<SEC-DOCUMENT>0001193805-24-000747.txt : 20240604
<SEC-HEADER>0001193805-24-000747.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240604160700
ACCESSION NUMBER:		0001193805-24-000747
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240604
DATE AS OF CHANGE:		20240604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			electroCore, Inc.
		CENTRAL INDEX KEY:			0001560258
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				203454976
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-262223
		FILM NUMBER:		241017988

	BUSINESS ADDRESS:	
		STREET 1:		200 FORGE WAY
		STREET 2:		SUITE 205
		CITY:			ROCKAWAY
		STATE:			NJ
		ZIP:			07866
		BUSINESS PHONE:		973-290-0097

	MAIL ADDRESS:	
		STREET 1:		200 FORGE WAY
		STREET 2:		SUITE 205
		CITY:			ROCKAWAY
		STATE:			NJ
		ZIP:			07866

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ElectroCore, LLC
		DATE OF NAME CHANGE:	20121012
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>e663680_424b5-ecor.htm
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0"><B>Filed Pursuant to Rule 424(b)(5) Registration No. 333-262223</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>(To Prospectus dated January 25, 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-funded Warrants to Purchase up to 225,000
Shares of Common Stock</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 43px; width: 150px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 581pt 0pt 221.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt; text-indent: 0.5in">electroCore, Inc., (the &ldquo;Company&rdquo;
or &ldquo;we&rdquo;) is offering (the &ldquo;Registered Direct Offering&rdquo;) Pre-funded Warrants (&ldquo;RD Pre-funded Warrants&rdquo;)
to purchase up to an aggregate of 225,000 shares of our common stock, $0.001 par value per share (&ldquo;Common Stock&rdquo;), directly
to an accredited institutional investor pursuant to this prospectus supplement and the accompanying prospectus and a securities purchase
agreement, dated as of June 3, 2024, by and between the Company and the investor (the &ldquo;Registered Direct Purchase Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt; text-indent: 0.5in">In a concurrent private placement
(the &ldquo;Registered Direct Private Placement&rdquo;), we are selling to such investor unregistered common warrants to purchase up to
an aggregate of 112,500 shares of our Common Stock at an exercise price of $6.43 per share (the &ldquo;PIPE Warrants&rdquo; and shares
of Common Stock underlying the PIPE Warrants, the &ldquo;PIPE Warrant Shares&rdquo;) pursuant to the Registered Direct Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-indent: 0.5in">In a separate concurrent private placement,
we have entered into agreements (the &ldquo;Private Agreements&rdquo;), dated as of May 31, 2024, to sell to other accredited and institutional
investors and certain directors of the Company (i) 438,191 shares of Common Stock (the &ldquo;Private Shares&rdquo;), (ii) pre-funded
warrants (the &ldquo;Private Pre-funded Warrants&rdquo;) to purchase up to an aggregate of 770,119 shares of our Common Stock, and (iii)
warrants (the &ldquo;Private Warrants&rdquo; and together with the PIPE Warrants, the &ldquo;Warrants&rdquo;) to purchase up to 604,150
shares of Common Stock (the &ldquo;Private Warrant Shares&rdquo; and together with the PIPE Warrant Shares, the &ldquo;Warrant Shares&rdquo;).
The Private Shares, Private Pre-funded Warrants, Private Warrants and Private Warrant Shares are collectively referred to as the &ldquo;Private
Securities.&rdquo; The Private Shares are being sold at a purchase price of $6.43 per share. The RD Pre-funded Warrants and Private Pre-funded
Warrants are being sold at a purchase price of $6.43 minus $0.001 per RD Pre-Funded Warrant or Private Pre-funded Warrant, and are exercisable
immediately at an exercise price of $0.001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-indent: 0.5in">The Warrants are being sold at a purchase
price of $0.0625 per half Warrant, or $0.125 per whole Warrant. Each whole Warrant is exercisable for one share of Common Stock. Each
Warrant is immediately exercisable from the date of issuance at an exercise price of $6.43 per share of Common Stock, and expires five
years from the issuance date. The PIPE Warrants and Private Warrants are only exercisable for whole shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt; text-indent: 0.5in">The issuance of Warrants, Warrant
Shares, Private Securities and any shares of Common Stock issuable upon any exercise of the foregoing were issued or will be issued in
reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder,
for transactions not involving a public offering, and they are not being offered pursuant to this prospectus supplement and the accompanying
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-indent: 0.5in">Our Common Stock trades on the Nasdaq
Capital Market under the symbol &ldquo;ECOR.&rdquo; On May 31, 2024, the last reported sale price for our Common Stock on Nasdaq was $6.43
per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt; text-indent: 0.5in">As of May 31, 2024, the
aggregate market value of our outstanding Common Stock held by non-affiliates (&ldquo;public float&rdquo;) was approximately $38.1
million, based on 5,080,184 shares of outstanding Common Stock held by non-affiliates as of such date, and a price of $7.50 per
share, which was the highest reported sale price of our Common Stock in the 60-day period prior to the date of this prospectus
supplement. One-third of our public float calculated in accordance with General Instruction I.B.6 of Form S-3 as of the date hereof
is equal to $12,700,460. As of the date of this prospectus supplement, we have sold approximately $7.29 million of securities
pursuant to General Instruction I.B.6 of Form S-3 during the prior 12-calendar-month period that ends on and includes the date of
this prospectus supplement, and are accordingly eligible under General Instruction I.B.6 of Form S-3 to offer and sell shares of our
Common Stock having an aggregate offering price of up to approximately $5.4 million. Pursuant to General Instruction I.B.6 of Form
S-3, in no event will we sell securities in a public primary offering with a value exceeding one-third of our public float in any
12-month period so long as our public float remains below $75.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 7pt; text-indent: 0.5in"><B>Investing in our Common Stock involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement, page 3 of the accompanying prospectus and the
documents incorporated by reference into this prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 7pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.5pt 0pt 7pt; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any securities commission of any state or other jurisdiction has approved or disapproved of these securities or determined
if this prospectus supplement or the accompanying prospectus is accurate or complete. Any representation to the contrary is a criminal
offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.5pt 0pt 7pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Pre-funded Warrant </B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEDFF">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering price</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#9;6.43<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,446,750.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before expenses,
    to us<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,446,750.00</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="padding-right: 8.8pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The amount of the offering proceeds to us presented in this table does
not include proceeds from the sale of the PIPE Warrants and Private Securities in the concurrent private placements or exercise of the
Warrants in cash, if any. The amount of the offering proceeds further excludes the purchase price of $0.0625 per one-half of a Warrant
issued for each corresponding RD Pre-Funded Warrant.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="padding-right: 8.8pt">Assumes the exercise of each Pre-Funded Warrant at a price of $0.001 per share.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.2pt 0pt 7pt">The Registered Direct Offering is expected to close on
or about June 5, 2024, subject to satisfaction of customary closing conditions. We have not arranged to place the funds from any investors
in a third-party escrow, trust or similar account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.2pt 0pt 7pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">The
date of this prospectus supplement is June 3, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%">ABOUT THIS PROSPECTUS SUPPLEMENT</TD>
    <TD STYLE="text-align: right; width: 10%">i</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right">ii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>PROSPECTUS SUMMARY</TD>
    <TD STYLE="text-align: right">S-1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>RISK FACTORS</TD>
    <TD STYLE="text-align: right">S-6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right">S-8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>DIVIDEND POLICY</TD>
    <TD STYLE="text-align: right">S-8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DILUTION</TD>
    <TD STYLE="text-align: right">S-9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right">S-10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>CONCURRENT PRIVATE PLACEMENT TRANSACTIONS AND WARRANTS</TD>
    <TD STYLE="text-align: right">S-11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>DESCRIPTION OF SECURITIES WE ARE OFFERING</TD>
    <TD STYLE="text-align: right">S-12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>EXPERTS</TD>
    <TD STYLE="text-align: right">S-14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">S-14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right">S-15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>INFORMATION INCORPORATED BY REFERENCE</TD>
    <TD STYLE="text-align: right">S-16</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 0; text-align: center"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; background-color: #CCEDFF; padding-left: 0">ABOUT THIS PROSPECTUS&#9;</TD>
    <TD STYLE="text-align: right; width: 10%; background-color: #CCEDFF; padding-left: 0">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS&#9;</TD>
    <TD STYLE="text-align: right; padding-left: 0">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">ABOUT THE COMPANY&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">RISK FACTORS</TD>
    <TD STYLE="text-align: right; padding-left: 0">&#9;3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">USE OF PROCEEDS&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">RATIO OF EARNINGS TO FIXED CHARGES&#9;</TD>
    <TD STYLE="text-align: right; padding-left: 0">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">PLAN OF DISTRIBUTION&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">DESCRIPTION OF DEBT SECURITIES&#9;</TD>
    <TD STYLE="text-align: right; padding-left: 0">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">DESCRIPTION OF PREFERRED STOCK&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">DESCRIPTION OF CAPITAL STOCK&#9;</TD>
    <TD STYLE="text-align: right; padding-left: 0">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">DESCRIPTION OF WARRANTS&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">DESCRIPTION OF RIGHTS</TD>
    <TD STYLE="text-align: right; padding-left: 0">&#9;22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">DESCRIPTION OF UNITS</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">&#9;23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">EXPERTS</TD>
    <TD STYLE="text-align: right; padding-left: 0">&#9;24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">LEGAL MATTERS</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">&#9;25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right; padding-left: 0">&#9;25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: #CCEDFF; padding-left: 0">INFORMATION INCORPORATED BY REFERENCE&#9;</TD>
    <TD STYLE="text-align: right; background-color: #CCEDFF; padding-left: 0">25</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 5pt; text-indent: 0.5in">This document is in two parts. The
first part is this prospectus supplement, which describes the terms of this offering of common stock and also adds to and updates information
contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying
prospectus. The second part, the accompanying prospectus dated January 25, 2022, including the documents incorporated by reference therein,
provides more general information. Generally, when we refer to this prospectus, we are referring to both parts of this document combined.
To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information
contained in the accompanying prospectus or in any document incorporated by reference that was filed with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;), before the date of this prospectus supplement, on the other hand, you should rely on the information
in this prospectus supplement. If any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5pt">statement in one of these documents is inconsistent with
a statement in another document having a later date&mdash;for example, a document incorporated by reference in the accompanying prospectus&mdash;the
statement in the document having the later date modifies or supersedes the earlier statement. You should assume that the information contained
in this prospectus supplement is accurate as of the date on the front cover of this prospectus supplement only and that any information
we have incorporated by reference or included in the accompanying prospectus is accurate only as of the date given in the document incorporated
by reference or as of the date of the prospectus, as applicable, regardless of the time of delivery of this prospectus supplement or the
accompanying prospectus or any sale of our common stock. Our business, financial condition, liquidity, results of operations and prospects
may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5pt; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.6pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.45pt 0pt 5pt; text-indent: 0.5in">We have not authorized anyone to provide
any information other than that contained or incorporated by reference in this prospectus supplement or the accompanying prospectus. We
take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This
prospectus supplement and the accompanying prospectus do not constitute an offer to sell, or a solicitation of an offer to purchase, the
securities offered by this prospectus supplement and the accompanying prospectus in any jurisdiction to or from any person to whom or
from whom it is unlawful to make such offer or solicitation of an offer in such jurisdiction. The information contained in this prospectus
supplement or the accompanying prospectus, or incorporated by reference herein or therein is accurate only as of the respective dates
thereof, regardless of the time of delivery of this prospectus supplement and the accompanying prospectus or of any sale of our shares
of common stock and warrants to purchase shares of our common stock. It is important for you to read and consider all information contained
in this prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, in
making your investment decision. You should also read and consider the information in the documents to which we have referred you in the
sections entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference&rdquo; in this prospectus
supplement and in the accompanying prospectus. You should rely only on the information contained or incorporated by reference in this
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.45pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt; text-indent: 0.5in">In this prospectus supplement, unless
otherwise stated or the context otherwise indicates, references to &ldquo;ECOR,&rdquo; &ldquo;electroCore,&rdquo; &ldquo;the Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar references refer to electroCore, Inc., a Delaware corporation, and its
subsidiaries and affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in">The electroCore logo, gammaCore, gammaCore
Sapphire, Truvaga, Truvaga Plus, TAC-STIM, and other trademarks of electroCore, Inc. appearing in this prospectus are the property of
electroCore, Inc. All other trademarks, service marks and trade names in this prospectus supplement are the property of their respective
owners. We have omitted the &reg; and &trade; designations, as applicable, for the trademarks used in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.5pt; text-align: center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 119.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt; text-indent: 0.5in">This prospectus supplement and certain
information incorporated herein by reference contains forward-looking statements that involve risks and uncertainties. Our actual results
could differ materially from those discussed in the forward-looking statements. The statements contained in this prospectus supplement
that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).
Forward-looking statements are often identified by the use of words such as, but not limited to, &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;can,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
&ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;strategy,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo;
&ldquo;would&rdquo; and similar expressions or variations intended to identify forward-looking statements. These statements are based
on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements
are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ
materially from future results expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt; text-indent: 0.5in">Factors that could cause or contribute
to such differences include, but are not limited to, those included in this prospectus supplement, the accompanying prospectus and the
documents incorporated by reference herein and therein, as well as those contained in our Annual Report on Form 10-K for the year ended
December 31, 2023, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, including those described under &ldquo;Risk
Factors&rdquo; herein and therein. Other risks may be described from time to time in our filings made under the securities laws, including
our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. There may be additional risks, uncertainties
and factors that we do not currently view as material or that are not known. The forward-looking statements contained in this document
are made only as of the date of this document. Except as required by law, we undertake no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise, as well as those described elsewhere in this prospectus
supplement and accompanying prospectus, and other factors that we may publicly disclose from time to time. Furthermore, such forward-looking
statements speak only as of the date made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This summary highlights selected information contained elsewhere in this prospectus supplement. This summary does not contain all the information that you should consider before investing in our common stock. You should carefully read the entire prospectus supplement and accompany prospectus, including &ldquo;Risk Factors&rdquo;, and the information incorporated by reference into this prospectus supplement, before making an investment decision.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Overview</B></FONT>&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">We are a commercial stage bioelectronic medicine and general wellness company dedicated to improving health and quality of life through our proprietary non-invasive vagus nerve stimulation (&ldquo;nVNS&rdquo;) technology platform.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nVNS modulates neurotransmitters through its effects on both the peripheral and central nervous systems. Our nVNS treatment is delivered through a proprietary high-frequency burst waveform that safely and comfortably passes through the skin and stimulates therapeutically relevant fibers in the vagus nerve. Various scientific publications suggest that nVNS works through a variety of mechanistic pathways including the modulation of neurotransmitters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, vagus nerve stimulation or VNS, required an invasive surgical procedure to implant a costly medical device. This generally limited VNS from being used by anyone other than the most severe patients. Our non-invasive medical devices and general wellness products are self-administered and intended for regular or intermittent use over many years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our capabilities include product development, regulatory affairs and compliance, sales and marketing, product testing, assembly, fulfillment, and customer support. We derive revenues from the sale of products in the United States and select overseas markets. We have two principal product categories:</P>

</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Handheld, personal use medical devices for the management and treatment of certain medical conditions such as primary headache; and</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-right: Black 1pt solid; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left: Black 1pt solid"><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Handheld, personal use consumer products utilizing nVNS technology to promote general wellness and human performance.</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe our nVNS products may be used in the future to effectively treat additional medical conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our goal is to be a leader in non-invasive neuromodulation by using our proprietary nVNS platform technology to deliver better health. To achieve this, we offer multiple propositions:</P>

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    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                       </TABLE>

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

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    <TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Prescription gammaCore medical devices for the treatment of certain medical conditions such as primary headache;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                        </TABLE>

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

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    <TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Truvaga products for the support of general health and wellbeing; and</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                        </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left: Black 1pt solid; border-right: Black 1pt solid"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>TAC-STIM for human performance.</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="3">Our flagship gammaCore Sapphire is a prescription medical device that is FDA cleared for a variety of primary headache conditions. gammaCore is available by prescription only and Sapphire is a portable, reusable, rechargeable and reloadable personal use option for patients to use at home or on the go. Prescriptions are written by a health care provider and dispensed from a specialty pharmacy, through the patient&rsquo;s healthcare system, or shipped directly to certain patients in the United States directly from our facility in Rockaway, NJ. After the initial prescription is filled, access to additional therapy can be refilled for certain of our gammaCore products through the input of a prescription-only authorization.</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                 <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                 </TABLE>

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

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

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

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truvaga is a personal use consumer electronics wellness product that
does not require a prescription and is available direct-to-consumer from electroCore at www.truvaga.com. Truvaga is not intended for medical
use. TAC-STIM is a form of nVNS for human performance and has been developed in collaboration with the United States Department of Defense
Biotech Optimized for Operational Solutions and Tactics, or &ldquo;BOOST&rdquo; program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">We offer two versions of our Truvaga products for the support
of general health and wellbeing. Truvaga 350 is a personal use consumer electronics general wellness product and Truvaga Plus, which was
launched in April 2024, is our next generation, app-enabled general wellness product. Neither product require a prescription, and both
are available direct-to-consumer from electroCore at www.truvaga.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">TAC-STIM is a form of nVNS for human performance and has
been developed in collaboration with the United States Department of Defense Biotech Optimized for Operational Solutions and Tactics,
or BOOST program. TAC-STIM products are available as a Commercial Off the Shelf (COtS) solution to professional organizations and are
the subject of ongoing research and evaluation within the United States Air Force Special Operations Command, the United States Army Special
Operations Command and at the United States Air Force Research Laboratory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">Truvaga and TAC-STIM products are intended for general wellness
in compliance with the FDA guidance document entitled &ldquo;General Wellness: Policy for Low-Risk Devices; Guidance for Industry and
FDA Staff, issued on September 27, 2019.&rdquo; Truvaga and TAC-STIM products are not intended to diagnose, treat, cure, or prevent any
disease or medical condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">We are exploring strategies to make our TAC-STIM product
available to other branches of the active-duty military and certain human performance professionals in the United States and abroad. Our
TAC-STIM product is not a medical device and is not intended to diagnose, cure, mitigate, prevent, or treat a disease or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Corporate 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 5.1pt 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at 200 Forge Way, Suite 205, Rockaway, New Jersey 07866. Our telephone number is (973) 290-0097 and our website address is www.electrocore.com.
We have included our website address in this prospectus supplement as an inactive textual reference only. The information available on
or accessible through our website does not constitute a part of this prospectus supplement or the accompanying prospectus and should not
be relied upon. Our common stock is listed on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;ECOR&rdquo;.</P>

</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: Black 1pt solid; width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 0; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary contains the principal terms
of this offering. The summary is not intended to be complete. You should read the full text and more specific details contained elsewhere
in this prospectus supplement and the accompanying prospectus.</P>
</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">Issuer:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD>electroCore, Inc.</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>RD Pre-funded Warrants offered by us:</TD>
    <TD>&nbsp;</TD>
    <TD>RD Pre-funded Warrants to purchase up to 225,000 shares of Common Stock. Each RD Pre-funded Warrant will be exercisable for one share of our Common Stock.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Offering price per Pre-funded Warrant:</TD>
    <TD>&nbsp;</TD>
    <TD>The purchase price of each RD Pre-funded Warrant equals $6.43 minus $0.001, the exercise price per share of each RD Pre-funded Warrant. This offering also relates to the shares of Common Stock issuable upon exercise of any RD Pre-funded Warrants sold in this offering. The exercise price and number of shares of Common Stock issuable upon exercise will be subject to certain further adjustment as described herein. See &ldquo;Description of Securities We Are Offering&rdquo; on page S-13.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Common Stock outstanding immediately after the offering:</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">6,231,064 shares, which excludes the Private Shares, and which
assumes (i) all of the RD Pre-funded Warrants issued in this offering are exercised, and (ii) none of the PIPE Warrants, Private Pre-funded
Warrants and Private Warrants issued in this offering and the concurrent private placements are exercised.&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: Black 1pt solid; width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 43%">Concurrent private placement of PIPE Warrants:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>In a concurrent private placement, we are offering to the investor in the Registered Direct Offering, PIPE Warrants to purchase up to
112,500 shares of Common Stock. The PIPE Warrants are being offered at a purchase price of $0.0625 per half warrant, with each whole warrant
exercisable to purchase one share of Common Stock. Each such warrant is immediately exercisable from the date of issuance at an exercise
price of $6.43 per share, and expires five years from the issuance date. Each PIPE Warrant is only exercisable for a whole share of Common
Stock.</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The PIPE Warrants are being offered pursuant to the exemptions provided in Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder and, along with the PIPE Warrant Shares, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the PIPE Warrant Shares underlying the PIPE Warrants may not be offered or sold in the U.S. except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. See &ldquo;Concurrent Private Placement Transactions and Warrants&rdquo; on page S-11 of this prospectus supplement.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Concurrent private placement of Private Shares, Private Pre-funded Warrants and Private Warrants:</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 4.25pt">In a separate concurrent private placement with
        certain accredited and institutional investors and certain directors of the Company, we are offering (i) 438,191 Private Shares,
        (ii) Private Pre-funded Warrants to purchase up to 770,119 shares of Common Stock and (iii) Private Warrants to purchase up to
        604,150 shares of Common Stock.&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The Private Shares are being offered at a purchase price of $6.43 per share. Each Private Pre-funded Warrant will be exercisable for one share of our Common Stock. The purchase price of each Private Pre-funded Warrant equals $6.43 minus $0.001, the exercise price per share of each Private Pre-funded Warrant.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The Private Warrants are being offered at a purchase price of $0.0625 per half warrant, with each whole warrant exercisable to
    purchase one share of Common Stock. Each such warrant is immediately exercisable from the date of issuance at an exercise price of
    $6.43 per share, and expires five years from the issuance date. Each Private Warrant is only exercisable for a whole share of Common
    Stock.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The Private Shares, Private Pre-funded Warrants and the Private Warrants are being offered pursuant to the exemptions provided in Section 4(a)(2) under the Securities Act and Regulation D promulgated thereunder and, along with the Private Warrant Shares, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the Private Shares, Private Pre-funded Warrants Private Warrants and Private Warrant Shares may not be offered or sold in the U.S. except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. See &ldquo;Concurrent Private Placement Transactions and Warrants&rdquo; on page S-11 of this prospectus supplement.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Use of Proceeds</TD>
    <TD>&nbsp;</TD>
    <TD>We intend to use the net proceeds from this offering for sales and marketing, working capital, and general corporate purposes.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Listing</TD>
    <TD>&nbsp;</TD>
    <TD>Our common stock is listed on the Nasdaq Capital Market under the symbol &ldquo;ECOR.&rdquo;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Risk Factors</TD>
    <TD>&nbsp;</TD>
    <TD>See &ldquo;Risk Factors&rdquo; included in this prospectus supplement, the accompanying prospectus and otherwise incorporated by reference
in this prospectus supplement and the accompanying prospectus for a description of factor that you should consider before purchasing shares
of our common stock.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of shares of our Common Stock to
                    be outstanding immediately after this offering is based on 6,006,064 shares outstanding as of March 31, 2024, and excludes as of
                    that date: (i) 501,000 shares of our Common Stock reserved for issuance upon the exercise of outstanding options at a weighted
                    average exercise price of $37.03 per share; (ii) 924,000 shares of our Common Stock reserved for issuance upon the exercise of
                    outstanding warrants at a weighted average exercise price of $4.54 per share; (iii) 525,000 shares of our Common Stock reserved for
                    issuance upon settlement of restricted and deferred stock units; and (iv) 613,314 shares of our Common Stock reserved for issuance
                    upon the exercise of pre-funded warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Except as otherwise indicated, all information in this prospectus supplement assumes no exercise of outstanding options or warrants to purchase Common Stock, and no settlement of restricted stock units, in each case since March 31, 2024.</P>

</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.8pt 0pt 248.6pt; text-indent: -243.65pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.8pt 0pt 248.6pt; text-indent: -243.65pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.8pt 0pt 248.6pt; text-indent: -243.65pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 221.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 5pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 5pt; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 5pt; text-indent: 0.5in"><I>An investment in our securities
involves a high degree of risk. You should consider carefully the risk factors described below and set forth in the &ldquo;Risk Factors&rdquo;
section of the Annual Report on Form 10-K for the year ended December 31, 2023 and in our most recent quarterly reports on Form 10-Q,
together with the other information contained in or incorporated by reference in this prospectus supplement and the accompanying prospectus,
including our consolidated financial statements and the related notes, before deciding to invest in our Common Stock. We operate in a
changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our operations.
If any of such risks occur, our business, financial condition, results of operations and the value of our Common Stock could be materially
and adversely affected. In such case, you may lose all or part of your investment in our Common Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Risks Related to This Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The offering price of the securities was set by
our board of directors (the &ldquo;Board&rdquo;) and does not necessarily indicate the actual or market value of our Common Stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt; text-indent: 0.5in">Our Board approved the offering price
and other terms of this offering after considering, among other things: the number of shares authorized in our certificate of incorporation;
the current market price of our Common Stock; trading prices of our Common Stock over time; the volatility of our Common Stock; our current
financial condition and the prospects for our future cash flows; the availability of and likely cost of capital of other potential sources
of capital; and market and economic conditions at the time of the offering. The offering price is not intended to bear any relationship
to the book value of our assets or our past operations, cash flows, losses, financial condition, net worth or any other established criteria
used to value securities. The offering price may not be indicative of the fair value of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">Because the offering price of our securities
is substantially higher than the net tangible book value per share of our outstanding Common Stock following this offering, new investors
will experience immediate and substantial dilution.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4pt 0pt 5pt; text-indent: 0.5in">The offering price of our securities
is substantially higher than the net tangible book value per share of our Common Stock immediately following this offering based on the
total value of our tangible assets less our total liabilities. Therefore, if you purchase shares of Common Stock in this offering, you
will experience immediate and substantial dilution. See the section of this prospectus supplement entitled &ldquo;Dilution&rdquo; for
a more detailed discussion of the dilution you will incur if you purchase Common Stock in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">Substantial future sales or other issuances
of our Common Stock could depress the market for our Common Stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in">Sales of a substantial number of shares
of our Common Stock, or the perception by the market that those sales could occur, could cause the market price of our Common Stock to
decline or could make it more difficult for us to raise funds through the sale of equity in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt; text-indent: 31pt">An aggregate of 438,191 shares of Common
Stock, 995,119 pre-funded warrants to purchase shares of Common Stock and an aggregate of 716,650 Common Stock warrants to purchase shares
of Common Stock are being issued in this offering and the concurrent private placements. All such warrants issued are exercisable immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt; text-indent: 31pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 5pt; text-indent: 0.5in">Future issuances of our Common Stock
or our other equity securities could further depress the market for our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 5pt; text-indent: 0.5in">We expect to continue incurring costs
associated with research and development with respect to our therapeutic delivery platforms, and general and administrative costs associated
with our operations, and to satisfy our funding requirements, we may need to sell additional equity securities. The sale or the proposed
sale of substantial amounts of our Common Stock or our other equity securities may adversely affect the market price of our Common Stock
and our stock price may decline substantially. Our stockholders may experience substantial dilution and a reduction in the price that
they are able to obtain upon sale of their shares. New equity securities issued may have greater rights, preferences or privileges than
our existing Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 268.55pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 268.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">We will have broad discretion in the use of
the net proceeds to us from this offering; we may not use the offering proceeds that we receive effectively.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt; text-indent: 0.5in">Our management will have broad discretion in
the application of the net proceeds to us from this offering, including for any of the purposes described in the section entitled &ldquo;Use
of Proceeds,&rdquo; and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being
used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds to us from this offering,
their ultimate use may vary from their currently intended use. The failure by our management to apply these funds effectively could harm
our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 18.35pt 0pt 5pt">Future issuances of shares of our Common
Stock may cause significant dilution of equity interests of existing holders of Common Stock and decrease the market price of shares of
our Common Stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 18.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt; text-indent: 24.45pt">We have previously issued options,
warrants and equity awards that are exercisable into a significant number of shares of our Common Stock. Should existing holders of options,
warrants or equity awards exercise their securities into shares of our Common Stock, it may cause significant dilution of equity interests
of existing holders of our Common Stock and reduce the market price of shares of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">We may not receive additional funds from the
exercise of the Warrants sold in the concurrent private placements.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 0.5in">In certain limited circumstances, each
Warrant sold in the concurrent private placements may be exercised by way of a cashless exercise, meaning that the holder may not pay
a cash purchase price upon exercise, but instead would receive upon such exercise the net number of shares of our Common Stock determined
according to the formula set forth in the Warrant. Accordingly, we may not receive any additional funds upon the cashless exercise of
Warrants or if the Warrants are not exercised at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 5pt">You may experience further dilution if we issue
additional equity securities in future transactions, including in any raising of additional capital or restructuring of our indebtedness
under the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 5pt; text-indent: 0.5in">To raise additional capital, we may
in the future issue additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock at
prices that may not be the same as the price per share in this offering. We may issue shares or other securities in any other transaction
at a price per share that is less than the price per share paid by investors in this offering, and investors acquiring shares or other
securities in the future could have rights superior to existing stockholders. The price per share at which we issue additional shares
of our Common Stock, or securities convertible or exchangeable into Common Stock, in future transactions may be higher or lower than the
price per share paid by investors in this offering. Further, the exercise of outstanding stock options and warrants or other securities
convertible into or exercisable for shares of our Common Stock may result in further dilution of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt; text-indent: 0.25in">We estimate that the net proceeds
from the sale of the RD Pre-funded Warrants in this offering and the sale of the PIPE Warrants and Private Securities in the concurrent
Private Placements will be approximately $9.0 million. Net proceeds are what we expect to receive after paying expenses of this offering
and the concurrent private placements. These estimates exclude the proceeds, if any, from the exercise of the RD Pre-funded Warrants sold
in this offering and the PIPE Warrants, Private Pre-funded Warrants and Private Warrants sold in the private placements concurrently with
this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt; text-indent: 24.45pt">We intend to use the net proceeds
from this offering and the concurrent private placements, together with our existing cash and cash equivalents and short-term investments,
for general corporate and working capital purposes, including funding our research and development. The amounts and timing of our actual
expenditures will depend on numerous factors, including interactions with and feedback from regulatory authorities, the timing of initiation
and progress of our clinical trials and results of such trials, other development efforts for our product candidates, and other factors,
as well as the amount of cash used in our operations. We therefore cannot estimate with certainty the amount of net proceeds to be used
for the purposes described above. We may find it necessary or advisable to use the net proceeds for other purposes, and we will have broad
discretion in the application of the net proceeds. Pending the uses described above, we plan to invest the net proceeds from this offering
in short- and intermediate-term, interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed
obligations of the U.S. government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229.55pt; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 24.45pt">We have not paid any cash dividends on our Common Stock to date, and
we do not expect to pay cash dividends in the foreseeable future. Future dividend policy will depend on our earnings, capital requirements,
financial condition, and other factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt">considered relevant by our board of directors. There are
no non-statutory restrictions on our present ability to pay dividends. Any future determination to pay dividends will be made at the discretion
of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center"><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.65pt 0pt 7pt">If you invest in our securities in this offering, your
ownership interest will be diluted to the extent of the difference between the effective offering price per share of the RD Pre-funded
Warrants and the as-adjusted net tangible book value per share of our Common Stock immediately after the Registered Direct Offering without
giving effect to the Registered Direct Private Placement or concurrent offering pursuant to the Private Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.65pt 0pt 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt">Our historical net tangible book value as of March 31,
2024 was approximately $4.5 million, or $0.75 per share, based on 6,006,064 shares of Common Stock outstanding at March 31, 2024. Net
tangible book value per share is determined by dividing our total tangible assets, less total liabilities, by the number of shares of
our Common Stock outstanding as of March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.6pt 0pt 7pt">After giving effect to the issuance and sale in the Registered
Direct Offering of 225,000 shares of our Common Stock pursuant to the assumed exercise of the 225,000 RD Pre-funded Warrants at a price
per share of $6.43 and after deducting estimated offering expenses payable by us, our as-adjusted net tangible book value as of March
31, 2024 would have been $5.86 million, or approximately $0.94 per share of our Common Stock. This represents an immediate increase in
net tangible book value of $0.19 per share of our Common Stock to our existing stockholders and an immediate dilution of $5.49 per share
to purchasers of Common Stock in this offering, as illustrated in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.6pt 0pt 7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 2pt">Offering price per share of RD Pre-funded Warrants</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">6.43</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 22pt">Historical net tangible book value per share as of March 31, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 22pt">Increase in net tangible book value per share attributable to the Registered Direct Offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 2pt">As-adjusted net tangible book value per share as of March 31, 2024 after the Registered Direct Offering</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 2pt">Dilution per share to purchasers of the RD Pre-Funded Warrants in the Registered Direct Offering</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 7pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 7pt; text-indent: 0.5in">The information set forth above is
based on 6,006,064 shares outstanding as of March 31, 2024, and excludes as of that date: (i) 501,000 shares of our Common Stock reserved
for issuance upon the exercise of outstanding options at a weighted average exercise price of $37.03 per share; (ii) 924,000 shares of
our Common Stock reserved for issuance upon the exercise of outstanding warrants at a weighted average exercise price of $4.54 per share;
(iii) 525,000 shares of our Common Stock reserved for issuance upon settlement of restricted and deferred stock units; and (iv) 613,314
shares of our Common Stock reserved for issuance upon the exercise of pre-funded warrants. It also excludes the Privates Shares, the shares
issuable upon exercise of the PIPE Warrants and Private Securities, and assumes no exercise of the PIPE Warrants but full exercise of
the RD Pre-funded Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.2pt 0pt 7pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt; text-indent: 24.45pt">The above illustration of dilution
per share to investors participating in the Registered Direct Offering assumes no exercise of outstanding options, warrants or equity
awards into Common Stock. The exercise of outstanding options, warrants or equity awards having an exercise price less than the offering
price will increase dilution to new investors. In addition, we may choose to raise additional capital due to market conditions or strategic
considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital
is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution
to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt; text-indent: 24.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 7pt; text-indent: 24.45pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt; text-indent: 24.45pt">We will enter into purchase agreement(s)
directly with investors in connection with this offering and we will only sell securities offered hereby to investor(s) which have entered
into purchase agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt; text-indent: 24.45pt">We expect to deliver the securities
being offered pursuant to this prospectus supplement on or about June 5, 2024, subject to satisfaction of customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt; text-indent: 24.45pt">The Registered Direct Purchase Agreement
and Private Agreements contain customary representations, warranties and agreements by the Company and customary conditions to closing.
Pursuant to the purchase agreements, the Company also agreed to indemnify the purchasers against certain liabilities, including liabilities
under the Securities Act and liabilities arising from breaches of representations and warranties contained in the purchase agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 24.45pt">The Registered Direct Purchase Agreement,
and Private Agreements are included as exhibits to a Current Report on Form 8-K that we have filed with the SEC and that is incorporated
by reference into the registration statement of which this prospectus supplement forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 24.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.4pt 0pt 5pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CONCURRENT PRIVATE PLACEMENT TRANSACTIONS AND WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.8pt 0pt 114.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">Pursuant to the Registered Direct Private Placement and
pursuant to the concurrent private placement pursuant to the Private Agreements, (i) we entered into a securities purchase agreement with
an accredited institutional investor pursuant to this prospectus and (ii) we entered into a securities purchase agreements with certain
accredited and institutional investors and directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">In the Registered Direct Private Placement, we are offering
to the investor in the Registered Direct Offering a PIPE Warrant sold at a purchase price of $0.125 per whole warrant. Each whole warrant
is immediately exercisable from the date of issuance at an exercise price of $6.43 per share, and expires five years from the issuance
date. Each PIPE Warrant is only exercisable for a whole share of Common Stock. The aggregate number of shares of Common Stock exercisable
pursuant to the PIPE Warrants is 112,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">The PIPE Warrants and the PIPE Warrant Shares are not being
registered under the Securities Act pursuant to the registration statement of which this prospectus supplement and the accompanying base
prospectus form a part and are not being offered pursuant to this prospectus supplement and the accompanying base prospectus. The PIPE
Warrants and the PIPE Warrant Shares are being offered pursuant to the exemption provided in Section 4(a)(2) of the Securities Act and
Rule 506(b) promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.8pt 0pt 5pt; text-align: justify">Under certain limited circumstances,
if and only if there is no effective registration statement registering the applicable shares of Common Stock, or no current prospectus
available for such shares, the resale of the shares of Common Stock issuable upon exercise of the PIPE Warrants, the purchasers may exercise
the PIPE Warrants by means of a &ldquo;cashless exercise.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.8pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">All purchasers are required to be &ldquo;accredited investors&rdquo;
as such term is defined in Rule 501(a) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">In a separate concurrent private placement pursuant to
the Private Agreements, we are offering to certain accredited and institutional investors and directors of the Company: (i) 438,191 Private
Shares, (ii) Private Pre-funded Warrants to purchase up to 770,119 shares of Common Stock and (iii) Private Warrants to purchase up to
604,150 shares of Common Stock. The Private Shares were sold at a purchase price of $6.43 per share. Each Private Pre-funded Warrant will
be exercisable for one share of our Common Stock. The purchase price of each Private Pre-funded Warrant equals the price per share at
which the shares of Common Stock are being sold in this offering, minus $0.001, the exercise price per share of each Private Pre-funded
Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 4.5pt">The Private Warrants were sold at a purchase price of
$0.125 per whole warrant. Each whole warrant entitles the holder thereof to purchase one half of a share of Common Stock, is immediately
exercisable from the date of issuance at an exercise price of $6.43 per share, and expires five years from the initial exercise date.
Each Private Warrant is only exercisable for a whole share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">The Private Shares, Private Pre-funded Warrants, Private
Warrants and Private Warrant Shares are not being registered under the Securities Act pursuant to the registration statement of which
this prospectus supplement and the accompanying base prospectus form a part and are not being offered pursuant to this prospectus supplement
and the accompanying base prospectus. The Private Shares, Private Pre-funded Warrants, Private Warrants and Private Warrant Shares are
being offered pursuant to the exemption provided in Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt">Under certain limited circumstances, if and only if
there is no effective registration statement registering the applicable shares of Common Stock, or no current prospectus available
for such shares, the resale of the shares of Common Stock issuable upon exercise of the Private Warrants, the purchasers may
exercise the Private Warrants by means of a &ldquo;cashless exercise.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The separate concurrent private placement pursuant to the
Private Agreements is expected to close on or about June 5, 2024, subject to satisfaction of customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>DESCRIPTION OF SECURITIES WE ARE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 153.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">As of May 31, 2024, there were 6,006,064 shares of Common
Stock issued and outstanding, held of record by approximately 361 stockholders. See &ldquo;<I>Description of Our Capital Stock - Common
Stock</I>&rdquo; beginning on page 16 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Pre-funded Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.95pt 0pt 5pt">The following summary of certain terms and provisions
of the RD Pre-funded Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the RD Pre-funded Warrants, the form of which will be filed as an exhibit to a Current Report on Form 8-K in connection with the Registered
Direct Offering and incorporated by reference into the registration statement of which this prospectus supplement forms a part. Prospective
investors should carefully review the terms and provisions of the form of RD Pre-funded Warrant for a complete description of the terms
and conditions of the RD Pre-funded Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">RD Pre-funded Warrants will be issued in certificated form
only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">Duration and Exercise Price</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 5pt">Each RD Pre-funded Warrant offered hereby has an initial
exercise price per share equal to $0.001. The RD Pre-funded Warrants are immediately exercisable and will expire when exercised in full.
The exercise price and number of shares of Common Stock issuable upon exercise is subject to appropriate adjustment in the event of stock
dividends, stock splits, reorganizations or similar events affecting our Common Stock and the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">Exercisability</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The RD Pre-funded Warrants will be exercisable, at
the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full
for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed
below). The holder (together with its affiliates) may not exercise any portion of such holder&rsquo;s RD Pre-funded Warrant to the
extent that the holder would own more than 4.99% (or at the election of the holder, 9.99%) of the outstanding shares of Common Stock
immediately after exercise, except that upon at least 61 days&rsquo; prior notice from the holder to us, the holder may increase the
amount of ownership of outstanding shares of Common Stock after exercising the holder&rsquo;s RD Pre- funded Warrant up to 9.99% of
the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the RD Pre-funded Warrant. No fractional shares of Common Stock will be issued in
connection with the exercise of a RD Pre-funded Warrant. In lieu of fractional shares, we will either pay the holder an amount in
cash equal to the fractional amount multiplied by the exercise price or round up to the next whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">Cashless Exercise</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 5pt">In lieu of making the cash payment otherwise contemplated
to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise
(either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the RD Pre-funded
Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Transferability</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Subject to applicable laws, a RD Pre-funded Warrant may be
transferred at the option of the holder upon surrender of the RD Pre- funded Warrant to us together with the appropriate instruments of
transfer and payment of funds sufficient to pay any transfer taxes (if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Exchange Listing</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">There is no established trading market for the RD Pre-funded
Warrants. We do not intend to list the RD Pre-funded Warrants on any securities exchange or nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Right as a Shareholder</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">Except as otherwise provided in the RD Pre-funded Warrants
or by virtue of such holder&rsquo;s ownership of shares of our Common Stock, the holder of the RD Pre-funded Warrants do not have the
rights or privileges of holders of our Common Stock, including any voting rights, until such Pre-funded Warrants holder exercise their
RD Pre-funded Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 246.65pt 0pt 252.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 0.5in">The consolidated financial statements
of electroCore, Inc., subsidiaries and affiliate as of December 31, 2023 and 2022 have been incorporated by reference herein and in the
registration statement in reliance upon the report of Marcum LLP, independent registered public accounting firm, appearing incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Certain legal
matters relating to this offering will be passed upon for us by Dentons US LLP, New York, New York. As of the date of this prospectus
supplement, members of Dentons US LLP may own shares of our Common Stock with a market value in excess of $50,000, and such firm is expected
to participate as an investor in a concurrent private placement described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 5pt; text-indent: 0.5in">We file annual, quarterly and periodic
reports, proxy statements and other information with the SEC. Our SEC filings are available to the public from the SEC&rsquo;s website
at www.sec.gov. We make available free of charge our annual, quarterly and current reports, proxy statements and other information upon
request. To request such materials, please contact the Corporate Secretary at the following address or telephone number: electroCore,
Inc., 200 Forge Way, Suite 205, Rockaway, New Jersey 07866, Attention: Corporate Secretary; (973) 290-0097. Exhibits to the documents
will not be sent, unless those exhibits have specifically been incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.9pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 5pt; text-indent: 0.5in">We maintain our website at www.electrocore.com.
Our website and the information contained therein or connected thereto are not incorporated into this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form S-3 under the Securities Act relating to the securities we are offering by this prospectus supplement. This prospectus
supplement does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration
statement. Please refer to the registration statement and its exhibits and schedules for further information with respect to us and our
securities. Statements contained in this prospectus supplement and accompanying prospectus as to the contents of any contract or other
document are not necessarily complete and, in each instance, we refer you to the copy of that contract or document filed as an exhibit
to the registration statement. You may read and obtain a copy of the registration statement and its exhibits and schedules from the SEC,
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 157.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5pt">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be part of this prospectus supplement and the accompanying prospectus, and
information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the
documents listed below and any future information filed (rather than furnished) with the SEC under Sections 13(a), 13(c), 14, or 15(d)
of the Exchange Act between the date of this prospectus and the termination of this offering, provided, however, that we are not incorporating
any information furnished under Item 2.02 or Item 7.01 of any current report on Form 8-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>Our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 13, 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>Our Quarterly Report on Form 10-Q filed with the SEC on May 8, 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>Our Current Reports on Form 8-K filed with the SEC on January 16, 2024; March 13, 2024; May 8, 2024; and June 3, 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD STYLE="padding-right: 17.8pt">The description of our capital stock included under the caption &ldquo;Description of Capital Stock&rdquo;
of the prospectus included in the Registration Statement on Form S-1 (File No. 333-225084) filed with the SEC on June 11, 2018 together
with any amendment thereto filed with the SEC for purposes of updating such description.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 0.5in">Any statement in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this prospectus supplement
to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$75,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.15pt 0pt 174.65pt; text-align: center">&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="" STYLE="height: 43px; width: 150px"></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>electroCore, Inc. Debt Securities</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>Preferred Stock Common
Stock Warrants Rights</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt">From time to time, we may offer and sell up to an aggregate
of $75,000,000 of any combination of the securities described in this prospectus, either individually or in combination. We may also offer
common stock or preferred stock upon conversion of debt securities, common stock upon conversion of preferred stock, or common stock,
preferred stock or debt securities upon the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 5pt">When we decide to sell particular securities, we will provide
you with the specific terms and the offering price of the securities we are then offering in one or more prospectus supplements to this
prospectus. The prospectus supplement may add to, change or update information contained in this prospectus. The prospectus supplement
may also contain important information about U.S. federal income tax consequences. You should carefully read this prospectus, together
with any prospectus supplements and information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">incorporated by reference in this prospectus and any prospectus
supplements, before you decide to invest. <B>This prospectus may not be used to offer or sell any securities unless accompanied by a prospectus
supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">Our common stock is quoted on The NASDAQ Global Select
Market under the trading symbol &ldquo;ECOR.&rdquo; Any common stock sold pursuant to this prospectus or any prospectus supplement will
be listed on that exchange, subject to official notice of issuance. Each prospectus supplement to this prospectus will contain information,
where applicable, as to any other listing on any national securities exchange of the securities covered by the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">We may offer and sell the securities described in this
prospectus to or through one or more underwriters, dealers or agents, or directly to purchasers on an immediate, continuous or delayed
basis. The names of any underwriters, dealers or agents involved in the sale of any securities, the specific manner in which they may
be offered and any applicable commissions or discounts will be set forth in an accompanying prospectus supplement covering the sales of
those securities. As of January 13, 2022, the aggregate market value of our outstanding common stock held by non-affiliates pursuant to
General Instruction I.B.6 of Form S-3 was approximately $57.7 million, which is based on 65,594,696 shares of common stock held by non-affiliates
as of such date and a price of $0.88 per share, the closing price of our common stock on January 12, 2022. Pursuant to General Instruction
I.B.6 of Form S-3, in no event will we sell securities registered on the registration statement of which this prospectus is a part with
a value of more than one-third of the aggregate market value of our common stock held by non-affiliates in any 12-month period, so long
as the aggregate market value of our common stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">held by non-affiliates is less than $75 million. We have
not sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date
of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Investing in our securities involves significant risks.
See &ldquo;Risk Factors&rdquo; beginning on page 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt"><B>Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The
date of this prospectus is January 25, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.65pt; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.65pt; text-align: center">&nbsp;</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>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="text-align: right; width: 10%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>ABOUT THE COMPANY</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>RISK FACTORS</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>RATIO OF EARNINGS TO FIXED CHARGES</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>DESCRIPTION OF DEBT SECURITIES</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DESCRIPTION OF PREFERRED STOCK</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>DESCRIPTION OF CAPITAL STOCK</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DESCRIPTION OF WARRANTS</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>DESCRIPTION OF RIGHTS</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DESCRIPTION OF UNITS</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>EXPERTS</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>INFORMATION INCORPORATED BY REFERENCE</TD>
    <TD STYLE="text-align: right">25</TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 174.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 5pt">This prospectus is part of a registration statement that
we filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) utilizing a &ldquo;shelf&rdquo; registration process
or continuous offering process, which allows the Company to offer and sell any combination of the securities described in this prospectus
in one or more offerings. Using this prospectus, we may offer up to a total dollar amount of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">$75,000,000 of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 5pt">This prospectus provides you with a general description
of the securities we may offer. Each time we sell securities pursuant to this registration statement and the prospectus contained herein,
we will provide a prospectus supplement that will contain specific information about the terms of that offering. That prospectus supplement
may include additional risk factors about us and the terms of that particular offering. Prospectus supplements may also add to, update
or change the information contained in this prospectus. To the extent that any statement that we make in a prospectus supplement is inconsistent
with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded by those made in
such prospectus supplement. In addition, as described in the section entitled &ldquo;Where You Can Find More Information,&rdquo; we have
filed and plan to continue to file other documents with the SEC that contain information about our business. Before you decide whether
to invest in any of these securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">you should read this prospectus, the prospectus supplement
that further describes the offering of these securities and the information we file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">In this prospectus and any prospectus supplement, unless
otherwise stated or the context otherwise indicates, references to &ldquo;ECOR,&rdquo; &ldquo;electroCore,&rdquo; &ldquo;the Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar references refer to electroCore, Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 119.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">This prospectus and certain information incorporated herein
by reference contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from
those discussed in the forward-looking statements. The statements contained in this prospectus that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section
21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Forward-looking statements are often identified
by the use of words such as, but not limited to, &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;can,&rdquo; &ldquo;continue,&rdquo;
&ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo;
&ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;strategy,&rdquo; &ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and similar
expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of
our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties
and other important factors that could cause actual results and the timing of certain events to differ materially from future results
expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">Factors that could cause or contribute to such differences
include, but are not limited to, (i) those included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, (ii)
those contained in our other SEC reports described under &ldquo;Risk Factors,&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 5pt; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>those described elsewhere in this prospectus, and (iv) other factors that we may publicly disclose from time to time. Furthermore,
such forward-looking statements speak only as of the date made. Except as required by law, we undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of such statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 5pt">The electroCore logo, gammaCore and other trademarks of
electroCore, Inc. appearing in this prospectus are the property of electroCore, Inc. All other trademarks, service marks and trade names
in this prospectus are the property of their respective owners. We have omitted the &reg; and &trade; designations, as applicable, for
the trademarks used in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.85pt 0pt 5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Business Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">We are a commercial-stage medical device company with
a proprietary non-invasive vagus nerve stimulation, or nVNS, therapy. nVNS is a platform bioelectronic medical therapy that modulates
neurotransmitters and immune function through its effects on both the peripheral and central nervous systems. We are initially focused
on neurology, and our therapy, gammaCore, is cleared by the U.S. Food and Drug Administration, or FDA, for use by adults for the following
neurology indications: the acute treatment of pain associated with each of migraine and episodic cluster headache, or eCH, the preventive
treatment of migraine headache and adjunctive use for the preventive treatment of cluster headaches, or CH. In February 2021, the FDA
cleared the use of gammaCore for acute and preventive treatment of migraine in adolescents. In September 2021, the FDA cleared the use
of gammaCore for the treatment of Paroxysmal Hemicrania (PH) and Hemicrania Continua (HC) in adults. PH and HC are rare forms of trigeminal
autonomic</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">cephalalgias that are typically debilitating and difficult
to treat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5pt">Our strategy has been to focus on selling gammaCore to treat
different forms of primary headache upon regulatory approval. Following our initial FDA clearance in early 2017, our commercial strategy
was to establish gammaCore as a first-line treatment option for the acute treatment of eCH in adult patients, who have few alternative
treatment options available to them. This strategy was supported by a product registry conducted from July 2017 through June 2018 to build
advocacy among key opinion leaders in leading headache centers in the United States, and to generate patient demand in the form of prescriptions
submitted to payers. We leveraged this advocacy during the registry period as we expanded into migraine and prepared for a full commercial
launch of gammaCore and gammaCore Sapphire for the acute treatment of pain associated with eCH and migraine in adult patients, which was
accomplished in the third quarter of 2018. With the clearance of adjunctive use for the prevention of CH in December 2018, we continued
to build upon our existing base of advocacy and patient support. In March 2020, the FDA cleared gammaCore for the preventive treatment
of migraine headache in adult patients. In February 2021, gammaCore was cleared by the FDA for the acute and preventive treatment of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">migraine in adolescents between 12 and 17 years of age.
In September 2021, gammaCore was cleared in adults by the FDA for two rare forms of trigeminal autonomic cephalalgias, Paroxysmal Hemicrania
and Hemicrania Continua.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">Since May 2019, we have focused our sales efforts in three
channels, (i) the U.S. Department of Veterans Affairs and U.S. Department of Defense, with (ii) commercial payers, and (iii) the United
Kingdom. We continue to evaluate strategies to expand commercial adoption of gammaCore, including the potential use of telemedicine and
cash pay direct to consumer and physician dispense approaches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Litigation Update</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">As an update to our prior disclosure of the ongoing securities
class action case in the Superior Court of New Jersey for Somerset County, captioned <I>Paul Kuehl vs. electroCore, Inc., et al.</I>,
Docket No. SOM-L 000876-19, on November 11, 2021, we and the other defendants filed a supplemental motion to dismiss based on our certificate
of incorporation&rsquo;s forum selection clause. On December 10, 2021, the Superior Court heard argument of the original motion to dismiss
and the supplemental motion to dismiss based on the federal forum selection clause. On December 14, 2021, the Superior Court granted both
motions in their entirety and dismissed the action without leave to re-plead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">In the ongoing securities class action case in the United
States District Court for the District of New Jersey captioned <I>Allyn Turnofsky vs. electroCore, Inc., et al.</I>, Case 3:19-cv-18400,
on November 17, 2021, we and the other defendants moved to dismiss the new complaint. Briefing on the motion is now complete. Argument
of the motion has not yet been scheduled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 221.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt">Before you invest in any of the Company&rsquo;s securities,
in addition to the other information in this prospectus and the applicable prospectus supplement, you should carefully consider (i) the
risk factors contained in the Company&rsquo;s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are incorporated
by reference into this prospectus, (ii) all of the other information included or incorporated by reference in this prospectus, and (iii)
the applicable prospectus supplement, as the same may be updated from time to time by the Company&rsquo;s future filings under the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">The risks and uncertainties described herein are not the
only ones facing the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently deems
immaterial may also impair its business or operations. Any adverse effect on the Company&rsquo;s business, financial condition or operating
results could result in a decline in the value of the securities and the loss of all or part of your investment. The prospectus supplement
applicable to each series of securities the Company offers may contain a discussion of additional risks applicable to an investment in
the Company and the securities the Company is offering under that prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt">Our failure to meet the continued listing
requirements of Nasdaq could result in a delisting of our common stock, which could negatively impact the market price and liquidity of
our common stock and our ability to access the capital markets.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">On December 20, 2021, we received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;) indicating that, based upon the closing bid price of our
common stock for the last 30 consecutive business days, we did not meet the minimum bid price of $1.00 per share required for continued
listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1). Pursuant to the initial Nasdaq notice and Rule
5810(c)(3)(A) of the Nasdaq Listing Rules, we have 180 calendar days from the date of the notice, or until June 20, 2022, to regain compliance
with the minimum bid price requirement in Rule 5450(a)(1) by achieving a closing bid price for our common stock of at least $1.00 per
share over a minimum of 10 consecutive business days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.6pt 0pt 5pt">Such a delisting would have a negative effect on the price
of our common stock, impair the ability to sell or purchase our common stock when persons wish to do so, and any delisting could materially
adversely affect our ability to raise capital or pursue strategic, financing or other transactions on acceptable terms, or at all. Delisting
from the Nasdaq Global Select Market could also have other negative results, including the potential loss of institutional investor interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.6pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 229.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.5pt 0pt 5pt">Unless otherwise indicated in the prospectus supplement,
the Company will use the net proceeds from the sale of securities offered by this prospectus for sales and marketing, working capital,
and general corporate purposes. In addition, we believe opportunities may exist from time to time to expand our current business through
acquisitions or in-licenses of, or investments in, complementary companies, medicines, intellectual property or technologies. While we
have no current agreements or commitments for any specific acquisitions, in-licenses or investments at this time, we may use a portion
of the net proceeds for these purposes. As of the date of this prospectus, the Company has not identified any specific and material proposed
uses of the anticipated proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">Our expected use of net proceeds from the sale of any
securities offered pursuant to the applicable prospectus supplement for such offering will vary depending on our then current intentions
based upon our plans and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular
uses for the net proceeds to be received upon the completion of any offering or the amounts that we will actually spend on any specific
uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including
the factors described under the heading &ldquo;Risk Factors&rdquo; in this prospectus. As a result, unless otherwise specified in the
prospectus supplement, our management will have broad discretion in its application of the net proceeds, and investors will be relying
on our judgment in such application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.15pt 0pt 5pt">Pending use of net proceeds from the sale of securities
offered by this prospectus, we may invest in short- and intermediate-term interest-bearing obligations, investment-grade instruments,
certificates of deposit or direct or guaranteed obligations of the U.S. government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">RATIO OF EARNINGS TO FIXED
CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 171.25pt 0pt 173.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">If the Company offers debt securities and/or preference
equity securities under this prospectus, then the Company will, if required at that time, provide a ratio of earnings to fixed charges
and/or ratio of combined fixed charges and preference dividends to earnings, respectively, in the applicable prospectus supplement for
such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 171.25pt 0pt 173.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.05pt 0pt 5pt">The Company may sell the securities being offered by
it in this prospectus pursuant to underwritten public offerings, negotiated transactions, block trades or any combination of such methods.
The Company may sell the securities to or through underwriters, dealers, agents or directly to one or more purchasers. The Company and
its agents reserve the right to accept and to reject, in whole or in part, any proposed purchase of securities. A prospectus supplement
or post-effective amendment, which the Company will file each time the Company effects an offering of any securities, will provide the
names of any underwriters, dealers or agents, if any, involved in the sale of such securities, and any applicable fees, commissions, or
discounts to which such persons shall be entitled to in connection with such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The Company and its agents, dealers and underwriters, as applicable,
may sell the securities being offered by the Company in this prospectus from time to time in one or more transactions at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>a fixed price or prices, which may be changed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>market prices prevailing at the time of sale;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>prices related to such prevailing market prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>varying prices determined at the time of sale; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD><TD>negotiated prices.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">The Company may determine the price or other terms of the
securities offered under this prospectus by use of an electronic auction. The Company will describe how any auction will determine the
price or any other terms, how potential investors may participate in the auction and the nature of the underwriters&rsquo; obligations
in the applicable prospectus supplement or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.15pt 0pt 5pt">The Company may solicit directly offers to purchase securities.
The Company may also designate agents from time to time to solicit offers to purchase securities. Any agent that the Company designates,
who may be deemed to be an underwriter as such term is defined in the Securities Act, may then resell such securities to the public at
varying prices to be determined by such agent at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 5pt">The Company may engage in at the market offerings of the
Company&rsquo;s common stock. An at the market offering is an offering of the Company&rsquo;s common stock at other than a fixed price,
and is conducted to or through a market maker. The Company shall name any underwriter that the Company engages for an at the market offering
in a post-effective amendment to the registration statement containing this prospectus. In the related prospectus supplement, the Company
shall also describe any additional details of the Company&rsquo;s arrangement with such underwriter, including commissions or fees paid
or discounts offered by the Company, and whether such underwriter is acting as principal or agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5pt">If the Company uses underwriters to sell securities, the
Company will enter into an underwriting agreement with the underwriters at the time of the sale to them, which agreement shall be filed
as an exhibit to the related prospectus supplement. Underwriters may also receive commissions from purchasers of the securities. Underwriters
may also use dealers to sell securities. In such an event, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">dealers may receive compensation in the form of discounts,
concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">Under agreements that they may enter into with the Company,
underwriters, dealers, agents and other persons may be entitled to (i) indemnification by the Company against certain civil liabilities,
including liabilities under the Securities Act or (ii) contribution with respect to payments which they may be required to make in respect
of such liabilities. Underwriters and agents may engage in transactions with, or perform services for, the Company in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.05pt 0pt 5pt">If so indicated in the applicable prospectus supplement,
the Company may authorize underwriters, dealers or other persons to solicit offers by certain institutions to purchase the securities
offered by the Company under this prospectus pursuant to contracts providing for payment and delivery on a future date or dates. The obligations
of any purchaser under these contracts will be subject only to those conditions described in the applicable prospectus supplement, and
the prospectus supplement will set forth the price to be paid for securities pursuant to those contracts and the commissions payable for
solicitation of the contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt">Any underwriter may engage in over-allotment, stabilizing and syndicate
short covering transactions and penalty bids in accordance with Regulation M of the Exchange Act. Over-allotment involves sales in excess
of the offering size, which create a short position. Stabilizing transactions involve bids to purchase the underlying security so long
as the stabilizing bids do not exceed a specified maximum. Syndicate short covering transactions involve purchases of securities in the
open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters
to reclaim selling concessions from dealers when the securities originally sold by such dealers are purchased in covering transactions
to cover syndicate short positions. These transactions may cause the price of the securities sold in an offering to be higher than it
would otherwise be. These transactions, if commenced, may be discontinued by the underwriters at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">The Company&rsquo;s common stock is quoted on The NASDAQ
Global Select Market under the trading symbol &ldquo;ECOR.&rdquo; The other securities are not listed on any securities exchange or other
stock market and, unless the Company states otherwise in the applicable prospectus supplement, the Company does not intend to apply for
listing of the other securities on any securities exchange or other stock market. Any underwriters to whom the Company sells securities
for public offering and sale may make a market in the securities that they purchase, but the underwriters will not be obligated to do
so and may discontinue any market making at any time without notice. Accordingly, the Company gives you no assurance as to the development
or liquidity of any trading market for the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">The anticipated date of delivery of the securities offered
hereby will be set forth in the applicable prospectus supplement relating to each offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">In order to comply with certain state securities laws,
if applicable, the securities may be sold in such jurisdictions only through registered or licensed brokers or dealers. In certain states,
the securities may not be sold unless the securities have been registered or qualified for sale in such state or an exemption from regulation
or qualification is available and is complied with. Sales of securities must also be made by the Company in compliance with all other
applicable state securities laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The Company shall pay all expenses of the registration
of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 186.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">The following description, together with the additional
information the Company includes in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities
that the Company may offer under this prospectus. While the terms the Company has summarized below will apply generally to any future
debt securities the Company may offer under this prospectus, the Company will describe the particular terms of any debt securities that
the Company may offer in more detail in the applicable prospectus supplement. The terms of any debt securities the Company offers under
a prospectus supplement may differ from the terms described below. However, no prospectus supplement shall fundamentally change the terms
that are set forth in this prospectus or offer a security that is not registered and described in this prospectus at the time of its effectiveness.
As of the date of this prospectus, the Company had no outstanding indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 5pt">The Company will issue the senior debt securities under
the senior indenture that the Company will enter into with the trustee to be named in the senior indenture. The Company will issue the
subordinated debt securities under the subordinated indenture that the Company will enter into with the trustee to be named in the subordinated
indenture. The Company has filed forms of these documents as exhibits to the registration statement which includes this prospectus. The
Company uses the term &ldquo;indentures&rdquo; in this prospectus to refer to both the senior indenture and the subordinated indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The indentures will be qualified under the Trust Indenture
Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;). The Company uses the term &ldquo;trustee&rdquo; to refer to either the
senior trustee or the subordinated trustee, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5pt">The following summaries of material provisions of the senior
debt securities, the subordinated debt securities and the indentures are subject to, and qualified in their entirety by reference to,
all the provisions of the indenture applicable to a particular series of debt securities. Except as the Company may otherwise indicate,
the terms of the senior indenture and the subordinated indenture are identical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Debt securities may be issued in separate series without limitation
as to aggregate principal amount. The Company may specify a maximum aggregate principal amount for the debt securities of any series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The Company is not limited as to the amount of debt securities
it may issue under the indentures. The prospectus supplement will set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>whether the debt securities will be senior or subordinated;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the offering price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the title;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any limit on the aggregate principal amount;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the person who shall be entitled to receive interest, if other than the record holder on the record date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the date the principal will be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the interest rate, if any, the date interest will accrue, the interest payment dates and the regular record dates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the place where payments may be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any mandatory or optional redemption provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.35pt">if applicable, the method for determining how the principal, premium, if any, or interest will be calculated
by reference to an index or formula;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 27.6pt">if other than U.S. currency, the currency or currency units in which principal, premium, if any, or
interest will be payable and whether the Company or the holder may elect payment to be made in a different currency;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 31.75pt">the portion of the principal amount that will be payable upon acceleration of stated maturity, if other
than the entire principal amount;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.1pt">if the principal amount payable at stated maturity will not be determinable as of any date prior to stated
maturity, the amount which will be deemed to be the principal amount;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any defeasance provisions if different from those described below under &ldquo;Satisfaction and Discharge; Defeasance;&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any conversion or exchange provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any obligation to redeem or purchase the debt securities pursuant to a sinking fund;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>whether the debt securities will be issuable in the form of a global security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any subordination provisions, if different from those described below under &ldquo;Subordinated Debt Securities;&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any deletions of, or changes or additions to, the events of default or covenants; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 319.2pt 0pt 5pt; text-indent: 0in">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other specific terms of such debt securities. Unless otherwise specified in the prospectus supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 319.2pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the debt securities will be registered debt securities; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.3pt 0pt 5pt; text-indent: 0in">&bull;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>registered debt securities denominated in U.S. dollars will be issued in denominations of $1,000 or an integral multiple of $1,000.
Debt securities may be sold at a substantial discount below their stated principal amount, bearing no interest or interest at a rate which</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.3pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">at the time of issuance is below market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Exchange and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 5pt">Debt securities may be transferred or exchanged at the
office of the security registrar or at the office of any transfer agent designated by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">The Company will not impose a service charge for any transfer
or exchange, but the Company may require holders to pay any tax or other governmental charges associated with any transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">In the event of any potential redemption of debt securities
of any series, the Company will not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 11.1pt">issue, register the transfer of, or exchange, any debt security of that series during a period beginning
at the opening of business 15 days before the day of mailing of a notice of redemption and ending at the close of business on the day
of the mailing; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 44.45pt">register the transfer of or exchange any debt security of that series selected for redemption, in whole
or in part, except the unredeemed portion being redeemed in part.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 5pt">The Company may initially appoint the trustee to be named
in the indenture as the security registrar. Any transfer agent, in addition to the security registrar, initially designated by the Company
will be named in the prospectus supplement. The Company may designate additional transfer agents or change transfer agents or change the
office of the transfer agent. However, the Company will be required to maintain a transfer agent in each place of payment for the debt
securities of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Global Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The debt securities of any series may be represented, in
whole or in part, by one or more global securities. Each global security will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>be registered in the name of a depositary that the Company will identify in a prospectus supplement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>be deposited with the depositary or nominee or custodian; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>bear any required legends.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">No global security may be exchanged in whole or in part
for debt securities registered in the name of any person other than the depositary or any nominee unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 9.95pt">the depositary has notified the Company that it is unwilling or unable to continue as depositary or
has ceased to be qualified to act as depositary;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>an event of default is continuing; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any other circumstances described in a prospectus supplement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">As long as the depositary, or its nominee, is the registered
owner of a global security, the depositary or nominee will be considered the sole owner and holder of the debt securities represented
by the global security for all purposes under the indenture. Except in the above limited circumstances, owners of beneficial interests
in a global security:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>will not be entitled to have the debt securities registered in their names,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>will not be entitled to physical delivery of certificated debt securities, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>will not be considered to be holders of those debt securities under the indentures.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">Payments on a global security will be made to the depositary
or its nominee as the holder of the global security. Some jurisdictions have laws that require that certain purchasers of securities take
physical delivery of such securities in definitive form. These laws may impair the ability to transfer beneficial interests in a global
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt">Institutions that have accounts with the depositary or
its nominee are referred to as &ldquo;participants.&rdquo; Ownership of beneficial interests in a global security will be limited to participants
and to persons that may hold beneficial interests through participants. The depositary will credit, on its book-entry registration and
transfer system, the respective principal amounts of debt securities represented by the global security to the accounts of its participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">Ownership of beneficial interests in a global security
will be shown on and effected through records maintained by the depositary, with respect to participants&rsquo; interests, or any participant,
with respect to interests of persons held by participants on their behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">Payments, transfers and exchanges relating to beneficial
interests in a global security will be subject to policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.05pt 0pt 5pt">The depositary policies and procedures may change from
time to time. Neither the Company nor the trustee will have any responsibility or liability for the depositary&rsquo;s or any participant&rsquo;s
records with respect to beneficial interests in a global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Payment and Paying Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.15pt 0pt 5pt">The provisions of this paragraph will apply to debt securities
unless otherwise indicated in the prospectus supplement. Payment of interest on a debt security on any interest payment date will be made
to the person in whose name the debt security is registered at the close of business on the regular record date. Payment on debt securities
of a particular series will be payable at the office of a paying agent or paying agents designated by the Company. However, at the Company&rsquo;s
option, the Company may pay interest by mailing a check to the record holder. The corporate trust office initially will be designated
as the Company&rsquo;s sole paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.75pt 0pt 5pt; text-align: justify">The Company may also name any other
paying agents in the prospectus supplement. The Company may designate additional paying agents, change paying agents or change the office
of any paying agent. However, the Company will be required to maintain a paying agent in each place of payment for the debt securities
of a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.75pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">All moneys paid by the Company to a paying agent for payment
on any debt security which remain unclaimed at the end of two years after such payment was due will be repaid to the Company. Thereafter,
the holder may look only to the Company for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Consolidation, Merger and Sale of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The Company may not consolidate with or merge into any other
person, in a transaction in which it is not the surviving corporation, or convey, transfer or lease the Company&rsquo;s properties and
assets substantially as an entirety to, any person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the Company shall be the surviving or continuing corporation in the transaction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the successor assumes the Company&rsquo;s obligations on the debt securities and under the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>immediately after giving effect to the transaction, no default or event of default shall have happened and be continuing; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>certain other conditions are met.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">If the debt securities are convertible for the Company&rsquo;s
other securities or securities of other entities, the person with whom the Company consolidates or merges or to whom the Company sells
all of its property must make provisions for the conversion of the debt securities into securities which the holders of the debt securities
would have received if they had converted the debt securities before the consolidation, merger or sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Events of Default</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Unless the Company informs you otherwise in the prospectus
supplement, the indenture will define an event of default with respect to any series of debt securities as one or more of the following
events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>failure to pay principal of or any premium on any debt security of that series when due and payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 8.85pt">failure to pay any interest on any debt security of that series when it becomes
due and payable, and continuation of that failure for a period of 90 days (unless the entire amount of such payment is deposited by the
Company with the trustee or paying agent prior to the expiration of the 90-day period);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD>failure to deposit any sinking fund payment, when and as due in respect of any debt security of that series;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="padding-right: 6.4pt">failure to perform or breach of any other covenant or warranty by the Company in the indenture (other
than a covenant or warranty that has been included in the indenture solely for the benefit of a series of debt securities other than the
series), which failure continues uncured for a period of 90 days after the Company receives the notice required in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD>the Company&rsquo;s bankruptcy, insolvency or reorganization; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="padding-right: 22.5pt">any other event of default with respect to debt securities of that series that is described in the applicable
prospectus supplement accompanying this prospectus.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">An event of default of one series of debt securities is
not necessarily an event of default for any other series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">If an event of default, other than an event of default
described in clause (5) above, shall occur and be continuing, after applicable notice and cure periods set forth in the indenture, either
the trustee or the holders of at least 25% in aggregate principal amount of the outstanding securities of that series may declare the
principal amount of the debt securities of that series to be due and payable immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt">If an event of default described in clause (5) above shall
occur, the principal amount of all the debt securities of that series will automatically become immediately due and payable. Any payment
by the Company on the subordinated debt securities following any such acceleration will be subject to the subordination provisions described
below under &ldquo;Subordinated Debt Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 5pt; text-align: justify">After acceleration the holders of
a majority in aggregate principal amount of the outstanding securities of that series may, under certain circumstances, rescind and annul
such acceleration if all events of default, other than the non-payment of accelerated principal, or other specified amount, have been
cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">Other than the duty to act with the required care during
an event of default, the trustee will not be obligated to exercise any of its rights or powers at the request of the holders unless the
holders shall have offered to the trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be
incurred in compliance with such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt">Generally, the holders of a majority in aggregate principal
amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the trustee or exercising any trust or power conferred on the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">A holder will not have any right to institute any proceeding
under the indentures, or for the appointment of a receiver or a trustee, or for any other remedy under the indentures, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="padding-right: 17.5pt">the holder has previously given to the trustee written notice of a continuing event of default with
respect to the debt securities of that series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="padding-right: 30pt">the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series
have made a written request and have offered reasonable indemnity to the trustee to institute the proceeding; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="padding-right: 5.55pt">the trustee has failed to institute the proceeding and has not received direction inconsistent with
the original request from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series within
90 days after the original request.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">A holder may not use the indenture to prejudice the rights
of any holder, or to obtain or to seek to obtain priority or preference over another holder or to enforce any right under the indenture,
except in the manner provided in the indenture and for the equal and ratable benefit of all holders (it being understood that the trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.5pt 0pt 5pt">Holders may, however, sue to enforce the payment of principal,
premium or interest on any debt security on or after the due date or to enforce the right, if any, to convert any debt security without
following the procedures listed in (1) through (3) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.45pt 0pt 5pt">The Company will furnish the trustee an annual statement
by its officers as to whether or not the Company is in default in the performance of the indenture and, if so, specifying all known defaults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 41.45pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Modification and Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt">The Company and the trustee may make modifications and
amendments to the indentures with the consent of the holders of a majority in aggregate principal amount of the outstanding securities
of each series affected by the modification or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.85pt 0pt 5pt">However, neither the Company nor the trustee may make
any modification or amendment without the consent of the holder of each outstanding security of that series affected by the modification
or amendment if such modification or amendment would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.85pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>change the stated maturity of any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>reduce the principal, premium, if any, or interest on any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>reduce the principal of an original issue discount security or any other debt security payable on acceleration of maturity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>reduce the rate of interest on any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>change the currency in which any debt security is payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>impair the right to enforce any payment after the stated maturity or redemption date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>waive any default or event of default in payment of the principal of, premium or interest on any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>waive a redemption payment or modify any of the redemption provisions of any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>adversely affect the right to convert any debt security in any material respect; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>change the provisions in the indenture that relate to modifying or amending the indenture.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">After any amendment becomes effective, the Company will mail
to the holders a notice briefly describing such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Satisfaction and Discharge; Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.9pt 0pt 5pt">The Company may be discharged from its obligations on the
debt securities of any series that have matured or will mature or be redeemed within one year if the Company deposits with the trustee
enough cash to pay all the principal, interest and any premium due to the stated maturity date or redemption date of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Each indenture will contain a provision that permits the Company
to elect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 13.2pt">to be discharged from all of the Company&rsquo;s obligations, subject to limited exceptions, with respect
to any series of debt securities then outstanding; and/or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 13.6pt">to be released from the Company&rsquo;s obligations under the following covenants and from the consequences
of an event of default resulting from a breach of these covenants: (1) the subordination provisions under a subordinated indenture; and
(2) covenants as to payment of taxes and maintenance of corporate existence.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">To make either of the above elections, the Company must
deposit in trust with the trustee enough money to pay in full the principal, interest and premium on the debt securities. This amount
may be made in cash and/or U.S. or foreign government obligations. As a condition to either of the above elections, the Company must deliver
to the trustee an opinion of counsel that the holders of the debt securities will not recognize income, gain or loss for Federal income
tax purposes as a result of the action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 5pt">If any of the above events occurs, the holders of the
debt securities of the series will not be entitled to the benefits of the indenture, except for the rights of holders to receive payments
on debt securities or the registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">Notices to holders will be given by mail to the addresses
of the holders in the security register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Governing Law; Waiver of Jury Trial</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The indentures and the debt securities will be governed
by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">The indentures provide that we, the trustee and the holders
of the debt securities irrevocably waive the right to trial by jury to the extent permitted by applicable law in respect of any legal
proceeding, which could include those relating to claims under the federal securities laws, in connection with the indentures, the debt
securities and the transactions contemplated thereby. If this jury trial waiver provision is prohibited by applicable law, an action could
nevertheless proceed under the terms of the indentures or the debt securities with a jury trial. To our knowledge, the enforceability
of a jury trial waiver under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that
a jury trial waiver provision is generally enforceable under the laws of the State of New York, which govern the indentures and the debt
securities, by a court of the State of New York or a federal court applying such law. In determining whether to enforce a jury trial waiver
provision, New York courts and federal courts will, among other things, consider whether the visibility of the jury trial waiver provision
within the agreement is sufficiently prominent such that a party has knowingly waived any right to trial by jury. We believe that this
would be the case with respect to the indentures and the debt securities, however, there may be other bases upon which New York courts
will not enforce a jury trial waiver provision. No condition, stipulation or provision of the indentures or the debt securities serves,
or can serve, as a waiver by any holder or by us or the trustee of compliance with any provision of the federal securities laws or the
rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Regarding the Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">The indentures will limit the right of the trustee, should
it become a creditor of the Company, to obtain payment of claims or secure its claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt">The trustee will be permitted to engage in certain other
transactions. However, if the trustee, acquires any conflicting interest within the meaning of the Trust Indenture Act, and there is
a default under the indenture with respect to debt securities of any series for which they are the trustee, the trustee must
eliminate the conflict or resign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.65pt 0pt 5pt; text-align: justify">Payment on subordinated debt securities
will, to the extent provided in the indenture, be subordinated in right of payment to the prior payment in full of all of the Company&rsquo;s
senior indebtedness. Subordinated debt securities also are effectively subordinated to all debt and other liabilities, including trade
payables and lease obligations, if any, of the Company&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.65pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">Upon any distribution of the Company&rsquo;s assets upon
any dissolution, winding up, liquidation or reorganization, the payment of the principal of and interest on subordinated debt securities
will be subordinated in right of payment to the prior payment in full in cash or other payment satisfactory to the holders of senior indebtedness
of all senior indebtedness. In the event of any acceleration of the subordinated debt securities because of an event of default, the holders
of any senior indebtedness would be entitled to payment in full in cash or other payment satisfactory to such holders of all senior indebtedness
obligations before the holders of subordinated debt securities are entitled to receive any payment or distribution. The indentures will
require the Company to promptly notify holders of designated senior indebtedness if payment of subordinated debt securities is accelerated
because of an event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">The Company may not make any payment on subordinated debt
securities, including upon redemption at the option of the holder of any subordinated debt securities or at the Company&rsquo;s option,
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 41.45pt">a default in the payment of the principal, premium, if any, interest, rent or other obligations in
respect of designated senior indebtedness occurs and is continuing beyond any applicable period of grace, which is called a &ldquo;payment
default&rdquo;; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.1pt">a default other than a payment default on any designated senior indebtedness occurs and is continuing
that permits holders of designated senior indebtedness to accelerate its maturity, and the trustee receives notice of such default, which
is called a &ldquo;payment blockage notice&rdquo; from the Company or any other person permitted to give such notice under the indenture,
which is called a &ldquo;non- payment default&rdquo;.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">The Company may resume payments and distributions on subordinated
debt securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>in the case of a payment default, upon the date on which such default is cured or waived or ceases to exist; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.6pt">in the case of a non-payment default, the earlier of the date on which such nonpayment default is cured
or waived or ceases to exist and 179 days after the date on which the payment blockage notice is received by the trustee, if the maturity
of the designated senior indebtedness has not been accelerated.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 5pt">No new period of payment blockage may be commenced pursuant
to a payment blockage notice unless 365 days have elapsed since the initial effectiveness of the immediately prior payment blockage notice
and all scheduled payments of principal, premium and interest, including any liquidated damages, on the notes that have come due have
been paid in full in cash. No non-payment default that existed or was continuing on the date of delivery of any payment blockage notice
shall be the basis for any later payment blockage notice unless the non-payment default is based upon facts or events arising after the
date of delivery of such payment blockage notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">If the trustee or any holder of the notes receives any
payment or distribution of the Company&rsquo;s assets in contravention of the subordination provisions on subordinated debt securities
before all senior indebtedness is paid in full in cash, property or securities, including by way of set-off, or other payment satisfactory
to holders of senior indebtedness, then such payment or distribution will be held in trust for the benefit of holders of senior indebtedness
or their representatives to the extent necessary to make payment in full in cash or payment satisfactory to the holders of senior indebtedness
of all unpaid senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">In the event of the Company&rsquo;s bankruptcy, dissolution
or reorganization, holders of senior indebtedness may receive more, ratably, and holders of subordinated debt securities may receive less,
ratably, than the Company&rsquo;s other creditors (including the Company&rsquo;s trade creditors). This subordination will not prevent
the occurrence of any event of default under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">Unless the Company informs you otherwise in the prospectus
supplement, the Company will not be prohibited from incurring debt, including senior indebtedness, under any indenture relating to subordinated
debt securities. The Company may from time to time incur additional debt, including senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The Company is obligated to pay reasonable compensation to
the trustee and to indemnify the trustee and certain agents against certain losses, liabilities or expenses incurred by the trustee in
connection with its duties relating to subordinated debt securities. The trustee&rsquo;s claims for these payments will generally be senior
to those of noteholders in respect of all funds collected or held by the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Certain Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&ldquo;indebtedness&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="padding-right: 7.15pt">all indebtedness, obligations and other liabilities for borrowed money, including overdrafts, foreign
exchange contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, or evidenced
by bonds, debentures, notes or similar instruments, other than any account payable or other accrued current liability or obligation incurred
in the ordinary course of business in connection with the obtaining of materials or services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD>all reimbursement obligations and other liabilities with respect to letters of credit, bank guarantees or bankers&rsquo; acceptances;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="padding-right: 35.2pt">all obligations and liabilities in respect of leases required in conformity with generally accepted
accounting principles to be accounted for on the Company&rsquo;s balance sheet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="padding-right: 6.35pt">all obligations and liabilities, contingent or otherwise, as lessee under leases for facility equipment
(and related assets leased together with such equipment) and under any lease or related document (including a purchase agreement, conditional
sale or other title retention or synthetic lease agreement) in connection with the lease of real property or improvement thereon (or any
personal property included as part of any such lease) which provides that such Person is contractually obligated to purchase or cause
a third party to purchase the leased property or pay an agreed upon residual value of the leased property, including the obligations under
such lease or related document to purchase or cause a third party to purchase such leased property (whether or not such lease transaction
is characterized as an operating lease or a capitalized lease in accordance with GAAP) or pay an agreed upon residual value of the leased
property to the lessor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="padding-right: 17.15pt">all obligations with respect to an interest rate or other swap, cap or collar agreement or other similar
instrument or agreement or foreign currency hedge, exchange, purchase agreement or other similar instrument or agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="padding-right: 33.8pt">all direct or indirect guaranties or similar agreements in respect of, and the Company&rsquo;s obligations
or liabilities to purchase, acquire or otherwise assure a creditor against loss in respect of, indebtedness, obligations or liabilities
of others of the type described in (1) through (5) above;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(7)</TD><TD STYLE="padding-right: 51pt">any indebtedness or other obligations described in (1) through (6) above secured by any mortgage, pledge,
lien or other encumbrance existing on property which is owned or held by the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD STYLE="padding-right: 36.6pt">any and all refinancings, replacements, deferrals, renewals, extensions and refundings of, or amendments,
modifications or supplements to, any indebtedness, obligation or liability of the kind described in clauses (1) through (7) above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&ldquo;senior indebtedness&rdquo; means the principal, premium,
if any, interest, including any interest accruing after bankruptcy, and rent or termination payment on or other amounts due on the Company&rsquo;s
current or future indebtedness, whether created, incurred, assumed, guaranteed or in effect guaranteed by the Company, including any deferrals,
renewals, extensions, refundings, amendments, modifications or supplements to the above. However, senior indebtedness does not include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 27.7pt">indebtedness that expressly provides that it shall not be senior in right of payment to subordinated
debt securities or expressly provides that it is on the same basis or junior to subordinated debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the Company&rsquo;s indebtedness to any of the Company&rsquo;s majority-owned subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>subordinated debt securities.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">As of the date of this prospectus, the Company has authorized
10,000,000 shares of preferred stock, par value $0.001 per share, none of which are outstanding. Under the Company&rsquo;s Certificate
of Incorporation, the Company&rsquo;s Board is authorized to issue shares of the Company&rsquo;s preferred stock from time to time, in
one or more classes or series, without stockholder approval. Prior to the issuance of shares of each series, the Board is required by
the General Corporation Law of the State of Delaware (&ldquo;DGCL&rdquo;) to adopt resolutions and file a Certificate of Designation with
the Secretary of State of the State of Delaware, fixing for each such series the designations, powers, preferences, rights, qualifications,
limitations and restrictions of the shares of such series. Any exercise of the Company&rsquo;s Board of its rights to do so may affect
the rights and entitlements of the holders of the Company&rsquo;s common stock as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">The Company&rsquo;s Board could authorize the issuance
of shares of preferred stock with terms and conditions which could have the effect of discouraging a takeover or other transaction which
holders of some, or a majority, of such shares might believe to be in their best interests or in which holders of some, or a majority,
of such shares might receive a premium for their shares over the then-market price of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Subject to limitations prescribed by the DGCL, the Company&rsquo;s
Certificate of Incorporation and the Company&rsquo;s Bylaws (&ldquo;Bylaws&rdquo;), the Company&rsquo;s Board is authorized to fix the
number of shares constituting each series of preferred stock and the designations, powers, preferences, rights, qualifications, limitations
and restrictions of the shares of such series, including such provisions as may be desired concerning voting, redemption, dividends, dissolution
or the distribution of assets, conversion or exchange, and such other subjects or matters as may be fixed by resolution of the Board.
Each series of preferred stock that the Company offers under this prospectus will, when issued, be fully paid and nonassessable and will
not have, or be subject to, any preemptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt">The applicable prospectus supplement(s) will describe the
following terms of the series of preferred stock in respect of which this prospectus is being delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the title and stated value of the preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 23.6pt">the number of shares of the preferred stock offered, the liquidation preference per share and the purchase
price of the preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the dividend rate(s), period(s) and/or payment date(s) or the method(s) of calculation for dividends;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 8.6pt">whether dividends shall be cumulative or non-cumulative and, if cumulative, the date from which dividends
on the preferred stock shall accumulate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the procedures for any auction and remarketing, if any, for the preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the provisions for a sinking fund, if any, for the preferred stock;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the provisions for redemption, if applicable, of the preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any listing of the preferred stock on any securities exchange or market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 10.9pt">the terms and conditions, if applicable, upon which the preferred stock will be convertible into common
stock or another series of the Company&rsquo;s preferred stock, including the conversion price (or its manner of calculation) and conversion
period;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 27.15pt">the terms and conditions, if applicable, upon which preferred stock will be exchangeable into the Company&rsquo;s
debt securities, including the exchange price, or its manner of calculation, and exchange period; voting rights, if any, of the preferred
stock; a discussion of any material and/or special U.S. federal income tax considerations applicable to the preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>whether interests in the preferred stock will be represented by depositary shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 8.15pt">the relative ranking and preferences of the preferred stock as to dividend rights and rights upon liquidation,
dissolution or winding up of the Company&rsquo;s affairs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 11.2pt">any limitations on issuance of any series of preferred stock ranking senior to or on a parity with the
preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the Company&rsquo;s affairs; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any other specific terms, preferences, rights, limitations or restrictions on the preferred stock.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31.65pt 0pt 5pt">Unless otherwise specified in the prospectus supplement,
the preferred stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company rank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31.65pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 22.3pt">senior to all classes or series of the Company&rsquo;s common stock, and to all
equity securities issued by the Company the terms of which specifically provide that such equity securities rank junior to the preferred
stock with respect to dividend rights or rights upon the liquidation, dissolution or winding up of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 10.9pt">on a parity with all equity securities issued by the Company that do not rank senior or junior to the
preferred stock with respect to dividend rights or rights upon the liquidation, dissolution or winding up of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.6pt">junior to all equity securities issued by the Company the terms of which do not specifically provide
that such equity securities rank on a parity with or junior to the preferred stock with respect to dividend rights or rights upon the
liquidation, dissolution or winding up of the Company (including any entity with which the Company may be merged or consolidated or to
which all or substantially all of the Company&rsquo;s assets may be transferred or which transfers all or substantially all of the Company&rsquo;s
assets).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">As used for these purposes, the term &ldquo;equity securities&rdquo;
does not include convertible debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The transfer agent and registrar for any series of preferred
stock will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.15pt 0pt 5pt"><I>The following description summarizes important terms
of our capital stock. For a complete description, you should refer to our certificate of incorporation and bylaws, which are incorporated
by reference as exhibits to the registration statement of which this prospectus is a part, as well as the relevant portions of the DGCL.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.15pt 0pt 5pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.6pt 0pt 5pt">As of the date of this prospectus, the Company has authorized
500 million shares of common stock, par value $0.001 per share. As of January 13, 2022, there were 70,705,729 shares of common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt">Each holder of our common stock is entitled to one vote
for each share on all matters submitted to a vote of the stockholders, including the election of directors. Under our certificate of incorporation
and our bylaws, our stockholders do not have cumulative voting rights. Because of this, the holders of a majority of the shares of common
stock entitled to vote in any election of directors are able to elect all of the directors standing for election, if they should so choose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Dividend Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.7pt 0pt 5pt">Subject to preferences that may be applicable to any then-outstanding
preferred stock, holders of common stock are not entitled to receive ratably those dividends, if any, as may be declared from time to
time by the Board out of legally available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25.7pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Liquidation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.35pt 0pt 5pt; text-align: justify">In the event of our liquidation,
dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally available for distribution
to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted
to the holders of any then-outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.35pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Other Rights and Preferences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 5pt">Holders of our common stock have no preemptive, conversion
or subscription rights and there are no redemption or sinking fund provisions applicable to the common stock. The rights, preferences
and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of
any series of preferred stock that we may designate in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Anti-Takeover Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 5pt">The provisions of Delaware law, and our certificate of
incorporation and our bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control of our
company. These provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part,
to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of increased protection
of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal
to acquire us because negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><I>Section 203 of the Delaware General Corporation Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">We are subject to Section 203 of the DGCL, which prohibits
a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the
date that such stockholder became an interested stockholder, with the following exceptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.5pt">before such date, the board of directors of the corporation approved either the business combination
or the transaction that resulted in the stockholder becoming an interested stockholder;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 8.5pt">upon completion of the transaction that resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding
for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, those
shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have
the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 8.2pt">on or after such date, the business combination is approved by the board of directors and authorized
at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding
voting stock that is not owned by the interested stockholder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">In general, Section 203 defines a &ldquo;business combination&rdquo;
to include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any merger or consolidation involving the corporation and the interested stockholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 37.75pt">subject to specified exceptions, any transaction that results in the issuance or transfer by the corporation
of any stock of the corporation to the interested stockholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 7.95pt">any transaction involving the corporation that has the effect of increasing the proportionate share
of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 9.45pt">the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges
or other financial benefits by or through the corporation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">In general, Section 203 defines an &ldquo;interested stockholder&rdquo;
as an entity or person who, together with the person&rsquo;s affiliates and associates, beneficially owns, or within three years prior
to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><I>Our Certificate of Incorporation and Bylaws</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">Our certificate of incorporation and bylaws include a number
of provisions that could deter hostile takeovers or delay or prevent changes in control of our company, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 5.25pt"><B><I>Classified Board</I></B><I>.</I> Our certificate of incorporation provides for our Board to
                                                               be divided into three classes with staggered three-year terms. Only one class of directors is elected at each annual meeting of our
                                                               stockholders, with the other classes continuing for the remainder of their respective three-year terms. Because our stockholders do
                                                               not have cumulative voting rights, stockholders holding a majority of the shares of common stock outstanding is able to elect all of
                                                               our directors. Our certificate of incorporation and our bylaws also provide that directors may be removed by the stockholders only
                                                               for cause upon the vote of 66 2/3% or more of our outstanding common stock. Furthermore, the authorized number of directors may be
                                                               changed only by resolution of the board of directors, and vacancies and newly created directorships
on the board of directors may, except as otherwise required by law or determined by the board, only be filled by a majority vote of the
directors then serving on the board, even though less than a quorum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 29.65pt"><B><I>Special Meetings of Stockholders and Stockholder Action by Written Consent</I></B><I>.</I> Our
certificate of incorporation and bylaws provide that all stockholder actions must be effected at a duly called meeting of stockholders
and eliminate the right of stockholders to act by written consent without a meeting. Our bylaws also provide that only our chairman of
the board, Chief Executive Officer (or if there is no Chief Executive Officer, the President) or the board of directors pursuant to a
resolution adopted by a majority of the total number of authorized directors may call a special meeting of stockholders.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 12.45pt"><B><I>Advance Notice Requirements for Stockholder Proposals</I></B>. Our bylaws provide that stockholders
seeking to present proposals before a meeting of stockholders, including the nomination of director candidates, must provide timely advance
notice in writing, and specifies requirements as to the form and content of a stockholder&rsquo;s notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 6.6pt"><B><I>Amendment to Certificate of Incorporation and Bylaws</I></B>. Our certificate of incorporation
and bylaws provide that the stockholders cannot amend the provisions described above except by a vote of 66 2/3% or more of our outstanding
common stock.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">The combination of these provisions makes it more difficult
for our existing stockholders to replace our Board as well as for another party to obtain control of us by replacing our Board. Since
our Board has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders
or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for
our Board to issue preferred stock with voting or other rights or preferences that could impede any attempt to effect a change of control
of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">These provisions are intended to enhance the likelihood
of continued stability in the composition of our Board and its policies and to discourage coercive takeover practices and inadequate takeover
bids. These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage tactics that may be used in
proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have
the effect of delaying changes in our control or management. As a consequence, these provisions may also inhibit fluctuations in the market
price of our stock that could result from actual or rumored takeover attempts. We believe that the benefits of these provisions, including
increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure
our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in
an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>Choice of Forum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">Our certificate of incorporation provides that the Court
of Chancery of the state of Delaware (the &ldquo;Chancery Court&rdquo;) is the exclusive forum for: (i) any derivative action or proceeding
brought on our behalf; (ii) any action asserting a breach of fiduciary duty; (iii) any action asserting a claim against us arising pursuant
to the DGCL, our certificate of incorporation or our bylaws; (iv) or any action asserting a claim against us that is governed by the internal
affairs doctrine, in each case provided that the Chancery Court has subject matter jurisdiction. If the Chancery Court does not have subject
matter jurisdiction, then such actions may be brought in any state court located in the state of Delaware (the &ldquo;State Courts&rdquo;)
or, if and only if the State Courts lack subject matter jurisdiction, in the federal district court for the District of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">This exclusive forum provision does not apply to suits
brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. To the extent that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and
regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">Our certificate of incorporation further provides that
the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising
under the Securities Act, although stockholders cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. The enforceability of similar choice of forum provisions in some other companies&rsquo; certificates of incorporation has
been challenged in legal proceedings, and it is possible that, in connection with any action, a court could find the choice of forum provisions
contained in our certificate of incorporation to be inapplicable or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Limitation of Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 5pt">Our certificate of incorporation provides that no director
will be personally liable for monetary damages for breach of any fiduciary duty as a director, except with respect to liability:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>for any breach of the director&rsquo;s duty of loyalty to us or our stockholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>under Section 174 of the DGCL (governing distributions to stockholders); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>for any transaction from which the director derived any improper personal benefit.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 5pt; text-align: justify">If the DGCL is amended to
authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of our directors
will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. The modification or repeal of this
provision of our certificate of incorporation will not adversely affect any right or protection of a director existing at the time
of such modification or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.75pt 0pt 5pt">Our bylaws also provide that we will, to the fullest
extent permitted by law, indemnify our directors and officers against all liabilities and expenses in any suit or proceeding or arising
out of their status as an officer or director or their activities in these capacities. We will also indemnify any person who, at our request,
is or was serving as a director, officer, employee, agent or trustee of another corporation or of a partnership, limited liability company,
joint venture, trust or other enterprise. We may, by action of our Board, provide indemnification to our employees and agents within the
same scope and effect as the foregoing indemnification of directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.75pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">The transfer agent and registrar for our common stock is Broadridge
Corporate Issuer Solutions, Inc. 55 Mercedes Way, Edgewood, NY 11717.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center">DESCRIPTION OF WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.95pt 0pt 5pt">We may issue warrants for the purchase of our common stock,
preferred stock or debt securities. We may issue warrants independently or together with any of our securities. Warrants also may be attached
to other securities that we may issue. We may issue warrants in different series under separate warrant agreements or under a single warrant
agreement between us and a specified warrant agent described in an applicable prospectus supplement. The warrant agent will act solely
as our agent in connection with the warrants 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; margin: 0pt 9.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.9pt 0pt 5pt; text-align: justify">As of the date of this prospectus,
we have (i) 11,975 warrants to purchase shares of common stock at an exercise price of $15.30 per share, (ii) 182,716 warrants to purchase
shares of common stock at an exercise price of $12.60 per share, and (iii) 22,253 warrants to purchase shares of common stock at an exercise
price of $5.68 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.9pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">An applicable prospectus supplement will describe the specific
terms of any warrants that we issue or offer, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the title of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the aggregate number of warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the currencies in which the price or prices of the warrants may be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the designation, amount and terms of our capital stock or debt securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 23.5pt">the designation and terms of our other securities, if any, that may be issued in connection with the
warrants, and the number of warrants issued with each corresponding security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>if applicable, the date that the warrants and the securities purchasable upon exercise of the warrants will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the prices and currencies for which the securities purchasable upon exercise of the warrants may be purchased;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the date that the warrants may first be exercised;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the date that the warrants expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the minimum or maximum amount of warrants that may be exercised at any one time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the terms of any rights to redeem or call the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>information with respect to book-entry procedures, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the manner in which the warrant agreements and warrants may be modified;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>a discussion of certain federal income tax considerations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 14.55pt">any other material terms of the warrants, including terms, procedures and limitations relating to the
exchange and exercise of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">Each warrant will entitle the holder to purchase for cash
the principal amount of debt securities, preferred stock or common stock at the applicable exercise price set forth in, or determined
as described in, the applicable prospectus supplement. Warrants may be exercised at any time up to the close of business on the expiration
date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will
become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.95pt 0pt 5pt">Warrants may be exercised by delivering to the
corporation trust office of the warrant agent or any other officer indicated in the applicable prospectus supplement (i) the warrant
certificate properly completed and duly executed and (ii) payment of the amount due upon exercise. As soon as practicable following
exercise, we will forward the debt securities, preferred stock or common stock purchasable upon exercise. If less than all of the
warrants represented by a warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants if
the expiration date of the warrants has not occurred. If we so indicate in the applicable prospectus supplement, holders of the
warrants may surrender securities as all or part of the exercise price for warrants. We may, but we will not be required to, permit
the exercise of warrants through the delivery of a notice of guaranteed delivery from a bank, a trust company, or a New York Stock
Exchange member guaranteeing delivery of (i) payment of the exercise price for the securities for which the warrant is being
exercised, and (ii) a properly completed and executed warrant certificate. The notice of guaranteed delivery must be received by the
warrant agent before the expiration of the warrants, and the warrant agent will not honor a notice of guaranteed delivery unless a
properly completed and executed warrant certificate and full payment for the securities being purchased are received by the warrant
agent by the close of business on the third business day after the expiration time of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">Unless we provide otherwise in an applicable prospectus
supplement, the warrants and warrant agreements, and any claim, controversy or dispute arising under or related to the warrants or warrant
agreements, will be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.2pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Enforceability of Rights by Holders of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">Each warrant agent, if any, will act solely as our agent
under the applicable warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant.
A single bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility
in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate any proceedings
at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related warrant agent or the
holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities purchasable upon exercise
of, its warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center">DESCRIPTION OF RIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5pt">We may issue rights to purchase shares of our common stock,
preferred stock, or warrants in one or more series. Rights may be issued independently or together with any other offered security and
may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any rights offering to
our stockholders, we may enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriters
will purchase any of the offered securities remaining unsubscribed after the expiration of the rights offering. In connection with a rights
offering to our stockholders, we will distribute certificates evidencing the rights and an applicable prospectus supplement to our stockholders
on the record date that we set for receiving rights in the rights offering. An applicable prospectus supplement will describe the following
terms of rights in respect of which this prospectus is being delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the title of the rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the securities for which the rights are exercisable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the exercise price for the rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the date of determining the security holders entitled to the rights distribution;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the number of the rights issued to each security holder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the extent to which the rights are transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 9.85pt">if applicable, a discussion of the material United States federal income tax considerations applicable
to the issuance or exercise of the rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 26.5pt">the date on which the right to exercise the rights shall commence, and the date on which the rights
shall expire (subject to any extension);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the conditions to completion of the rights offering;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 14.75pt">if applicable, the material terms of any standby underwriting or other purchase arrangement that we
may enter into in connection with the rights offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any other terms of the rights, including terms, procedures and limits relating to the exchange or exercise of the rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt">Each right will entitle the holder to purchase an
amount of securities for cash, at the exercise price. Rights may be exercised at any time up to the close of business on the
expiration date of the rights. After the close of business on the expiration date, all unexercised rights will become void. The
manner in which rights may be exercised will be described in an applicable prospectus supplement. We may, but are not be required
to, permit the exercise of rights through the delivery of a notice of guaranteed delivery from a bank, a trust company, or a New
York Stock Exchange member guaranteeing delivery of (i) payment of the exercise price for the securities for which the rights are
being exercised, and (ii) a properly completed and executed rights certificate. The notice of guaranteed delivery must be received
by the rights agent before the expiration of the rights, and the rights agent will not honor a notice of guaranteed delivery unless
a properly completed and executed rights certificate and full payment for the securities being purchased are received by the rights
agent by the close of business on the third business day after the expiration time of the rights. Upon receipt of payment and the
proper completion and due execution of the rights certificate at the designated office of the rights agent or any other office
indicated in an applicable prospectus supplement, we or the transfer agent will forward, as soon as practicable, the securities
purchased upon the exercise of the rights. We may determine to offer any unsubscribed offered securities directly to persons other
than stockholders, to or through agents, underwriters or dealers or through a combination of the methods, including pursuant to
standby underwriting arrangements, as set forth in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65pt 0pt 5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">The following description, together with the additional information
we may include in any applicable prospectus supplement, summarizes the material terms and provisions of the units that we may offer under
this prospectus. While the terms we have summarized below will apply generally to any units that we may offer under this prospectus, we
will describe the particular terms of any series of units in more detail in an applicable prospectus supplement. The terms of any units
offered under an applicable prospectus supplement may differ from the terms described below. However, no prospectus supplement will fundamentally
change the terms that are set forth in this prospectus or offer a security that is not registered and described in this prospectus at
the time of its effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.85pt 0pt 5pt">We will file as exhibits to the registration
statement of which this prospectus is a part, or will incorporate by reference to reports that we file with the SEC, the form of
unit agreement that describes the terms of the series of units we are offering, and any supplemental agreements, before the issuance
of the related series of units. The following summaries of material terms and provisions of the units are subject to, and qualified
in their entirety by reference to, all the provisions of the unit agreement and any supplemental agreements applicable to a
particular series of units. We urge you to read the applicable prospectus supplements related to the particular series of units that
we sell under this prospectus, as well as the complete unit agreement and any supplemental agreements that contain the terms of the
units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 5pt">We may issue units comprised of one or more debt securities,
common stock, preferred stock, warrants and/or units in any combination. Each unit will be issued so that the holder of the unit is also
the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each
included security. The unit agreement under which a unit is issued may provide that the securities included in 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 9.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">We will describe in an applicable prospectus supplement the
terms of the series of units, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 6.45pt">the designation and terms of the units and of the securities comprising the units, including whether
and under what circumstances those securities may be held or transferred separately;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>any provisions of the governing unit agreement that differ from those described below; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt; text-align: left">&bull;</TD><TD>any provisions for the issuance, payment, settlement, transfer
or exchange of the units or of the securities comprising the units.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.3pt 0pt 5pt; text-indent: 0in">The proviions described in this
section, as well as those described under &ldquo;Description of Preferred Stock,&rdquo; &ldquo;Description of Capital Stock,&rdquo;
&ldquo;Description of Debt Securities,&rdquo; &ldquo;Description of Warrants,&rdquo; and &ldquo;Description of Rights&rdquo; will
apply to each unit and to any preferred stock, common stock, debt security, warrant or right included in each unit,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Issuance in Series</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">We may issue units in the amounts and in numerous distinct
series as we determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Enforceability of Rights by Holders of Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.15pt 0pt 5pt">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 may, without the consent of the related unit agent or the holder
of any other unit, 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; margin: 0pt 11.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>Title</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5pt">We, the unit agent and any of its 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, despite any notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 246.65pt 0pt 252.65pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5pt">The consolidated financial statements of electroCore, Inc.,
Subsidiaries and Affiliate as of and for the year ended December 31, 2020 have been incorporated by reference herein and in the registration
statement in reliance upon the report of Marcum LLP, independent registered public accounting firm, appearing incorporated by reference
herein, and upon the authority of said firm as experts in accounting and auditing. The audit report contains an explanatory paragraph
expressing substantial doubt about the Company&rsquo;s ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.5pt 0pt 5pt">The consolidated financial statements of electroCore, Inc.,
Subsidiaries and Affiliate as of and for the year ended December 31, 2019, have been incorporated by reference herein and in the registration
statement in reliance upon the report of KPMG LLP (KPMG), independent registered public accounting firm, incorporated by reference herein,
and upon the authority of said firm as experts in accounting and auditing. The audit report covering the December 31, 2019 consolidated
financial statements contains an explanatory paragraph that states that the Company&rsquo;s recurring losses from operations and net capital
deficiency raise substantial doubt about the entity&rsquo;s ability to continue as a going concern. The consolidated financial statements
do not include any adjustments that might result from the outcome of that uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.5pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 5pt">We have agreed to indemnify and hold KPMG harmless against
and from any and all legal costs and expenses incurred by KPMG in successful defense of any legal action or proceeding that arises as
result of KPMG&rsquo;s consent to the incorporation by reference of its audit report on our past financial statements incorporated by
reference in this registration statement on Form S-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 186.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">If and when the securities being registered hereunder
are issued, the validity of such issuance will be passed upon for the Company by Dentons US LLP, New York, New York. As of the date of
this prospectus, members of Dentons US LLP own shares of our common stock with a market value in excess of $50,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.25pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 164.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.85pt 0pt 5pt">The Company files annual, quarterly and periodic reports,
proxy statements and other information with the SEC. You may read and copy any materials that the Company files with the SEC at the SEC&rsquo;s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference
Room by calling the SEC at 1-800-SEC-0330. Many of the Company&rsquo;s SEC filings are also available to the public from the SEC&rsquo;s
Website at www.sec.gov. The Company makes available free of charge its annual, quarterly and current reports, proxy statements and other
information upon request. To request such materials, please contact the Corporate Secretary at the following address or telephone number:
electroCore, Inc., 200 Forge Way, Suite 205,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.85pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt">Rockaway, New Jersey 07866, Attention: Corporate Secretary;
(973) 290-0097. Exhibits to the documents will not be sent, unless those exhibits have specifically been incorporated by reference in
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">The Company maintains its website at www.electrocore.com.
The Company&rsquo;s website and the information contained therein or connected thereto are not incorporated into this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 5pt">The Company has filed with the SEC a registration statement
on Form S-3 under the Securities Act relating to the securities the Company is offering by this prospectus. This prospectus does not contain
all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. Please refer
to the registration statement and its exhibits and schedules for further information with respect to the Company and the Company&rsquo;s
securities. Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete
and, in each instance, the Company refers you to the copy of that contract or document filed as an exhibit to the registration statement.
You may read and obtain a copy of the registration statement and its exhibits and schedules from the SEC, as described in the preceding
paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 157.15pt; text-align: center">INFORMATION INCORPORATED BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 157.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5pt">The SEC allows the Company to &ldquo;incorporate by reference&rdquo;
the information the Company files with them, which means that the Company can disclose important information to you by referring you to
those documents. The information incorporated by reference is considered to be part of this prospectus, and information that the Company
files later with the SEC will automatically update and supersede this information. The Company incorporates by reference the documents
filed with SEC listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 8.1pt">The Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with
the SEC on March 11, 2021 (the &ldquo;2020 Form 10-K&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The Company&rsquo;s Quarterly Reports on Form 10-Q filed with the SEC on May 6, 2021, August 5, 2021 and November 4, 2021.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 9.15pt">The Company&rsquo;s Current Reports on Form 8-K and amendment to Current Report on Form 8-K, filed with
the SEC on January, 22, 2021, February 17, 2021, June 16, 2021, July 2, 2021, August, 5, 2021, August 30, 2021, September 20, 2021, October
12, 2021, November 4, 2021, December 9, 2021, December 23, 2021,
and January 18, 2022.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="padding-right: 13.8pt">The description of the Company&rsquo;s common stock in our registration statement on Form 8-A filed
with the SEC on June 18, 2018, including any amendments or reports filed for the purpose of updating such description, including Exhibit
4.2 to the 2020 Form 10-K.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 48; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">In addition, all documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.
However, any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo;
with the Commission, including without limitation any information furnished pursuant to Item 2.02 or 7.01 of Form 8-K or certain exhibits
furnished pursuant to Item 9.01 of Form 8-K, shall not be deemed to be incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 5pt">Any statement in a document incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated
by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-funded Warrants to Purchase up
to 225,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 43px; width: 150px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165.75pt"></P>

<TABLE CELLPADDING="4" CELLSPACING="0" ALIGN="CENTER" STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 30%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 100%"><P STYLE="margin-top: 0; margin-bottom: 0"><B>PROSPECTUS</B></P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><B>SUPPLEMENT</B></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 165.75pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 185.35pt 0pt 186.15pt; text-align: center; text-indent: -2.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>The
date of this prospectus supplement is June</B></FONT><B> 3<FONT STYLE="font-size: 10pt">, 2024</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: center">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
