMNIFICATION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">9</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_012"><font style="font-size: 10pt">PLAN OF DISTRIBUTION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">11</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_013"><font style="font-size: 10pt">EXPERTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_014"><font style="font-size: 10pt">LEGAL MATTERS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_015"><font style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_016"><font style="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">14</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_001"></a>ABOUT THIS PROSPECTUS
SUPPLEMENT</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Unless otherwise stated
or the context otherwise requires, references in this prospectus supplement or the accompanying prospectus to &#8220;IGC,&#8221; &#8220;we,&#8221;
&#8220;our,&#8221; &#8220;us&#8221; or similar references are to IGC Pharma, Inc. and its consolidated subsidiaries.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This document consists
of two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and other matters relating
to us. The second part is the accompanying prospectus, which gives more general information about the securities we may offer from time
to time, some of which may not apply to this offering. This prospectus supplement and the accompanying prospectus are part of a &#8220;shelf&#8221;
registration statement that we filed with the SEC using the SEC&#8217;s shelf registration rules.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">You should read both
this prospectus supplement and the accompanying prospectus together with additional information described in this prospectus supplement
in the section titled &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Documents by Reference.&#8221;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">If there is any inconsistency
between the information in this prospectus supplement and the accompanying prospectus, you should rely on the information contained in
this prospectus supplement. Any statement made in this prospectus supplement, in the accompanying prospectus, or in any document incorporated
or deemed to be incorporated by reference in this prospectus supplement or the accompanying prospectus will be deemed to be modified
or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or in
any other subsequently filed document that is also incorporated or deemed to be incorporated by reference in this prospectus supplement
or the accompanying prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute a part of this prospectus supplement or the accompanying prospectus.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The industry and market
data and other statistical information contained in this prospectus supplement, accompanying prospectus, and the documents we incorporate
by reference in this prospectus supplement and the accompanying prospectus are based on management&#8217;s own estimates, independent
publications, government publications, reports by market research firms or other published independent sources, and, in each case, are
believed by management to be reasonable estimates. Although we believe these sources are reliable, we have not independently verified
the information.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The information in
this prospectus supplement is accurate as of the date on the front cover. You should not assume that the information contained in this
prospectus supplement or in the accompanying prospectus is accurate as of any date other than the date on the front of the applicable
document or that information incorporated by reference is accurate as of any date other than the date of the document incorporated by
reference. Our business, financial condition, results of operations, and prospects, or other important facts or circumstances, may have
changed since those dates.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In making your investment
decision, you should rely only on the information contained in or incorporated by reference in this prospectus supplement and in the
accompanying prospectus. Neither we nor the Sales Agent has authorized anyone to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. Neither we nor the Sales Agent is making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. This prospectus supplement and accompanying prospectus
do not constitute, and may not be used in connection with, an offer to sell or a solicitation of an offer to buy any securities offered
by this prospectus supplement and accompanying prospectus by any person in any jurisdiction in which it is unlawful for such person to
make such an offer or solicitation. Persons outside the United States who come into possession of this prospectus supplement and the
accompanying prospectus must inform themselves about and observe any restrictions relating to the offering of our securities and the
distribution of this prospectus supplement and the accompanying prospectus outside the United States.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We further note that
the representations, warranties, and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated
by reference herein were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating
risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such
representations, warranties, or covenants were accurate only as of the date when made. Accordingly, such representations, warranties,
and covenants should not be relied on as accurately representing the current state of our affairs.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">You should assume that
the information contained in or incorporated by reference into this prospectus supplement and the accompanying prospectus or in any free
writing prospectus that we may provide to you is accurate only as of the date of those documents, regardless of the time of delivery
of such documents or the sale of our securities. Our business, financial condition, results of operations, and prospects may have changed
since those dates.</font></p>

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

</div>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_002"></a>PROSPECTUS SUPPLEMENT
SUMMARY</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><i>The
following summary is provided solely for your convenience. It is not intended to be complete. You should carefully read this entire prospectus
supplement, the accompanying prospectus and all the information included or incorporated by reference herein or therein carefully, especially
the risks discussed in the section titled </i>&#8220;<i>Risk Factors</i>&#8221; <i>beginning on page S-7 of this prospectus supplement
and the risk factors contained in the accompanying prospectus and the other documents incorporated by reference herein.</i></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>About IGC Pharma,
Inc.</b></font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">IGC Pharma, a clinical-stage
pharmaceutical company attempting to leverage AI to develop potentially innovative treatments for Alzheimer&#8217;s disease (AD), metabolic
disorder, and related neurodegenerative conditions. IGC Pharma is committed to transforming patient care by seeking to offer faster-acting
and more effective solutions. The Company&#8217;s research and development efforts are centered on addressing some of the most challenging
and underserved symptoms of Alzheimer&#8217;s, with the lead investigational candidate, IGC-AD1, positioned at the forefront of this
strategy. It is designed to treat agitation in Alzheimer&#8217;s dementia, a common and difficult-to-manage neuropsychiatric symptom
that significantly impacts millions of patients&#8217; well-being and caregiver burden.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our mission is to improve
the lives of individuals affected by Alzheimer&#8217;s disease by addressing both its symptoms and the disease. Our near-term focus is
on advancing IGC-AD1, our lead drug candidate currently in Phase 2 clinical trials targeting agitation in Alzheimer&#8217;s patients.
We are also investing in our early-stage pipeline of investigational therapies and exploring Artificial Intelligence (AI) powered models
designed to identify early markers of Alzheimer&#8217;s. We believe that combining scientific innovation with operational execution,
including leveraging our internal contract research organization, positions us to efficiently advance our pipeline toward commercialization,
although there can be no assurance thereof. Our long-term strategy is to build a portfolio of differentiated therapies that not only
address symptomatic needs but also target disease-modifying mechanisms, thereby creating sustainable value for patients, caregivers,
and shareholders.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">IGC Pharma is a Maryland
corporation established in 2005 with a fiscal year ending on March 31, spanning a 52- or 53-week period.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We were incorporated
in the State of Maryland on April 29, 2005. Our principal executive offices are located at 10224 Falls Road, Potomac, Maryland 20854,
and our telephone number is (301) 983-0998. We maintain the website www.igcpharma.com. Our public filings with the SEC are accessible
on the SEC&#8217;s website, www.sec.gov.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The information contained
on our websites is not incorporated by reference into this prospectus supplement, and you should not consider any information contained
on, or that can be accessed through, our websites as part of this prospectus supplement or in deciding whether to purchase our securities.</font></p>

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

</div>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>The Offering</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="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-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in; width: 38%"><font style="font-size: 10pt">Common stock offered:</font></td>
    <td style="padding: 0pt; width: 2%">&nbsp;</td>
    <td style="padding: 0pt; width: 60%; text-align: justify"><font style="font-size: 10pt">Shares of common stock having an aggregate
    offering price of up to $11,309,229.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in">&nbsp;</td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><font style="font-size: 10pt">Common stock to be outstanding immediately after this offering: (1)</font></td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt">Up to 116,021,301 shares, assuming the sale of up
    to 24,062,189 shares under this prospectus at a price of $0.47 per share, the last reported sale price of our common stock on the
    NYSE American on September 3, 2025, for aggregate gross proceeds of $11,309,229. Actual shares issued will vary depending on the
    sales prices in this offering.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in">&nbsp;</td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><font style="font-size: 10pt">Manner of offering:</font></td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt">&#8220;At-the-market&#8221;&nbsp;offering that may
    be made from time to time through A.G.P./Alliance Global Partners, our Sales Agent, on a commercially reasonable efforts basis. See
    &#8220;Plan of Distribution&#8221;&nbsp;on page S-13.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in">&nbsp;</td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><font style="font-size: 10pt">Use of proceeds:</font></td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt">We currently intend to use the net proceeds from this
    offering to fund our ongoing investments in clinical trials, AI capabilities, research and development, facilities, marketing and
    advertising, and potential acquisitions of complementary products and businesses as part of our growth strategy, and investments,
    including but not limited to mutual funds, treasury bonds, digital assets, and other asset classes, as well as to support our overall
    working capital and general corporate requirements. For more details, see &#8220;Use of Proceeds&#8221;&nbsp;on page S-11.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in">&nbsp;</td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><font style="font-size: 10pt">NYSE American trading symbol:</font></td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt">IGC</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in">&nbsp;</td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><font style="font-size: 10pt">Risk factors:</font></td>
    <td style="padding: 0pt">&nbsp;</td>
    <td style="padding: 0pt; text-align: justify"><font style="font-size: 10pt">An investment in our common stock involves significant
    risks. Before making an investment in our common stock, you should carefully review the &#8220;Risk Factors&#8221;&nbsp;section below
    and the risk factors stated in the accompanying prospectus, as well as the other documents incorporated by reference into this prospectus
    supplement and the accompanying prospectus.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">(1)</font></td><td style="text-align: justify"><font style="font-size: 10pt">The number of shares of common
stock to be outstanding immediately after this offering is based on 91,959,112 shares issued and outstanding as of September 17, 2025,
and excludes the following as of such date:</font></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-size: 10pt">approximately 14.4 million
shares of common stock reserved for future issuance pursuant to vesting or exercising under the IGC Pharma, Inc. 2018 Omnibus Incentive
Plan and special grants approved by our stockholders;</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-size: 10pt">9,147 shares of common stock
pursuant to the conversion of 91,472 units that can be separated into common stock based on a ratio of one share of common stock for
every ten units;</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-size: 10pt">150,000 shares of restricted
common stock reserved for future issuance upon vesting; and</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-size: 10pt">approximately 3.7 million shares
of common stock reserved for future issuance pursuant to a grant under the IGC Pharma, Inc. 2018 Omnibus Incentive Plan and special grants
approved by our stockholders.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"><font style="font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-size: 10pt">&#9679;</font></td><td style="text-align: justify"><font style="font-size: 10pt">On September 25, 2024, the
Company entered into the 2024 Share Purchase Agreement (the &#8220;September 2024 SPA&#8221;) with Moran Global Strategies, Inc., a Virginia
corporation (&#8220;MGS&#8221;), which is owned by James Moran, a director of IGC, relating to the sale and issuance by our company to
the investors of an aggregate of 588,235 shares of our common stock, for a total purchase price of $200,000.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"><font style="font-size: 10pt">&nbsp;</font></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"><font style="font-size: 10pt"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_003"></a>RISK FACTORS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><i>You
should carefully consider the risk factors described in the accompanying prospectus and in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2025, as well as the other information contained or incorporated by reference in this prospectus supplement and
the accompanying prospectus, and the risk factors set forth below before deciding to invest in shares of our common stock. Such risks
and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem
immaterial may also impair our business operations. The occurrence of any of the events or actions described in these risk factors may
have a material adverse effect on our business, financial condition, results of operations, and prospects.</i></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Risks Related to
Our Financial Condition, Our Common Stock, and This Offering</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>We have a history
of annual net losses, which may continue, and which may negatively impact our ability to achieve our business objectives.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">For the fiscal year
ended March 31, 2025, we had revenue of $1,270,669 and a net loss attributable to common stockholders of $7,121,912. At March 31, 2025,
we had total stockholders&#8217; equity of $6,330,414, a decrease of $988,981 from March 31, 2024. Our total stockholders&#8217; equity
was $6,078,578 as of June 30, 2025. For the three months ended June 30, 2025, we had revenue of $328,037, compared to revenue of $271,577
for the comparable period in 2024. We had a net loss attributable to common stockholders of $1,598,513 for the three months ended June
30, 2025, compared to a net loss attributable to common stockholders of $2,378,322 for the comparable 2024 period. We are currently in
a clinical trial stage and, thus, have not yet achieved profitability.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The challenges we face
include unanticipated clinical trial delays, poor data, changes in the regulatory and competitive landscape, and additional costs and
expenses that may exceed current budget estimates. In order to complete certain clinical trials and achieve our business objectives,
we anticipate that we will incur increased operating expenses. In addition, we expect to incur significant losses and experience negative
cash flow for the foreseeable future as we fund the operating losses and capital expenditures. We recognize that if we are unable to
generate sufficient revenues or source funding, we will not be able to continue operations as currently contemplated, complete planned
clinical trials, and/or achieve profitability. Our failure to achieve or maintain profitability will also negatively impact the value
of our shares. If we are unsuccessful in addressing these risks, then we may need to limit our business activities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>We require additional
funding for our business, but it is not possible to predict the aggregate proceeds resulting from sales made under the Sales Agreement.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Subject to certain
limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to the Sales
Agent at any time throughout the term of the Sales Agreement. The number of shares that are sold through the Sales Agent, if any, after
delivering a placement notice will fluctuate based on a number of factors, including the market price of our common stock during the
sales period, the limits we set with the Sales Agent in any applicable placement notice and the demand for our common stock during the
sales period. Because the price per share of each share sold will fluctuate during the sales period, it is not currently possible to
predict the aggregate proceeds to be raised in connection with those sales.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>The common stock
offered hereby will be sold in </i></b>&#8220;<b><i>at the market offerings,</i></b>&#8221; <b><i>and investors who buy shares at different
times will likely pay different prices.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Investors who purchase
shares in this offering at different times will likely pay different prices, and so may experience different levels of dilution and different
outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and number of shares
sold in this offering. In addition, subject to the final determination by our Board of Directors, there may be no minimum or maximum
sales price for shares to be sold in this offering. Investors may experience a decline in the value of the shares they purchase in this
offering as a result of sales made at prices lower than the prices they paid.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>Future sales
of common stock by us could cause our stock price to decline and dilute your ownership percentage in our company.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In the future, we may
issue shares of our common stock or preferred stock, including any securities that are convertible into or exchangeable for or that represent
the right to receive common stock or preferred stock or any substantially similar securities. The market price of our common stock could
decline as a result of sales of our common stock by us in the market or the perception that such sales could occur.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>Our management
team will have broad discretion over the use of the net proceeds from this offering.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our management will
use their discretion to direct the net proceeds from this offering. We intend to use the net proceeds from the sale of our shares in
this offering as set forth in the &#8220;Use of Proceeds&#8221; section below. Our management&#8217;s judgments may not result in positive
returns on your investment, and you will not have an opportunity to evaluate the economic, financial, or other information upon which
our management bases its decisions. We may invest the net proceeds from this offering, pending their use, in a manner that does not produce
income or that loses value. The failure by our management to apply these funds effectively could result in financial losses, and these
financial losses could have a material adverse effect on our business and cause the price of our common stock to decline.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>We do not intend
to pay dividends on our common stock. Consequently, your ability to achieve a return on your investment will depend on the appreciation
in the price of our common stock.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We have never declared
or paid any cash dividend on our common stock. We currently anticipate that we will retain future earnings, if any, for the development,
operation, and expansion of our business, and we do not anticipate declaring or paying any cash dividends on our common stock for the
foreseeable future. Consequently, investors must rely on sales of their common stock after price appreciation, which may never occur,
as the only way to realize any future gains on their investments. There is no guarantee that shares of our common stock will appreciate
in value or even maintain the price at which our stockholders have purchased their shares.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b><i>You may experience
immediate and substantial dilution.</i></b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The offering price
per share in this offering may exceed the net tangible book value per share of our common stock outstanding prior to this offering. Assuming
that an aggregate of 127,659,574 shares of our common stock are sold during the term of the Sales Agreement with the Sales Agent at a
price of $0.47 per share, the closing price of our common stock on the NYSE American on September 3, 2025, for aggregate gross proceeds
of $60,000,000, after deducting commissions and estimated aggregate offering expenses payable by us, you will experience immediate dilution
$0.176 per share, representing the difference between our as adjusted pro forma net tangible book value per share as of June 30, 2025,
after giving effect to this offering and the assumed offering price. The exercise of outstanding stock options and warrants may result
in further dilution of your investment. See the section entitled &#8220;Dilution&#8221; below for a more detailed illustration of the
dilution you would incur if you participate in this offering.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_004"></a>SPECIAL NOTE ABOUT
FORWARD-LOOKING STATEMENTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This prospectus supplement
and the documents incorporated in this prospectus supplement by reference contain &#8220;forward-looking statements.&#8221; We or our
representatives may, from time to time, make written or verbal forward-looking statements. In this prospectus supplement and the documents
incorporated by reference, we discuss plans, expectations, and objectives regarding our business, financial condition, and results of
operations. Without limiting the foregoing, statements that are in the future tense, and all statements accompanied by terms such as
&#8220;believe,&#8221; &#8220;project,&#8221; &#8220;expect,&#8221; &#8220;trend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221;
&#8220;assume,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;target,&#8221; &#8220;anticipate,&#8221; &#8220;outlook,&#8221;
&#8220;preliminary,&#8221; &#8220;will likely result,&#8221; &#8220;will continue&#8221; and variations of them and similar terms are
intended to be &#8220;forward-looking statements&#8221; as defined by federal securities laws. We caution you not to place undue reliance
on forward-looking statements, which are based upon assumptions, expectations, plans, and projections. In addition, our goals and objectives
are aspirational and are not guarantees or promises that such goals and objectives will be met. Forward-looking statements are subject
to risks and uncertainties, including those identified in the &#8220;Risk Factors&#8221; included in this prospectus supplement and in
the documents incorporated by reference that may cause actual results to differ materially from those expressed or implied in the forward-looking
statements. Forward-looking statements speak only as of the date when they are made. Except as required by federal securities law, we
do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the
occurrence of unanticipated events after the date of those statements.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Forward-looking statements
are based upon, among other things, our assumptions with respect to:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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: 0.25in"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the sufficiency of our existing cash and cash equivalents and marketable securities to fund our
    future operating and capital expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully implement and deploy our artificial intelligence initiatives;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our disposal of non-core Company assets;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully register trademarks and patents, create and market new products and
    services, and achieve customer acceptance in the industries we serve;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">current and future economic and political conditions, including in North America, Colombia, Europe,
    and India;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to accurately predict the future demand for our products and services;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully market our products in countries and states where our products are
    legal;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain a stock listing on a national securities exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and maintain regulatory approval of our existing product candidates and any
    other product candidates we may develop, and the labelling under any approval we may obtain;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to timely complete regulatory filings;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain the U.S. Food and Drug Administration (FDA) approval for an Investigational
    New Drug Application (INDA) and to successfully run medical trials, including a Phase 2 trial for IGC-AD1;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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: 0.25in; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 0.25in; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our reliance on third parties to conduct clinical trials and for the
    manufacture of IGC-AD1 for clinical and non-clinical studies and clinical trials;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our financial performance;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the outcome of medical trials that are conducted on our Investigational
    Drug Candidates and products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to fund the costs of clinical trials and other related
    expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain our intellectual property position and our
    ability to maintain and protect our intellectual property rights;</font></td></tr>
</table>

<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">competition and general acceptance of alternative, pharmaceutical,
    and nutraceutical therapies;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to effectively compete and our dependence on market acceptance
    of our brands and products within and outside the United States;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">federal and state legislation and administrative policy regulating
    our formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability (based in part on regulatory concerns) to license our products
    to processors that can produce pharmaceutical-grade formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and protect patents for the use of our formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and install equipment for processing and manufacturing
    our products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully navigate disruptions of information technology
    systems or data security breaches that could adversely affect our business; and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully implement our strategy.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">You should consider
the limitations on and risks associated with forward-looking statements and not unduly rely on the accuracy of predictions contained
in such forward-looking statements. As noted above, these forward-looking statements speak only as of the date when they are made. Moreover,
in the future, we may make forward-looking statements through our senior management that involve the risk factors and other matters described
in this prospectus supplement, as well as other risk factors subsequently identified, including, among others, those identified in our
filings with the SEC in our quarterly reports on Form 10-Q and our current reports on Form 8-K.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This prospectus supplement
and the documents incorporated by reference contain statements and claims that are not approved by the FDA, including statements on hemp
and hemp extracts, including cannabidiol and other cannabinoids. These statements and claims are intended to be in compliance with state
laws, specifically in states where medical cannabis has been legalized, and the diseases which we anticipate our products will target
are approved conditions for treatment or usage with cannabis or cannabinoids.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_005"></a>USE OF PROCEEDS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We may issue and sell
shares of our common stock having aggregate sales proceeds of up to $11,309,229 in this offering. Because there is no minimum offering
amount required as a condition to close this offering, the actual total public offering amount, commissions, expenses, and proceeds to
us, if any, are not determinable at this time but will be reported in our periodic reports.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We anticipate using
the net proceeds, if any, from the sale of our shares of common stock offered by us to fund our ongoing investments in clinical trials,
AI capabilities, research and development, facilities, marketing and advertising, investments, including but not limited to mutual funds,
treasury bonds, digital assets, and other asset classes, and potential acquisitions of complementary products and businesses as part
of our growth strategy. We currently have no definitive commitments or agreements with respect to any such acquisitions.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Although no assurances
can be given, we believe these investments will fuel the development and delivery of innovative products that drive positive patient
and customer experiences. We plan to leverage our R&amp;D and intellectual property to develop science-based products that are proven
effective through our clinical trials, subject to FDA approval. We believe this growth strategy can improve our existing products and
lead to the creation of new products that can provide treatment options for multiple conditions, symptoms, and side effects.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We plan to use any
remaining proceeds we receive for our overall working capital and other general corporate requirements. Other corporate requirements
include amounts required to pay for continuing development expenses, salaries, professional fees, public reporting costs, office-related
expenses, and other corporate expenses, including interest and overhead.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Pending use of the
proceeds as described above, we intend to invest most of the net proceeds from this offering in short-term, investment-grade, interest-bearing
securities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The amounts and timing
of our use of the net proceeds from this offering, if any, will depend on a number of factors, such as the timing and progress of our
clinical trials, the timing and progress of any partnering and collaboration efforts, and technological advances. As of the date of this
prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to be received by us from this
offering. Accordingly, our management will have broad discretion in the timing and application of these proceeds.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Any portion of the
$11,309,229 included in this prospectus supplement not previously sold or included in an active placement notice pursuant to the Sales
Agreement may be later made available for sale in other offerings pursuant to the accompanying base prospectus, and if no shares have
been sold under the Sales Agreement, the full $60,000,000 of shares of common stock may be later made available for sale in other offerings
pursuant to the accompanying base prospectus.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_006"></a>DIVIDEND POLICY</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We have not declared
or paid any dividends on our common stock. We currently anticipate that we will retain future earnings, if any, for the development,
operation, and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future
determinations related to the dividend policy will be made at the discretion of our Board of Directors.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_007"></a>DILUTION</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">If you purchase our
common stock in this offering, your interest will be diluted to the extent of the difference between the public offering price per share
and the net tangible book value per share of our common stock after this offering. We calculate net tangible book value per share by
dividing our net tangible assets (tangible assets less total liabilities) by the number of shares of our common stock issued and outstanding
as of June 30, 2025.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our net tangible book
value as of June 30, 2025, was approximately $4,080,575, or approximately $0.048 per share, based on 84,141,405 shares of our common
stock outstanding as of June 30, 2025. After giving effect to the sale of our common stock during the term of the Sales Agreement with
the Sales Agent in the aggregate amount of $60,000,000 at an assumed offering price of $0.47 per share, the last reported sale price
of our common stock on the NYSE American on September 3, 2025, and after deducting commissions and estimated aggregate offering expenses
payable by us, our pro forma as adjusted net tangible book value as of June 30, 2025, would have been approximately $62,230,575, or $0.294
per share of common stock. This represents an immediate increase in the net tangible book value of $58,150,000 or $0.245 per share to
our existing stockholders and an immediate dilution in net tangible book value of $0.176 per share to new investors.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The following table
illustrates this per share dilution:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.25in; width: 76%; padding-left: 0.25in">Assumed public offering price per share</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&nbsp;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.47</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.25in; padding-left: 0.25in">Net tangible book value per share as of June 30, 2025</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.048</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.25in; text-align: left; padding-left: 0.25in">Increase in net tangible book value per share attributable to this offering</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.245</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.25in; text-align: left; padding-left: 0.25in">Pro forma as adjusted net tangible book value per share as of June 30, 2025, after giving effect to this offering</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8239;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.294</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.25in; text-align: left; padding-left: 0.25in">Dilution per share to new investors purchasing shares in this offering</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.176</td><td style="text-align: left">&nbsp;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The table above assumes
for illustrative purposes that an aggregate of 127,659,574 shares of our common stock are sold during the term of the Sales Agreement
at a price of $0.47 per share, the last reported sale price of our common stock on the NYSE American on September 3, 2025, for aggregate
gross proceeds of $60,000,000.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The shares pursuant
to the Sales Agreement are being sold from time to time at various prices. An increase of $0.10 per share in the price at which the shares
are sold from the assumed offering price of $0.47 per share, the last reported sale price of our common stock on the NYSE American on
September 3, 2025, assuming all of our common stock in the aggregate amount of $60,000,000 during the term of the Sales Agreement is
sold at that price, would increase our pro forma as adjusted net tangible book value per share after the offering to $0.310 per share
and would increase the dilution in net tangible book value per share to new investors in this offering to $0.205 per share, after deducting
commissions and estimated aggregate offering expenses payable by us. A decrease of $0.10 per share in the price at which the shares are
sold from the assumed offering price of $0.47 per share, the last reported sale price of our common stock on the NYSE American on September
3, 2025, assuming all of our common stock in the aggregate amount of $60,000,000 during the term of the Sales Agreement is sold at that
price, would decrease our pro forma as adjusted net tangible book value per share after the offering to $0.227 per share and would decrease
the dilution in net tangible book value per share to new investors in this offering to $0.088 per share, after deducting commissions
and estimated aggregate offering expenses payable by us. This information is supplied for illustrative purposes only.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The above discussion
and tables are based on 91,959,112 shares of our common stock issued and outstanding as of September 17, 2025, and exclude, as of that
date, the following:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify"><font style="font-size: 10pt">approximately 14.4 million shares
    of common stock reserved for future issuance pursuant to vesting or exercising under the IGC Pharma, Inc. 2018 Omnibus Incentive
    Plan and special grants approved by our stockholders;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify"><font style="font-size: 10pt">9,147 shares of common stock
    pursuant to the conversion of 91,472 units that can be separated into common stock based on a ratio of one share of common stock
    for every ten units;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify"><font style="font-size: 10pt">150,000 shares of restricted
    common stock reserved for future issuance upon vesting; and</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify"><font style="font-size: 10pt">approximately 3.7 million shares
    of common stock reserved for future issuance pursuant to a grant under the IGC Pharma, Inc. 2018 Omnibus Incentive Plan and special
    grants approved by our stockholders.</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="padding: 0.25pt; vertical-align: top; text-align: justify"><font style="font-size: 10pt">On September 25, 2024, the Company
    entered into the 2024 Share Purchase Agreement (the &#8220;September 2024 SPA&#8221;) with Moran Global Strategies, Inc., a Virginia
    corporation (&#8220;MGS&#8221;), which is owned by James Moran, a director of IGC, relating to the sale and issuance by our company
    to the investors of an aggregate of 588,235 shares of our common stock, for a total purchase price of $200,000.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_008"></a>PLAN OF DISTRIBUTION</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We have entered into
the Sales Agreement with A.G.P./Alliance Global Partners (the &#8220;Sales Agent&#8221;), under which we may issue and sell from time
to time shares of our common stock having an aggregate offering price of up to $60,000,000. The Sales Agent may sell the common stock
by any method that is deemed to be an &#8220;at the market offering&#8221; as defined in Rule 415 under the Securities Act, including
sales made directly on or through the NYSE American or any other existing trading market for the common stock in the U.S. or to or through
a market maker, subject to the limitations imposed by General Instruction I.B.6. to Form S-3, as applicable. By means of this prospectus
supplement, we are offering $11,309,229 of common stock pursuant to General Instruction I.B.6 of Form S-3.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Each time we wish to
issue and sell shares of common stock under the Sales Agreement, we will notify the Sales Agent of the number of shares to be issued,
the dates on which such sales are anticipated to be made, any limitation on the number of shares to be sold in any one day and any minimum
price below which sales may not be made. Once we have so instructed the Sales Agent, subject to the terms and conditions of the Sales
Agreement, the Sales Agent has agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such shares up to the amount specified on such terms. The obligations of the Sales Agent under the Sales Agreement to sell our
shares of common stock are subject to a number of conditions that we must meet.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Sales Agent will
provide written confirmation to us no later than the opening of the trading day immediately following the trading day on which shares
of our common stock are sold under the Sales Agreement. Each confirmation will include the number of shares sold, the volume-weighted
average price of the shares sold, the compensation payable by us to the Sales Agent with respect to such sales, and the net proceeds
payable to us. The settlement of sales of shares between us and the Sales Agent is generally anticipated to occur on the second trading
day following the date on which the sale was made. Sales of our shares of common stock as contemplated in this prospectus supplement
will be settled through the facilities of The Depository Trust Company or by such other means as we and the Sales Agent may agree. There
is no arrangement for funds to be received in an escrow, trust, or similar arrangement. We will report at least quarterly the number
of shares of common stock sold through the Sales Agent under the Sales Agreement, the net proceeds to us, and the compensation paid by
us to the Sales Agent in connection with the sales of common stock.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We will pay the Sales
Agent a commission equal to 3% of the aggregate gross proceeds we receive from each sale of our shares of common stock. Because there
is no minimum offering amount required as a condition of this offering, the actual total public offering amount, commissions, and proceeds
to us, if any, are not determinable at this time. In addition, we have agreed to reimburse the Sales Agent for certain of their expenses
incurred in connection with acting as Sales Agent, including the fees and expenses of its counsel of up to $40,000, and pay an annual
maintenance fee of $10,000.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In connection with
the sale of common stock on our behalf, the Sales Agent may be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities
Act, and the compensation paid to the Sales Agent may be deemed to be underwriting commissions or discounts. We have agreed in the Sales
Agreement to provide indemnification and contribution to the Sales Agent against certain civil liabilities, including liabilities under
the Securities Act.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In the ordinary course
of their business, the Sales Agent and/or their affiliates may in the future perform investment banking, broker-dealer, financial advisory,
or other services for us, for which they may receive separate fees.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The offering of shares
of our common stock pursuant to the Sales Agreement will terminate upon the earliest of (i) the sale of the maximum dollar amount of
shares of common stock subject to the Sales Agreement, (ii) the termination of the Sales Agreement by us or the Sales Agent and (iii)
the expiration of the shelf registration statement on Form S-3 (File No. 333-276330) on the third anniversary of the initial effective
date of such registration statement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">To the extent required
by Regulation M, the Sales Agent will not engage in any market-making activities involving our shares while the offering is ongoing under
this prospectus supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This summary of the
material provisions of the Sales Agreement does not purport to be a complete statement of its terms and conditions. A copy of the Sales
Agreement was filed as an exhibit to our Current Report on Form 8-K filed with the SEC on October 27, 2023, and is incorporated by reference
into the registration statement of which this prospectus supplement is a part. See &#8220;Where You Can Find More Information&#8221;
and &#8220;Incorporation of Certain Information by Reference&#8221; below.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_009"></a>DESCRIPTION OF CAPITAL
STOCK</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The following is a
description of the material terms and provisions of our common stock. It may not contain all the information that is important to you.
You can access complete information by referring to our articles of incorporation and by-laws, each as amended to date, which we refer
to as our &#8220;articles of incorporation&#8221; and &#8220;by-laws.&#8221;</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We are a Maryland corporation.
Under our articles of incorporation, we have the authority to issue 150,000,000 shares of common stock, par value $0.0001 per share,
and 1,000,000 shares of preferred stock, par value $0.0001 per share.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">As of September 17,
2025, there were issued and outstanding:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">91,959,112 shares of common stock;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">no shares of preferred stock;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">approximately 14.4 million shares of common stock
    reserved for future issuance pursuant to vesting or exercising under the IGC Pharma, Inc. 2018 Omnibus Incentive Plan and special
    grants approved by our stockholders;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">9,147 shares of common stock pursuant to the conversion
    of 91,472 units that can be separated into common stock based on a ratio of one share of common stock for every ten units;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">150,000 shares of restricted common stock reserved
    for future issuance upon vesting ; and</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">approximately 3.7 million shares of common stock reserved
    for future issuance pursuant to a grant under the IGC Pharma, Inc. 2018 Omnibus Incentive Plan and special grants approved by our
    stockholders.</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">On September 25, 2024, the Company entered into the
    2024 Share Purchase Agreement (the &#8220;September 2024 SPA&#8221;) with Moran Global Strategies, Inc., a Virginia corporation (&#8220;MGS&#8221;),
    which is owned by James Moran, a director of IGC, relating to the sale and issuance by our company to the investors of an aggregate
    of 588,235 shares of our common stock, for a total purchase price of $200,000.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Voting, Dividends,
and Other Rights</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Holders of shares of
our common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders. There is
no cumulative voting for the election of directors. Accordingly, the holders of a majority of our outstanding shares of common stock
are entitled to vote in any election of directors and can elect all of the directors standing for election if they should so choose.
Holders of shares of our common stock are entitled to receive dividends ratably when, as, and if declared by the board of directors out
of funds legally available therefore and, upon our liquidation, dissolution, or winding up, are entitled to share ratably in all assets
remaining after payment of liabilities. Holders of shares of our common stock have no preemptive rights and have no rights to convert
their common stock into any other securities. There is no redemption or sinking fund provisions applicable to our common stock. The outstanding
shares of our common stock are, and the shares of common stock to be sold in this offering will be, when issued, validly authorized,
and issued, fully paid and non-assessable.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">The transfer agent and registrar for our
common stock is Continental Stock Transfer &amp; Trust Co., and its address is 1 State Street, 30th Floor, New York, NY 10004-1561, telephone
number +1 (212) 509-4000.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">Our shares of common stock trade on the
NYSE American under the symbol IGC. Our shares are also quoted on the Frankfurt, Berlin, and Stuttgart (XETRA2) stock exchanges in Germany
under the symbol IGSI.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Anti-takeover Law,
Limitations of Liability and Indemnification</b></font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Under the Maryland
General Corporation Law, some business combinations, including a merger, consolidation, share exchange or, in some circumstances, an
asset transfer or issuance or reclassification of equity securities, are prohibited for a period of time and require an extraordinary
vote. These transactions include those between a Maryland corporation and the following persons (a &#8220;Specified Person&#8221;):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">an interested stockholder is defined as any person
    (other than a subsidiary) who beneficially owns 10% or more of the corporation&#8217;s voting stock or who is an affiliate or an
    associate of the corporation who, at any time within a two-year period prior to the transaction, was the beneficial owner of 10%
    or more of the voting power of the corporation&#8217;s voting stock; or</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">an affiliate of an interested stockholder.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">A person is not an
interested stockholder if the board of directors approved in advance the transaction by which the person otherwise would have become
an interested stockholder. The board of directors of a Maryland corporation also may exempt a person from these business combination
restrictions prior to the time the person becomes a Specified Person and may provide that its exemption be subject to compliance with
any terms and conditions determined by the board of directors. Transactions between a corporation and a Specified Person are prohibited
for five years after the most recent date on which such stockholder becomes a Specified Person. After five years, any business combination
must be recommended by the board of directors of the corporation and approved by at least 80% of the votes entitled to be cast by holders
of voting stock of the corporation and two-thirds of the votes entitled to be cast by holders of shares other than voting stock held
by the Specified Person with whom the business combination is to be effected, unless the corporation&#8217;s stockholders receive a minimum
price as defined by Maryland law and other conditions under Maryland law are satisfied.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">A Maryland corporation
may elect not to be governed by these provisions by having its board of directors exempt various Specified Persons, by including a provision
in its charter expressly electing not to be governed by the applicable provision of Maryland law, or by amending its existing charter
with the approval of at least 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation
and two-thirds of the votes entitled to be cast by holders of shares other than those held by any Specified Person. Our Charter does
not include any provision opting out of these business combination provisions.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Maryland General
Corporation Law also prevents, subject to exceptions, an acquirer who acquires sufficient shares to exercise specified percentages of
the voting power of a corporation from having any voting rights except to the extent approved by two-thirds of the votes entitled to
be cast on the matter not including shares of stock owned by the acquiring person, any directors who are employees of the corporation
and any officers of the corporation. These provisions are referred to as the control share acquisition statute.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The control share acquisition
statute does not apply to shares acquired in a merger, consolidation, or share exchange if the corporation is a party to the transaction
or to acquisitions approved or exempted prior to the acquisition by a provision contained in the corporation&#8217;s charter or bylaws.
Our bylaws include a provision exempting us from the restrictions of the control share acquisition statute, but this provision could
be amended or rescinded either before or after a person acquired control shares. As a result, the control share acquisition statute could
discourage offers to acquire our common stock and could increase the difficulty of completing an offer.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The Maryland General
Corporation Law provides that a Maryland corporation which is subject to the Exchange Act and has at least three outside directors (who
are not affiliated with an acquirer of the company) under certain circumstances may elect by resolution of the board of directors or
by amendment of its charter or bylaws to be subject to statutory corporate governance provisions that may be inconsistent with the corporation&#8217;s
charter and bylaws. Under these provisions, a board of directors may divide itself into three separate classes without the vote of stockholders
such that only one-third of the directors are elected each year. A board of directors classified in this manner cannot be altered by
amendment to the charter of the corporation. Further, the board of directors may, by electing to be covered by the applicable statutory
provisions and notwithstanding the corporation&#8217;s charter or bylaws:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">provide that a special meeting of stockholders will
    be called only at the request of stockholders entitled to cast at least a majority of the votes entitled to be cast at the meeting,</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">reserve for itself the right to fix the number of
    directors,</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">provide that a director may be removed only by the
    vote of at least two-thirds of the votes entitled to be cast generally in the election of directors and</font></td></tr>
  <tr>
    <td style="padding: 0.25pt">&nbsp;</td>
    <td style="vertical-align: top; padding: 0.25pt">&nbsp;</td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt">&nbsp;</td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">retain for itself sole authority to fill vacancies
    created by an increase in the size of the board or the death, removal, or resignation of a director.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In addition, a director
elected to fill a vacancy under these provisions serves for the balance of the unexpired term instead of until the next annual meeting
of stockholders. A board of directors may implement all or any of these provisions without amending the charter or bylaws and without
stockholder approval. Although a corporation may be prohibited by its charter or by resolution of its board of directors from electing
any of the provisions of the statute, we have not adopted such a prohibition. We have adopted a staggered board of directors with three
separate classes in our charter and given the board the right to fix the number of directors, but we have not prohibited the amendment
of these provisions. The adoption of the staggered board may discourage offers to acquire our common stock and may increase the difficulty
of completing an offer to acquire our stock. If our Board chose to implement the statutory provisions, it could further discourage offers
to acquire our common stock and could further increase the difficulty of completing an offer to acquire our common stock.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Effect of Certain
Provisions of our Charter and Bylaws</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">In addition to the
charter and bylaws provisions discussed above, certain other provisions of our bylaws may have the effect of impeding the acquisition
of control of our company by means of a tender offer, proxy fight, open market purchases, or otherwise in a transaction not approved
by our Board of Directors. These provisions of bylaws are intended to reduce our vulnerability to an unsolicited proposal for the restructuring
or sale of all or substantially all of our assets or an unsolicited takeover attempt, which our Board believes is otherwise unfair to
our stockholders. These provisions, however, also could have the effect of delaying, deterring, or preventing a change in control of
our company.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our bylaws provide
that with respect to annual meetings of stockholders, (i) nominations of individuals for election to our Board of Directors and (ii)
the proposal of business to be considered by stockholders may be made only pursuant to our notice of the meeting, by or at the direction
of our Board of Directors, or by a stockholder who is entitled to vote at the meeting and has complied with the advance notice procedures
set forth in our bylaws.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Special meetings of
stockholders may be called only by the chief executive officer, the board of directors, or the secretary of our company (upon the written
request of the holders of a majority of the shares entitled to vote). At a special meeting of stockholders, the only business that may
be conducted is the business specified in our notice of meeting. With respect to nominations of persons for election to our Board of
Directors, nominations may be made at a special meeting of stockholders only pursuant to our notice of meeting, by or at the direction
of our Board of Directors, or if our Board of Directors has determined that directors will be elected at the special meeting, by a stockholder
who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our bylaws.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">These procedures may
limit the ability of stockholders to bring business before a stockholders meeting, including the nomination of directors and the consideration
of any transaction that could result in a change in control and that may result in a premium to our stockholders.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Disclosure of the
SEC</b>&#8217;<b>s Position on Indemnification for Securities Act Liabilities</b></font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_010"></a>LEGAL MATTERS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Olshan Frome Wolosky
LLP, New York, New York, will pass upon the validity of the issuance of the shares of common stock offered by this prospectus supplement
as our counsel. Crone Law Group is acting as counsel for A.G.P. in connection with this offering.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_011"></a>EXPERTS</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">The consolidated financial
statements of IGC Pharma, Inc. included in our annual report on Form 10-K for the fiscal year ended March 31, 2025, and March 31, 2024,
have been audited by Manohar Chowdhry &amp; Associates, independent registered public accountants, as set forth in their reports thereon,
included therein, and incorporated herein by reference in this prospectus supplement and elsewhere in the registration statement. Such
consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of said firm
as experts in accounting and auditing.</font></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_012"></a>WHERE YOU CAN FIND
MORE INFORMATION</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We file reports, proxy
statements, and other documents with the SEC. You may read and copy any document we file at the SEC&#8217;s public reference room at
100 F Street, N.E., Room 1580, Washington, D.C. 20549. You should call 1-800-SEC-0330 for more information on the operation of the public
reference room. Our SEC filings are also available to you on the SEC&#8217;s Internet site at http://www.sec.gov. The SEC&#8217;s Internet
site contains reports, proxy, and information statements, and other information regarding issuers that file electronically with the SEC.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This prospectus supplement
constitutes a part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act. This prospectus
supplement does not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance
with the rules and regulations of the SEC. For further information about us and our securities, we refer you to the registration statement
and the accompanying exhibits and schedules. The registration statement may be inspected at the Public Reference Room maintained by the
SEC at the address set forth above. Statements contained in this prospectus supplement regarding the contents of any contract, or any
other document filed as an exhibit, are not necessarily complete. In each instance, reference is made to the copy of such contract or
document filed as an exhibit to the registration statement, and each statement is qualified in all respects by that reference.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b><a name="a_013"></a>INCORPORATION OF
CERTAIN DOCUMENTS BY REFERENCE</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We are &#8220;incorporating
by reference&#8221; information into this prospectus supplement. This means that we are disclosing important information to you by referring
you to another document that has been filed separately with the SEC. The information incorporated by reference is considered to be part
of this prospectus supplement, and information that we file later with the SEC will automatically update and supersede the information
contained in documents filed earlier with the SEC or contained in this prospectus supplement. We incorporate by reference in this prospectus
supplement the documents listed below and any future filings made by us with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the
Exchange Act after the initial filing of this prospectus supplement and prior to the termination or completion of the offering of securities
under this prospectus supplement (except in each case the information contained in such documents to the extent &#8220;furnished&#8221;
and not &#8220;filed&#8221;):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter
    ended June 30, 2025, filed with the SEC on&nbsp;<a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525000997/igc10q063025.htm">August 14, 2025</a>;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td></tr>
  <tr>
    <td style="padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">Our Annual Report on Form 10-K for the fiscal year
    ended March 31, 2025, filed with the SEC on<a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525000706/igc10k033125.htm"> June 27, 2025</a>;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">Our definitive proxy statement on Schedule 14A for
    our 2025 Annual Meeting of Stockholders filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525001021/igcdef14a081825.htm">August 18, 2025</a>; and</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; width: 0.25in; padding: 0.25pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; vertical-align: top; padding: 0.25pt"><font style="font-size: 10pt">The description of our common stock contained in our
    Registration Statement on Form 8-A filed pursuant to Section 12 of the Exchange Act on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000095013706002699/c03201e8va12b.htm">March 7, 2006</a>, and any amendments or reports filed for the purpose of updating the description.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus supplement to the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We will provide to
each person, including any beneficial owner, to whom this prospectus supplement is delivered, with a copy of any or all of the information
that has been incorporated by reference in this prospectus supplement but not delivered with this prospectus supplement. Copies of the
above documents (other than exhibits to such documents unless those exhibits have been specifically incorporated by reference in this
prospectus supplement) may be obtained upon written or oral request, without charge to you, by contacting:</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">IGC Pharma, Inc.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">Attn: Corporate Secretary</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">10224 Falls Road</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">Potomac, Maryland 20854</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">Telephone: (301) 983-0998</font></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="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>
    <td style="width: 50%; padding: 0.25pt"><font style="font-size: 10pt"><b>PROSPECTUS</b></font></td>
    <td style="padding: 0.25pt; text-align: right; width: 50%"><font style="font-size: 10pt"><b>Subject to completion, dated December 29, 2023</b></font></td></tr>
  </table>
<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img src="image_001.jpg" alt="" ></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>IGC PHARMA, INC.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>$100,000,000</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Common Stock Warrants
Units</b></font></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This prospectus relates
to common stock, warrants, units, and rights that we may sell from time to time in one or more offerings up to a total dollar amount
of $100,000,000 on terms to be determined at the time of sale. We will provide specific terms of these securities in supplements to this
prospectus. You should read this prospectus and any supplement carefully before you invest. This prospectus may not be used to offer
and sell securities unless accompanied by a prospectus supplement for those securities.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">These securities may
be sold directly by us, through dealers or agents designated from time to time, to or through underwriters, or through a combination
of these methods. See &#8220;Plan of Distribution&#8221; in this prospectus. We may also describe the plan of distribution for any particular
offering of these securities in any applicable prospectus supplement. If any agents, underwriters, or dealers are involved in the sale
of any securities in respect of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements
with them in a prospectus supplement. The net proceeds we expect to receive from any such sale will also be included in a prospectus
supplement.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">Our common stock is
listed for trading on the NYSE American under the symbol IGC. The closing price of our common stock on December 28, 2023, as reported
by the NYSE American, was $0.30 per share.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">We are a smaller reporting
company under Rule 405 of the Securities Act and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus, the documents incorporated by reference herein, and future filings.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt"><b>Investing in our securities involves
a high degree of risk. See </b>&#8220;<b>Risk Factors</b>&#8221; <b>beginning on page 2.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt"><b>Neither the U.S.
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt">The date of this prospectus
is&nbsp;January 31, 2024</font></p>

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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">&nbsp;</font></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt; width: 90%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; width: 9%; text-align: center"><font style="font-size: 10pt"><b>Page</b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_001"><font style="font-size: 10pt">ABOUT THIS PROSPECTUS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">1</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_002"><font style="font-size: 10pt">ABOUT IGC PHARMA, INC.</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">1</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_003"><font style="font-size: 10pt">RISK FACTORS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">2</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_004"><font style="font-size: 10pt">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">3</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_005"><font style="font-size: 10pt">USE OF PROCEEDS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">5</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_006"><font style="font-size: 10pt">THE SECURITIES WE MAY OFFER</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">5</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_007"><font style="font-size: 10pt">DESCRIPTION OF COMMON STOCK</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">6</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_008"><font style="font-size: 10pt">DESCRIPTION OF WARRANTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">7</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_009"><font style="font-size: 10pt">DESCRIPTION OF UNITS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">7</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_010"><font style="font-size: 10pt">DESCRIPTION OF RIGHTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">8</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_011"><font style="font-size: 10pt">ANTI-TAKEOVER LAW, LIMITATIONS OF LIABILITY AND INDEMNIFICATION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right">9</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_012"><font style="font-size: 10pt">PLAN OF DISTRIBUTION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">11</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_013"><font style="font-size: 10pt">EXPERTS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_014"><font style="font-size: 10pt">LEGAL MATTERS</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_015"><font style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">13</font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt"><a href="#P_016"><font style="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font></a></td>
    <td>&nbsp;</td>
    <td style="padding: 0.25pt; text-align: right"><font style="font-size: 10pt">14</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Important Notice about the Information Presented
in this Prospectus</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
or incorporated by reference in this prospectus or any applicable prospectus supplement. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. For further
information, see the section of this prospectus entitled &#8220;Where You Can Find More Information.&#8221; We are not making an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information appearing
in this prospectus or any applicable prospectus supplement is accurate as of any date other than the date on the front cover of this prospectus
or the applicable prospectus supplement, or that the information contained in any document incorporated by reference is accurate as of
any date other than the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any prospectus
supplement or any sale of common stock. Our business, financial condition, results of operations and prospects may have changed since
such dates.</p>

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




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

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<div style="border: Black 1pt solid; padding: 5pt">

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_001"></a>ABOUT THIS PROSPECTUS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a &#8220;shelf&#8221; registration process. Under this
shelf process, we may sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar
amount of $100,000,000. This prospectus provides you with a general description of the securities we may offer. Each time we sell securities,
we will provide a prospectus supplement that will contain specific information about the securities being offered and the terms of that
offering. The prospectus supplement may also add to, update, or change information contained in this prospectus. You should read both
this prospectus and any prospectus supplement together with the additional information described under the heading &#8220;Where You Can
Find More Information&#8221; carefully before making an investment decision.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Unless the context requires otherwise, all
references in this report to </i>&#8220;<i>IGC,</i>&#8221; &#8220;<i>the Company,</i>&#8221; &#8220;<i>we,</i>&#8221; &#8220;<i>our,</i>&#8221;
<i>and/or &#8220;us</i>&#8221; <i>refer to IGC Pharma, Inc. (formerly known as India Globalization Capital, Inc.), together with our subsidiaries
and beneficially owned subsidiary.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_002"></a>ABOUT IGC PHARMA, INC.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IGC Pharma, Inc., is a clinical-stage pharmaceutical
company with a diversified revenue model that develops prescription drugs and over-the-counter (OTC) products. We were formerly known
as India Globalization Capital, Inc. and incorporated in Maryland on April 29, 2005. Our fiscal year is the 52- or 53-week period ending
March 31.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our focus is on developing innovative therapies
for neurological disorders such as Alzheimer&#8217;s disease, epilepsy, Tourette syndrome, and sleep disorders. We also focus on formulations
for eating disorders, chronic pain, premenstrual syndrome (PMS), and dysmenorrhea, in addition to health and wellness OTC formulations.
The Company is developing its proprietary lead candidate, IGC-AD1, an investigational oral therapy for the treatment of agitation associated
with Alzheimer&#8217;s disease. IGC-AD1 is currently in Phase 2 (Phase 2B) clinical trials after completing nearly a decade of research
and realizing positive results from pre-clinical and a Phase 1 trial. This previous research into IGC-AD1 has demonstrated efficacy in
reducing plaques and tangles, which are two important hallmarks of Alzheimer&#8217;s, as well as reducing neuropsychiatric symptoms associated
with dementia in Alzheimer&#8217;s disease, such as agitation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The progress we are making in clinical trials
gives us confidence in the potential of IGC-AD1 to be a groundbreaking therapy, with the potential to treat Alzheimer&#8217;s and also
to manage devastating symptoms that separate families, increase admissions to nursing homes, and drive the cost of Alzheimer&#8217;s care.
We have filed forty-one (41) patent applications in different countries and secured ten patents, including control of four in the Alzheimer&#8217;s
space. We have built a facility for a potential Phase 3 trial and have strategic relations for the procurement of Active Pharmaceutical
Ingredients (APIs). In addition, we have acquired and initiated work on TGR-63, a pre-clinical molecule that exhibits an impressive affinity
for reducing neurotoxicity in Alzheimer&#8217;s cell lines. The advancement of IGC-AD1 into Phase 2 trials represents a significant milestone
for the Company and positions us for multiple pathways to future success. We anticipate that the positive outcomes from these and other
trials will drive further growth, valuation, and market potential for IGC-AD1, although there can be no assurance thereof.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize the significance of operational excellence
and cost management in clinical trials. We have established an internal capability to manage trials, including proprietary software, rather
than working with an external Contract Research Organization (CRO). We believe this empowers us to substantially reduce the costs associated
with clinical trials compared to relying on external CROs. Our proprietary software allows us to streamline the trial processes, enabling
seamless coordination and data management. Additionally, we are integrating machine learning technologies into our software framework.
We believe this overlay of Artificial Intelligence (AI) will help us simulate trial scenarios, generate new insights to facilitate improved
decision-making, efficiently design our Phase 3 trial, provide advanced data analysis, and ultimately enhancing the effectiveness and
efficiency of our clinical trials, although there can be no assurance thereof.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated in the State of Maryland
on April 29, 2005<u>,</u> under our former name, India Globalization Capital, Inc. Our principal executive offices are located at 10224
Falls Road, Potomac, Maryland 20854<u>,</u> and our telephone number is (301) 983-0998. We maintain several websites, including www.igcinc.us
and www.igcpharma.com. Our public filings with the SEC are accessible on the SEC&#8217;s website, www.sec.gov.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained on our websites is not
incorporated by reference into this prospectus and you should not consider any information contained on, or that can be accessed through,
our websites as part of this prospectus or in deciding whether to purchase our securities.</p>

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

</div>





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




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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_003"></a>RISK FACTORS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our securities involves a high
degree of risk. In addition to the following risk factors, you should carefully consider the risks, uncertainties, and assumptions discussed
in Item 1A., &#8220;Risk Factors&#8221; of our annual report on Form 10-K for the fiscal year ended March 31, 2023, and in other documents
that we subsequently file with the SEC that update, supplement or supersede such information, which documents are incorporated by reference
into this prospectus. See &#8220;Where You Can Find More Information.&#8221; Additional risks not presently known to us or which we consider
immaterial based on information currently available to us may also materially adversely affect us. If any of the events anticipated by
the risks described occur, our results of operations and financial condition could be adversely affected, which could result in a decline
in the market price of our common stock, causing you to lose all or part of your investment.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be successful in our artificial
intelligence initiatives, which could adversely affect our business, reputation, or financial results.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are making investments in AI initiatives, including
generative AI, to, among other things, recommend relevant unconnected content across our products, enhance our advertising tools, develop
new products, and develop new features for existing products. In particular, we expect our AI initiatives will require increased investment
in infrastructure and headcount.</p>

<p style="font: 10pt 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">There are significant risks involved in developing
and deploying AI and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business,
including our efficiency or profitability. For example, our AI-related efforts, particularly those related to generative AI, subject us
to risks related to harmful content, accuracy, bias, discrimination, toxicity, intellectual property infringement or misappropriation,
defamation, data privacy, cybersecurity, and sanctions and export controls, among others. It is also uncertain how various laws related
to online services, intermediary liability, and other issues will apply to content generated by AI. In addition, we are subject to the
risks of new or enhanced governmental or regulatory scrutiny, litigation, or other legal liability, ethical concerns, negative consumer
perceptions as to automation and AI, or other complications that could adversely affect our business, reputation, or financial results.</p>

<p style="font: 10pt 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">As a result of the complexity and rapid development
of AI, it is also the subject of evolving review by various U.S. governmental and regulatory agencies, and other foreign jurisdictions
are applying, or are considering applying, their platform moderation, intellectual property, cybersecurity, and data protection laws to
AI and/or are considering general legal frameworks on AI. We may not always be able to anticipate how to respond to these frameworks,
given they are still rapidly evolving. We may also have to expend resources to adjust our offerings in certain jurisdictions if the legal
frameworks on AI are not consistent across jurisdictions.</p>

<p style="font: 10pt 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">As such, it is not possible to predict all of
the risks related to the use of AI, and changes in laws, rules, directives, and regulations governing the use of AI may adversely affect
our ability to develop and use AI or subject us to legal liability.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Potential Risks Associated with Disposal
of Non-Core Assets</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our company may be subject to risks
related to the disposal of our non-core assets. The Company owns land in Nagpur with a book value of approximately $4.1 million and other
assets in <u>Kochi</u>, India and Vancouver, Washington totaling about $ 2 million that are not core to our pharmaceutical business focus.
While our decision to dispose of these non-core assets is aimed at monetizing non-core assets, streamlining operations, and optimizing
resource allocation, the process carries certain risks that may negatively impact our financial performance. The sale of these assets
could result in a potential financial loss that is approximately the difference between the book value reflected on the balance sheet
and the sale price.&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market conditions, negotiation challenges, and
external factors beyond our control could result in realizing a sale price significantly lower than the book value reflected on the balance
sheet. The carrying costs of maintaining these non-core assets until their sale incurs holding costs, including property taxes, and maintenance
expenses, and these costs could also negatively impact our financial performance. Additionally, the disposal process may involve temporary
disruptions to certain infrastructure operations. However, we are actively managing the disposal process to mitigate these risks and maximize
shareholder value.&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should be aware of the potential risks
associated with this process and its potential impact on our financial performance before investing in our company.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_004"></a>SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
in this prospectus by reference contain &#8220;forward-looking statements.&#8221; Additionally, we or our representatives may, from time
to time, make written or verbal forward-looking statements. In this prospectus and the documents incorporated by reference, we discuss
plans, expectations, and objectives regarding our business, financial condition, and results of operations. Without limiting the foregoing,
statements that are in the future tense, and all statements accompanied by terms such as &#8220;believe,&#8221; &#8220;project,&#8221;
&#8220;expect,&#8221; &#8220;trend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;assume,&#8221; &#8220;intend,&#8221;
&#8220;plan,&#8221; &#8220;target,&#8221; &#8220;anticipate,&#8221; &#8220;outlook,&#8221; &#8220;preliminary,&#8221; &#8220;will likely
result,&#8221; &#8220;will continue,&#8221; and variations of them and similar terms are intended to be &#8220;forward-looking statements&#8221;
as defined by federal securities laws. We caution you not to place undue reliance on forward-looking statements, which are based upon
assumptions, expectations, plans, and projections. In addition, our goals and objectives are aspirational and are not guarantees or promises
that such goals and objectives will be met. Forward-looking statements are subject to risks and uncertainties, including those identified
in the &#8220;Risk Factors&#8221; included in this prospectus and in the documents incorporated by reference that may cause actual results
to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the
date when they are made. Except as required by federal securities law, we do not undertake any obligation to update forward-looking statements
to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward-looking statements are based upon, among other things, our
assumptions with respect to:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the sufficiency of our existing cash and cash equivalents and marketable securities to fund our future operating and capital expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully register trademarks and patents, create and market new products and services, including trading in Hong Kong and other parts of South Asia, contract for infrastructure projects and rental of equipment in India, and achieve customer acceptance in the industries we serve;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">current and future economic and political conditions, including in Hong Kong, North America, Colombia, and India;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to accurately predict the future demand for our products and services;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully market our hemp-based products in countries and states where hemp and hemp products are legal;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain a stock listing on a national securities exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and maintain regulatory approval of our existing product candidates and any other product candidates we may develop, and the labeling under any approval we may obtain;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to timely complete regulatory filings;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain the U.S. Food and Drug Administration (FDA) approval for an Investigational New Drug Application (INDA) and to successfully run medical trials, including a Phase 2 trial for IGC-AD1;</font></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our reliance on third parties to conduct clinical trials and for the manufacture of IGC-AD1 for non-clinical studies and clinical trials;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the impact of the COVID-19 pandemic on our results of operations, including the delay in our ability to launch certain projects;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our financial performance;</font></td></tr>
</table>
<p style="margin: 0">&nbsp;</p>

<p style="margin: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the outcome of medical trials that are conducted on our Investigational Drug Candidates and products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to fund the costs of clinical trials and other related expenses;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to maintain our intellectual property position and our ability to maintain and protect our intellectual property rights;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">competition and general acceptance of phytocannabinoids for alternative, pharmaceutical, and nutraceutical therapies;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to effectively compete and our dependence on market acceptance of our brands and products within and outside the United States;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">federal and state legislation and administrative policy regulating phytocannabinoids;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability (based in part on regulatory concerns) to license our products to processors that can produce pharmaceutical grade phytocannabinoids;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and protect patents for the use of phytocannabinoids in our formulations;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to obtain and install equipment for processing and manufacturing hemp and hemp products;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">our ability to successfully navigate disruptions of information technology systems or data security breaches that could adversely affect our business.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1pt">You should consider the limitations
on, and risks associated with forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking
statements. As noted above, these forward-looking statements speak only as of the date when they are made. Moreover, in the future, we
may make forward-looking statements through our senior management that involve the risk factors and other matters described in this report,
as well as other risk factors subsequently identified, including, among others, those identified in our filings with the SEC in our quarterly
reports on Form 10-Q and our current reports on Form 8-K.</p>

<p style="font: 10pt 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">This document contains statements and claims that
are not approved by the FDA, including statements on hemp and hemp extracts, including cannabidiol and other cannabinoids. These statements
and claims are intended to be in compliance with state laws, specifically in states where medical cannabis has been legalized, and the
diseases which we anticipate our products will target are approved conditions for treatment or usage with cannabis or cannabinoids.</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_005"></a>USE OF PROCEEDS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently intend to use the estimated net proceeds from the sale
of our securities in this offering to fund our working capital and capital expenditure requirements over the next 12 to 36 months. In
particular, we plan to utilize the net proceeds to:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">cover working capital needs, including paying continuing product development expenses, employees&#8217;&nbsp;and officers&#8217;&nbsp;salaries, and ongoing public reporting costs&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund pre-clinical and various phases of clinical trials on IGC-AD1 and other potential IDCs in the U.S. and other countries&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund pre-clinical and various phases of clinical trials on TGR-63;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund the development of AI for streamlining the clinical trials;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund the development or acquisition of a lab for analyzing pharmaceutical products&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund the acquisition or development of an FDA approved GMP facility for the manufacture of pharmaceutical grade products&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund purchasing and selling of infrastructure materials, personal protection equipment, among others&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund bidding on infrastructure projects, government contracts, including providing bonds&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">finance marketing, and brand awareness campaigns in the United States and other countries where our products and services can be sold in accordance with applicable law and regulation&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">finance the costs of acquiring additional patents or patent filings&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund the filing and potential litigation of patents&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">develop and test products based on our patent pending formulations&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">fund potential acquisitions of, investments in, and joint ventures with, complementary (including competitive) businesses, products, and technologies, including in the cannabis industry, all conducted in accordance with applicable laws and regulations, however, we currently have no commitments or agreements with respect to any such acquisitions, investments, or joint ventures.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In the event we raise substantially less than the maximum proceeds,
we will expend the proceeds generally in the order set forth above, except that general working capital expenses are expected to be consistent
over time.</p>

<p style="font: 10pt 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">There is no guarantee that we will sell the securities
covered by this prospectus and, in the event that we do, there is no guarantee as to the total number of securities that we will sell,
nor is there any guarantee as to the amount of net proceeds of this offering to be applied to any one particular proposed use as described
above. Our management will have significant discretion and flexibility in applying the net proceeds from the sale of these securities.
Pending any use, as described above, we intend to invest the net proceeds in high-quality, short-term, interest-bearing securities. Our
plans to use the estimated net proceeds from the sale of these securities may change and, if they do, we will update this information
in a prospectus supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_006"></a>THE SECURITIES WE MAY OFFER</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The descriptions of the securities contained in
this prospectus, together with the applicable prospectus supplements, summarize the material terms and provisions of the securities that
we may offer. We will describe in the applicable prospectus supplement relating to any securities the particular terms of the securities
offered by that prospectus supplement. If we so indicate in the applicable prospectus supplement, the terms of the securities may differ
from the terms we have summarized below. We will also include in the prospectus supplement information, where applicable, about material
United States federal income tax considerations relating to the securities, and the securities exchange or market, if any, on which the
securities will be listed.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell from time to time, in one or more
offerings:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">shares of our common stock,</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">warrants to purchase common stock or units,</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">units comprised of common stock and warrants in any combination, and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">rights.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus, we refer to the common stock,
warrants, units, and rights collectively as &#8220;securities.&#8221; The total dollar amount of all securities that we may issue will
not exceed $100,000,000. This prospectus may not be used to consummate a sale of our securities unless it is accompanied by a prospectus
supplement.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_007"></a>DESCRIPTION OF COMMON STOCK</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the material
terms and provisions of our common stock. It may not contain all the information that is important to you. You can access complete information
by referring to our articles of incorporation and by-laws, each as amended to date, which we refer to as our &#8220;articles of incorporation&#8221;
and &#8220;by-laws.&#8221;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Maryland corporation. Under our articles
of incorporation, we have authority to issue 150,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of
preferred stock, par value $0.0001 per share.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 28, 2023, there were issued and
outstanding:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">63,734,439 shares of common stock&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">no shares of preferred stock&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">91,472 units&#894;&nbsp;and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">150,000 options subject to the exercise.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>Voting, Dividends and Other Rights</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of shares of our common stock are entitled
to one vote for each share held of record on each matter submitted to a vote of stockholders. There is no cumulative voting for election
of directors. Accordingly, the holders of a majority of our outstanding shares of common stock entitled to vote in any election of directors
can elect all of the directors standing for election, if they should so choose. Holders of shares of our common stock are entitled to
receive dividends ratably when, as, and if declared by the board of directors out of funds legally available therefor and, upon our liquidation,
dissolution or winding up are entitled to share ratably in all assets remaining after payment of liabilities. Holders of shares of our
common stock have no preemptive rights and have no rights to convert their common stock into any other securities. There are no redemption
or sinking fund provisions applicable to our common stock. The outstanding shares of our common stock are, and the shares of common stock
to be sold in this offering will be, when issued, validly authorized, and issued, fully paid and non-assessable.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our common
stock is Continental Stock Transfer &amp; Trust Co. and its address is 1 State Street, 30th Floor, New York, NY 10004-1561, telephone
number +1 (212) 509-4000.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed for trading on the
NYSE American under the symbol IGC. It is also quoted on the Frankfurt, Berlin, and Stuttgart (XETRA2) stock exchanges in Germany under
the symbol IGSI.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_008"></a>DESCRIPTION OF WARRANTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue warrants for the purchase of common
stock or units. Warrants may be issued independently or together with common stock or units, and the warrants may be attached to or separate
from such securities. We may issue warrants directly or under a warrant agreement to be entered into between us and a warrant agent. We
will name any warrant agent in the applicable prospectus supplement. Any warrant agent will act solely as our agent in connection with
the warrants of a particular series and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial
owners of warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the general
terms and provisions of any warrants we may issue and may not contain all the information that is important to you. You can access complete
information by referring to the applicable prospectus supplement. In the applicable prospectus supplement, we will describe the terms
of the warrants and any applicable warrant agreement, including, where applicable, the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the offering price and aggregate number of warrants offered&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the date on and after which the warrants and the related securities will be separately transferable&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the number of shares of common stock or units, as the case may be, purchasable upon the exercise of one warrant and the price at which these securities may be purchased upon such exercise&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the effect of any merger, consolidation, sale, or other disposition of our business on the warrant agreement and the warrants&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the terms of any rights to redeem or call the warrants&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the dates on which the right to exercise the warrants will commence and expire&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the manner in which the warrant agreement and warrants may be modified&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">a discussion of any material U.S. federal income tax considerations of holding or exercising the warrants&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the terms of the securities issuable upon exercise of the warrants&#894;&nbsp;and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any other specific terms, preferences, rights, or limitations of or restrictions on the warrants.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_009"></a>DESCRIPTION OF UNITS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with the additional
information we include in any applicable prospectus supplement, summarizes the material terms and provisions of the units that we may
offer under this prospectus. Units may be offered independently or together with common stock and/or warrants offered by any prospectus
supplement and may be attached to or separate from those securities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the terms we have summarized below will
generally apply to any future units that we may offer under this prospectus, we will describe the particular terms of any series of units
that we may offer in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement
may differ from the terms described below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will incorporate by reference into the registration
statement of which this prospectus is a part the form of unit agreement, including a form of unit certificate, if any, which describes
the terms of the series of units we are offering before the issuance of the related series of units. The following summaries of material
provisions of the units and the unit agreements are subject to, and qualified in their entirety by reference to, all the provisions of
the unit agreement applicable to a particular series of units. We urge you to read the applicable prospectus supplements related to the
units that we sell under this prospectus, as well as the complete unit agreements that contain the terms of the units.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue units consisting of common stock,
warrants or any combination thereof. Each unit will be issued so that the holder of the unit is also the holder of each security included
in the unit. Thus, the holder of a unit will have the rights and obligations of <u>the</u> holder of each included security. The unit
agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately,
at any time, or at any time before a specified date.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will describe in the applicable prospectus supplement the terms
of the series of units, including the following:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any provisions of the governing unit agreement that differ from those described below&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any provisions for the issuance, payment, settlement, transfer, or exchange of the units or of the securities comprising the units&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any provisions of the governing unit agreement that differ from those described below&#894;&nbsp;and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any provisions for the issuance, payment, settlement, transfer, or exchange of the units or of the securities comprising the units.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions described in this section, as well
as those described under &#8220;Description of Common Stock,&#8221; &#8220;Description of Warrants&#8221; and &#8220;Description of Units&#8221;
will apply to each unit and to any common stock or warrant included in each unit, respectively.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may issue units in such amounts and in such numerous distinct series
as we determine.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>Enforceability of Rights by Holders of Units</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each unit agent will act solely as our agent under
the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single
bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility in case
of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings at
law or otherwise, or to make any demand upon us. Any holder of a unit, without the consent of the related unit agent or the holder of
any other unit, may enforce by appropriate legal action its rights as holder under any security included in the unit.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, the unit agent, and any of their agents may
treat the registered holder of any unit certificate as an absolute owner of the units evidenced by that certificate for any purposes and
as the person entitled to exercise the rights attaching to the units so requested, despite any notice to the contrary.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_010"></a>DESCRIPTION OF RIGHTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section describes the general terms of the
rights that we may offer and sell by this prospectus. This prospectus and any accompanying prospectus supplement will contain the material
terms and conditions for each right. The accompanying prospectus supplement may add, update, or change the terms and conditions of the
rights as described in this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of rights,
the rights agreement relating to the rights and the rights certificates representing rights will be described in the applicable prospectus
supplement, including, as applicable:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the title of the rights&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the date of determining the stockholders entitled to the rights distribution&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the title, aggregate number of shares of common stock or preferred stock purchasable upon exercise of the</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">rights&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the exercise price&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the aggregate number of rights issued&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the date, if any, on and after which the rights will be separately transferable&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the date on which the right to exercise the rights will commence and the date on which the right will expire&#894;&nbsp;and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any other terms of the rights, including terms, procedures and limitations relating to the distribution, exchange, and exercise of the rights.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_011"></a>ANTI-TAKEOVER LAW, LIMITATIONS OF LIABILITY
AND INDEMNIFICATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Business Combinations</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Maryland General Corporation Law, some
business combinations, including a merger, consolidation, share exchange or, in some circumstances, an asset transfer or issuance or reclassification
of equity securities, are prohibited for a period of time and require an extraordinary vote. These transactions include those between
a Maryland corporation and the following persons (a &#8220;Specified Person&#8221;):</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An interested stockholder, which is defined as
any person (other than a subsidiary) who beneficially owns 10% or more of the corporation&#8217;s voting stock, or who is an affiliate
or an associate of the corporation who, at any time within a two-year period prior to the transaction, was the beneficial owner of 10%
or more of the voting power of the corporation&#8217;s voting stock&#894; or an affiliate of an interested stockholder.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A person is not an interested stockholder if the
board of directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. The
board of directors of a Maryland corporation also may exempt a person from these business combination restrictions prior to the time the
person becomes a Specified Person and may provide that its exemption be subject to compliance with any terms and conditions determined
by the board of directors. Transactions between a corporation and a Specified Person are prohibited for five years after the most recent
date on which such stockholder becomes a Specified Person. After five years, any business combination must be recommended by the board
of directors of the corporation and approved by at least 80% of the votes entitled to be cast by holders of voting stock of the corporation
and two-thirds of the votes entitled to be cast by holders of shares other than voting stock held by the Specified Person with whom the
business combination is to be effected, unless the corporation&#8217;s stockholders receive a minimum price as defined by Maryland law
and other conditions under Maryland law are satisfied.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Maryland corporation may elect not to be governed
by these provisions by having its board of directors exempt various Specified Persons, by including a provision in its charter expressly
electing not to be governed by the applicable provision of Maryland law or by amending its existing charter with the approval of at least
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation and two-thirds of the votes entitled
to be cast by holders of shares other than those held by any Specified Person. Our articles of incorporation do not include any provision
opting out of these business combination provisions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Control Share Acquisitions</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Maryland General Corporation Law also prevents,
subject to exceptions, an acquirer who acquires sufficient shares to exercise specified percentages of voting power of a corporation from
having any voting rights except to the extent approved by two-thirds of the votes entitled to be cast on the matter not including shares
of stock owned by the acquiring person, any directors who are employees of the corporation and any officers of the corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions are referred to as the control
share acquisition statute.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The control share acquisition statute does not
apply to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction, or to acquisitions
approved or exempted prior to the acquisition by a provision contained in the corporation&#8217;s charter or bylaws. Our bylaws include
a provision exempting us from the restrictions of the control share acquisition statute, but this provision could be amended or rescinded
either before or after a person acquired control shares. As a result, the control share acquisition statute could discourage offers to
acquire our common stock and could increase the difficulty of completing an offer.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Board of Directors</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Maryland General Corporation Law provides
that a Maryland corporation which is subject to the Exchange Act and has at least three outside directors (who are not affiliated with
an acquirer of the company) under certain circumstances may elect by resolution of the board of directors or by amendment of its charter
or bylaws to be subject to statutory corporate governance provisions that may be inconsistent with the corporation&#8217;s charter and
bylaws. Under these provisions, a board of directors may divide itself into three separate classes without the vote of stockholders such
that only one-third of the directors are elected each year. A board of directors classified in this manner cannot be altered by amendment
to the charter of the corporation. Further, the board of directors may, by electing to be covered by the applicable statutory provisions
and notwithstanding the corporation&#8217;s articles of incorporation or bylaws:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">provide that a special meeting of stockholders will be called only at the request of stockholders entitled to cast at least a majority of the votes entitled to be cast at the meeting,</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">reserve for itself the right to fix the number of directors,</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">provide that a director may be removed only by the vote of at least two-thirds of the votes entitled to be cast generally in the election of directors, and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">retain for itself sole authority to fill vacancies created by an increase in the size of the board or the death, removal, or resignation of a director.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a director elected to fill a vacancy
under these provisions serves for the balance of the unexpired term instead of until the next annual meeting of stockholders. A board
of directors may implement all or any of these provisions without amending the charter or bylaws and without stockholder approval. Although
a corporation may be prohibited by its charter or by resolution of its board of directors from electing any of the provisions of the statute,
we have not adopted such a prohibition. We have adopted a staggered board of directors with three separate classes in our articles of
incorporation and given the Board the right to fix the number of directors, but we have not prohibited the amendment of these provisions.
The adoption of the staggered board may discourage offers to acquire our common stock and may increase the difficulty of completing an
offer to acquire our stock. If our Board chose to implement the statutory provisions, it could further discourage offers to acquire our
common stock and could further increase the difficulty of completing an offer to acquire our common stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Effect of Certain Provisions of our Articles
of Incorporation and Bylaws</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the articles of incorporation and
bylaws provisions discussed above, certain other provisions of our bylaws may have the effect of impeding the acquisition of control of
our Company by means of a tender offer, proxy fight, open market purchases or otherwise in a transaction not approved by our Board of
Directors. These provisions of bylaws are intended to reduce our vulnerability to an unsolicited proposal for the restructuring or sale
of all or substantially all of our assets or an unsolicited takeover attempt, which our Board believes is otherwise unfair to our stockholders.
These provisions, however, also could have the effect of delaying, deterring, or preventing a change in control of our company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that with respect to annual
meetings of stockholders, (i) nominations of individuals for election to our Board of Directors and (ii) the proposal of business to be
considered by stockholders may be made only pursuant to our notice of the meeting, by or at the direction of our Board of Directors, or
by a stockholder who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our bylaws.</p>

<p style="font: 10pt 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">Special meetings of stockholders may be called
only by the chief executive officer, the board of directors or the secretary of our company (upon the written request of the holders of
a majority of the shares entitled to vote). At a special meeting of stockholders, the only business that may be conducted is the business
specified in our notice of meeting. With respect to nominations of persons for election to our Board of Directors, nominations may be
made at a special meeting of stockholders only pursuant to our notice of meeting, by or at the direction of our Board of Directors, or
if our Board of Directors has determined that directors will be elected at the special meeting, by a stockholder who is entitled to vote
at the meeting and has complied with the advance notice procedures set forth in our bylaws.</p>

<p style="font: 10pt 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">These procedures may limit the ability of stockholders
to bring business before a stockholders meeting, including the nomination of directors and the consideration of any transaction that could
result in a change in control and that may result in a premium to our stockholders.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disclosure of the SEC</b>&#8217;<b>s Position on Indemnification
for Securities Act Liabilities</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_012"></a>PLAN OF DISTRIBUTION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may sell the securities being offered hereby in one or more of the
following ways from time to time:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">through agents to the public or to investors&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">to one or more underwriters or dealers for resale to the public or to investors&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">in the over-the-counter market;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">in transactions other than on these exchanges or systems or in the over-the-counter market;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">in &#8220;at the market offerings,&#8221;&nbsp;within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, or an exchange or otherwise&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">&nbsp;purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">directly to investors in privately negotiated transactions&#894;&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">through a combination of these methods of sale; or</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any other method permitted pursuant to applicable law.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The securities that we distribute by any of these methods may be sold,
in one or more transactions, at:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">a fixed price or prices, which may be changed&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">market prices prevailing at the time of sale&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">prices related to prevailing market prices&#894;&nbsp;or</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">negotiated prices.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We will set forth in a prospectus supplement the terms of the offering
of our securities, including:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the name or names of any agents or underwriters&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the purchase price of our securities being offered and the proceeds we will receive from the sale&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any over-allotment options under which underwriters may purchase additional securities from us&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any agency fees or underwriting discounts and commissions and other items constituting agents&#8217;&nbsp;or underwriters&#8217;&nbsp;compensation&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">the public offering price&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any discounts or concessions allowed or re-allowed or paid to dealers&#894;&nbsp;and</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">any securities exchanges on which such common stock may be listed.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Underwriters</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers, and agents that participate
in the distribution of the securities may be underwriters as defined in the Securities Act and any discounts or commissions they receive
from us and any profit on their resale of the securities may be treated as underwriting discounts and commissions under the Securities
Act. We will identify in the applicable prospectus supplement any underwriters, dealers or agents and will describe their compensation.
We may have agreements with the underwriters, dealers, and agents to indemnify them against specified civil liabilities, including liabilities
under the Securities Act. Underwriters, dealers, and agents may engage in transactions with or perform services for us or our subsidiaries
in the ordinary course of their business.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we use underwriters for a sale of securities,
the underwriters will acquire the securities for their own account. The underwriters may resell the securities in one or more transactions,
including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations
of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. The
underwriters will be obligated to purchase all the securities offered if they purchase any of the securities offered. We may change from
time to time any initial public offering price and any discounts or concessions the underwriters allow or re-allow or pay to dealers.
We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement naming the underwriters
the nature of any such relationship.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If indicated in the applicable prospectus supplement,
we will authorize underwriters or other persons acting as our agents to solicit offers by particular institutions to purchase securities
from us at the public offering price set forth in such prospectus supplement pursuant to delayed delivery contracts providing for payment
and delivery on the date or dates stated in such prospectus supplement. Each delayed delivery contract will be for an amount no less than,
and the aggregate principal amounts of securities sold under delayed delivery contracts shall be not less nor more than, the respective
amounts stated in the applicable prospectus supplement. Institutions with which such contracts, when authorized, may be made include commercial
and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions<u>,</u> and others,
but will in all cases be subject to our approval. The obligations of any purchaser under any such contract will be subject to the conditions
that (a) the purchase of the securities shall not at the time of delivery be prohibited under the laws of any jurisdiction in the United
States to which the purchaser is subject, and (b) if the securities are being sold to underwriters, we shall have sold to the underwriters
the total principal amount of the securities less the principal amount thereof covered by the contracts. The underwriters and such other
agents will not have any responsibility in respect of the validity or performance of such contracts.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may designate agents who agree to use their
reasonable efforts to solicit purchases for the period of their appointment or to sell securities on a continuing basis.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also sell securities directly to one or
more purchasers without using underwriters or agents.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Markets and Listing of Securities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable prospectus
supplement, each class or series of securities will be a new issue with no established trading market, other than our common stock, which
is traded on the NYSE American. We may elect to list any other class or series of securities on any exchange, but we are not obligated
to do so. It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters will
not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance as to the liquidity
of the trading market for any of the securities.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with an offering, an underwriter
may purchase and sell securities in the open market. These transactions may include short sales, stabilizing transactions, and purchases
to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities than they
are required to purchase in the offering. &#8220;Covered&#8221; short sales are sales made in an amount not greater than the underwriters&#8217;
option to purchase additional securities from us, if any, in the offering. If the underwriters have an over-allotment option to purchase
additional securities from us, the underwriters may close out any covered short position by either exercising their over-allotment option
or purchasing securities in the open market. In determining the source of securities to close out the covered short position, the underwriters
may consider, among other things, the price of securities available for purchase in the open market as compared to the price at which
they may purchase securities through the over-allotment option. &#8220;Naked&#8221; short sales are any sales in excess of such option
or where the underwriters do not have an over-allotment option. The underwriters must close out any naked short position by purchasing
securities in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be
downward pressure on the price of the securities in the open market after pricing that could adversely affect investors who purchase in
the offering.</p>

<p style="font: 10pt 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">Accordingly, to cover these short sales positions
or to otherwise stabilize or maintain the price of the securities, the underwriters may bid for or purchase securities in the open market
and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to syndicate members or other broker-dealers participating
in the offering are reclaimed if securities previously distributed in the offering are repurchased, whether in connection with stabilization
transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level
above that which might otherwise prevail in the open market. The impositions of a penalty bid may also affect the price of the securities
to the extent that it discourages resale of the securities. The magnitude or effect of any stabilization or other transactions is uncertain.
These transactions may be effected on the NYSE American or otherwise and, if commenced, may be discontinued at any time.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_013"></a>EXPERTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of IGC Pharma,
Inc. included in our annual report on Form 10-K for the fiscal year ended March 31, 2023 and March 31, 2022, have been audited by Manohar
Chowdhry &amp; Associates, independent registered public accountants, as set forth in their reports thereon, included therein, and incorporated
herein by reference in this prospectus and elsewhere in the registration statement. Such consolidated financial statements are incorporated
herein by reference in reliance upon such reports given on the authority of said firm as experts in accounting and auditing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_014"></a>LEGAL MATTERS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Olshan Frome Wolosky LLP, New York, New York,
as our counsel, will pass upon certain legal matters, including the legality of the securities offered by this prospectus and any prospectus
supplement. If the securities are distributed in an underwritten offering, certain legal matters will be passed upon for the underwriters
by counsel identified in the applicable prospectus supplement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_015"></a>WHERE YOU CAN FIND MORE INFORMATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a public company and file annual, quarterly,
and special reports, proxy statements, and other information with the SEC. Our SEC filings are available, at no charge, to the public
at the SEC&#8217;s website at http://www.sec.gov.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form S-3 that we filed with the SEC. The registration statement contains more information than this prospectus regarding us and our
common stock, including certain exhibits and schedules. You can obtain a copy of the registration statement from the SEC at the address
listed above or from the SEC&#8217;s Internet site.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also access our SEC filings at our website
https://igcpharma.com/. The information on our Internet website is not incorporated by reference in this prospectus.</p>

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

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="P_016"></a>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are &#8220;incorporating by reference&#8221;
information into this prospectus. This means that we are disclosing important information to you by referring you to another document
that has been filed separately with the SEC. The information incorporated by reference is considered to be part of this prospectus, and
information that we file later with the SEC will automatically update and supersede the information contained in documents filed earlier
with the SEC or contained in this prospectus. We incorporate by reference in this prospectus the documents listed below and any future
filings made by us with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the initial filing of this prospectus
and prior to the time that we sell all of the securities offered by this prospectus and the accompanying prospectus (except in each case
the information contained in such documents to the extent &#8220;furnished&#8221; and not &#8220;filed&#8221;):</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&nbsp;</td>
    <td style="text-align: justify; width: 0.25in"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518525000706/igc10k033125.htm">June&nbsp;27, 2025</a>;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2023 filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000796/igcpharma20230630_10q.htm">August&nbsp;10, 2023</a>&nbsp;and September 30, 2023 filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523001163/igcpharma20230930_10q.htm">November&nbsp;9, 2023</a>&#894;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Our Current Reports on Form 8-K (excluding any reports or portions thereof that are deemed to be furnished and not filed), filed with the SEC on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000448/igcpharma20230505_8k.htm">May&nbsp;8, 2023</a>, <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000688/igcpharma20230706_8k.htm">July&nbsp;7, 2023</a>, <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000691/igcpharma20230706c_8k.htm">July&nbsp;7, 2023</a>, <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523000887/igcpharma20230821_8k.htm">August&nbsp;21, 2023</a>&nbsp;and <a href="http://www.sec.gov/Archives/edgar/data/1326205/000118518523001111/igcpharma20231027_8k.htm">October&nbsp;27, 2023</a>; and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The description of our common stock contained in our Registration Statement on Form 8-A filed pursuant to Section 12 of the Exchange Act on <a href="http://www.sec.gov/Archives/edgar/data/1326205/000095013706002699/c03201e8va12b.htm">March&nbsp;7, 2006</a>, and any amendments or reports filed for the purpose of updating the description.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide to each person, including any
beneficial owner, to whom this prospectus is delivered, with a copy of any or all of the information that has been incorporated by reference
in this prospectus, but not delivered with this prospectus. Copies of the above documents (other than exhibits to such documents unless
those exhibits have been specifically incorporated by reference in this prospectus) may be obtained upon written or oral request, without
charge to you, by contacting:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IGC Pharma, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: Corporate Secretary 10224 Falls Road</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Potomac, Maryland 20854</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: +1 (301) 983-0998.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this prospectus, including information incorporated by reference as described above, or any prospectus supplement that we have specifically
referred to you. We have not authorized anyone else to provide you with different information. You should not assume that the information
in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents or that
any document incorporated by reference is accurate as of any date other than its filing date. You should not consider this prospectus
to be an offer or solicitation relating to the securities in any jurisdiction in which such an offer or solicitation relating to the securities
is not authorized. Furthermore, you should not consider this prospectus to be an offer or solicitation relating to the securities if the
person making the offer or solicitation is not qualified to do so, or if it is unlawful for you to receive such an offer or solicitation.</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#TableOfContents">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Up to $11,309,229</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="image_001.jpg" alt="" ></p>

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

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>IGC Pharma, Inc.</b></p>

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

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

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

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

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

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>A.G.P.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">September 17, 2025</p>

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

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    <!-- Field: /Page -->

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



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