<SEC-DOCUMENT>0001387131-18-005498.txt : 20181017
<SEC-HEADER>0001387131-18-005498.hdr.sgml : 20181017
<ACCEPTANCE-DATETIME>20181017153046
ACCESSION NUMBER:		0001387131-18-005498
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20181016
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181017
DATE AS OF CHANGE:		20181017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		181126372

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvu-8k_101718.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): <B>October 16, 2018</B></FONT></P>

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

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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
    AEROSTRUCTURES, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
    Name of Registrant as Specified in Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-11398</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11-2520310</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
                                         or Other Jurisdiction</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
        Incorporation)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
        Number)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
                                         Employer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification
        No.)</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 66%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91
    Heartland Boulevard, Edgewood, New York</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11717</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#8217;s
telephone number, including area code: <B>(631) 586-5200</B></FONT></P>

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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
    Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

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

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&#9744;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                         material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                         communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp; &nbsp;&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         1.01.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entry
                                         into a Material Definitive Agreement.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 16, 2018, CPI Aerostructures, Inc. (the &#8220;<U>Company</U>&#8221;) entered into an underwriting agreement (the
&#8220;<U>Underwriting Agreement</U>&#8221;) with Canaccord Genuity LLC as representative for several underwriters (the
&#8220;<U>Underwriters</U>&#8221;), relating to the offer and sale to the public (the &#8220;<U>Offering</U>&#8221;) of (i)
2,400,000 shares (the &#8220;<U>Firm Shares</U>&#8221;) of the Company&#8217;s common stock, $0.001 par value per share
(&#8220;<U>Common Stock</U>&#8221;) and (ii) up to an additional  360,000 shares of Common Stock (the &#8220;<U>Option
Shares</U>&#8221;, and together with the Firm Shares, the &#8220;<U>Shares</U>&#8221;), pursuant to an over-allotment option,
exercisable for 30 days, granted to the Underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canaccord
Genuity LLC is acting as the sole book-running manager of the Offering. B. Riley FBR, Inc. is acting as the co-manager of
the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Underwriting Agreement, the Company agreed to sell and issue the Shares at a public offering price of $6.25 per
share. The Underwriters will purchase the shares at a discount of $0.34 per share, representing 5.5% of the public offering
price, for an aggregate discount of  $825,000 (or $948,750, assuming the over-allotment option is exercised in
full).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
proceeds to the Company from the sale of shares of Common Stock in the Offering are expected to be $15,000,000, or $17,250,000 if the over-allotment option is exercised in full. After deducting underwriting discounts and
estimated expenses payable by the Company associated with the Offering, the net proceeds to the Company are expected to be
approximately $13,980,000,  or $16,100,000  if the over-allotment option is exercised in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriting Agreement contains customary representations, warranties, and agreements by the Company, indemnification obligations
of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations
of the parties, and termination provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering is made pursuant to a prospectus supplement dated October 16, 2018 and an accompanying base prospectus, which are part
of the Company&#8217;s &#8220;shelf&#8221; Registration Statement on Form S-3 (File No. 333-220090), which was declared effective
on October 2, 2017. The Offering is expected to close on or about October 19, 2018, subject to customary closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference. The foregoing description does
not purport to be complete and is qualified in its entirety by reference to such exhibit.</FONT></P>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         8.01.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
                                         Events.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2018, the Company issued a press release announcing that it had signed the Underwriting Agreement and priced the
Offering. The Press release is attached to this Current Report on Form 8-K as Exhibit 99.1.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                                         9.01.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
                                         Statement and Exhibits.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Description</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex1-1.htm">Underwriting Agreement, dated October 16, 2018, between CPI Aerostructures, Inc. and Canaccord Genuity LLC, as representative of the underwriters.</A></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex5-1.htm">Opinion of Graubard Miller.</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex5-1.htm">Consent of Graubard Miller (included as part of Exhibit 5.1)</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm">Press release dated October 17, 2018.</A>&nbsp;</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Dated: October 17, 2018</TD>
    <TD COLSPAN="2">CPI AEROSTRUCTURES, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/
Vincent Palazzolo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Vincent Palazzolo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-1.01
<SEQUENCE>2
<FILENAME>ex1-1.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">&nbsp;<A HREF="cvu-8k_101718.htm">CPI
Aerostructures, Inc. 8-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;Exhibit 1.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDERWRITING
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
16, 2018</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Representative of the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
underwriters named in <U>Schedule I</U> hereto</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99
High Street, 11th Floor<BR>
Boston, Massachusetts 02110</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI
Aerostructures, Inc., a New York corporation (the &#8220;<U>Company</U>&#8221;), proposes, subject to the terms and conditions
stated herein, to issue and sell (the &#8220;<U>Offering</U>&#8221;) to the several underwriters (the &#8220;<U>Underwriters</U>&#8221;)
named in <U>Schedule I</U> hereto, for whom Canaccord Genuity LLC is acting as representative (the &#8220;<U>Representative</U>&#8221;),
an aggregate of 2,400,000 authorized but unissued shares (the &#8220;<U>Underwritten Shares</U>&#8221;) of the Company&#8217;s
common stock, $0.001 par value per share (the &#8220;<U>Common Stock</U>&#8221;). The Company has granted the Underwriters the
option to purchase an aggregate of up to 360,000additional authorized but unissued shares of Common Stock (the &#8220;<U>Additional
Shares</U>&#8221;) as may be necessary to cover any over-allotments made in connection with the Offering. The Underwritten Shares
and Additional Shares are collectively referred to as the &#8220;<U>Shares</U>.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Underwriters hereby confirm their agreement as follows:</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Registration
Statement and Prospectus</I></B><FONT STYLE="font-style: normal">. The Company has prepared and filed with the Securities and
Exchange Commission (the &#8220;<U>Commission</U>&#8221;) a registration statement on Form S-3 (File No.&nbsp;333-220090) under
the Securities Act of 1933, as amended (the &#8220;<U>Securities Act</U>&#8221;) and the rules and regulations (the &#8220;<U>Rules
and Regulations</U>&#8221;) of the Commission thereunder, and such amendments to such registration statement (including post effective
amendments) as may have been required to the date of this Agreement and a preliminary prospectus supplement or &#8220;red herring&#8221;
pursuant to Rule 424(b) under the Securities Act. Such registration statement, as amended (including any post effective amendments),
has been declared effective by the Commission. Such registration statement, including amendments thereto (including post effective
amendments thereto), the exhibits and any schedules thereto and the documents and information otherwise deemed to be a part thereof
or included or incorporated by reference therein by the Securities Act or otherwise pursuant to the Rules and Regulations, is
herein called the &#8220;<U>Registration Statement</U>.&#8221; If the Company has filed or files an abbreviated registration statement
in connection with the Shares pursuant to Rule 462(b) under the Securities Act (the &#8220;<U>Rule 462 Registration Statement</U>&#8221;),
then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary
prospectus supplement included in the Registration Statement or filed with the Commission pursuant to 424 under the Securities
Act is hereinafter called a &#8220;<U>Preliminary Prospectus</U>.&#8221; The Preliminary Prospectus relating to the Shares that
was included in the Registration Statement immediately prior to the pricing of the offering contemplated hereby is hereinafter
called the &#8220;<U>Pricing Prospectus</U>.&#8221;</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
Company will file with the Commission pursuant to Rule 424 under the Securities Act a final prospectus supplement relating to
the Shares to the form of prospectus included in the Registration Statement. Such prospectus in the form in which it appears in
the Registration Statement is hereinafter called the &#8220;<U>Base Prospectus</U>,&#8221; and the final prospectus supplement
as filed, along with the Base Prospectus, is hereinafter called the &#8220;<U>Final Prospectus</U>.&#8221; The Final Prospectus,
the Pricing Prospectus and any preliminary prospectus supplement or &#8220;red herring&#8221;, in the form in which they were
included in the Registration Statement or filed with the Commission pursuant to Rule 424(b) under the Securities Act, is hereinafter
called a &#8220;<U>Prospectus</U>.&#8221; Any reference herein to the Base Prospectus, the Final Prospectus or a Prospectus shall
be deemed to include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act
as of the date of such Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Agreement, all references to the Registration Statement, the Rule 462 Registration Statement, the Pricing Prospectus,
the Base Prospectus, the Final Prospectus, a Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to its Interactive Data Electronic Applications system. All references
in this Agreement to financial statements and schedules and other information which is &#8220;described,&#8221; &#8220;contained,&#8221;
&#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement, the Rule 462 Registration Statement, the Pricing
Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus (or other references of like import) shall be deemed to
mean and include all such financial statements, pro forma financial information and schedules and other information which is incorporated
by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the
Rule 462 Registration Statement, the Pricing Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus, as the case
may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the Rule 462 Registration
Statement, the Pricing Prospectus, the Base Prospectus, the Final Prospectus or a Prospectus shall be deemed to mean and include
the subsequent filing of any document under the Securities Exchange Act of 1934, as amended (the &#8220;<U>Exchange Act</U>&#8221;),
that is deemed to be incorporated therein by reference or otherwise deemed by the Rules and Regulations to be a part thereof.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Representations
and Warranties of the Company Regarding the Offering.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company represents and warrants to, and agrees with, the Underwriters, as of the date hereof and as of the Closing Date (as
defined in Section 4(d) below), except as otherwise indicated, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each time of effectiveness, at the date hereof and at the Closing Date, the Registration Statement and any post-effective amendment
thereto complied or will comply in all material respects with the requirements of the Securities Act and the Rules and Regulations
and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. The Time of Sale Disclosure Package (as defined below) as
of the date hereof and at the Closing Date, any road show or investor presentations delivered by the Company to and approved by
the Representative for use in connection with the marketing of the offering of the Shares (the &#8220;<U>Marketing Materials</U>&#8221;)
when taken together with the Time of Sale Disclosure Package as of the time of their use and at the Closing Date, and the Final
Prospectus, as amended or supplemented, as of its date at the time of filing pursuant to Rule 424(b) under the Securities Act
and at the Closing Date, did not and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences shall not apply
to statements in or omissions from the Registration Statement or any Prospectus in reliance upon, and in conformity with, written
information furnished to the Company through the Representative by or on behalf of any Underwriter specifically for use in the
preparation thereof. The Registration Statement contains all exhibits and schedules required to be filed by the Securities Act
or the Rules and Regulations. No order preventing or suspending the effectiveness or use of the Registration </FONT>Statement
or any Prospectus is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of
the Company, are contemplated or threatened by the Commission. The term &#8220;<U>Knowledge</U>&#8221; as used in this Agreement
shall mean actual knowledge of the Company&#8217;s officers obtained in the reasonable conduct of their duties after familiarizing
themselves with the terms and conditions of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The documents incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, were filed on a timely basis with the Commission and none of such documents,
when they were filed (or, if amendments to such documents were filed, when such amendments were filed), contained an untrue statement
of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Any further documents so filed and incorporated by reference in the Registration Statement,
the Time of Sale Disclosure Package or the Final Prospectus, when such documents are filed with the Commission, will conform in
all material respects to the requirements of the Exchange Act, and will not contain an untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. As used in this paragraph and elsewhere in this Agreement, &#8220;<U>Time of Sale Disclosure Package</U>&#8221;
means the Pricing Prospectus, each issuer free writing prospectus as defined in Rule 433 of the Securities Act (each, an &#8220;<U>Issuer
Free Writing Prospectus</U>&#8221;) identified in <U>Schedule II</U>, and any description of the transaction provided by the Representative
included on <U>Schedule III</U>, all considered together as of 6:00 p.m. Eastern daylight time on October 16, 2018 (the &#8220;<U>Time
of Sale</U>&#8221;). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A) The Company has not made, used, prepared, authorized, approved or referred to any Issuer Free Writing Prospectus in the sale
of Shares, except for those Issuer Free Writing Prospectuses identified in <U>Schedule II</U> hereto. The Company has filed all
Issuer Free Writing Prospectuses required to be so filed with the Commission, and no order preventing or suspending the effectiveness
or use of any Issuer Free Writing Prospectus is in effect and no proceedings for such purpose have been instituted or are pending,
or, to the knowledge of the Company, are contemplated or threatened by the Commission.&nbsp; When taken together with the rest
of the Time of Sale Disclosure Package or the Final Prospectus,&nbsp;since its first use&nbsp;and at all relevant times since
then, no Issuer Free Writing Prospectus has, does or will include (1)&nbsp;any untrue statement of a material fact or omission&nbsp;to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading, or (2) information that&nbsp;conflicted, conflicts or will conflict with the information contained
in the Registration Statement or the Final Prospectus. The representations and warranties set forth in the immediately preceding
sentence shall not apply to statements in or omissions from the Time of Sale Disclosure Package, the Final Prospectus or any Issuer
Free Writing Prospectus in reliance upon, and in conformity with, written information furnished to the Company through the Representative
by or on behalf of any Underwriter specifically for use in the preparation thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Issuer Free Writing Prospectus satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period
(as defined in Section 5(a)(i)), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under
the Securities Act, including any legend, record-keeping or other requirements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The financial statements of the Company, together with the related notes, included or incorporated by reference in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material respects with the requirements
of the Securities Act and the Exchange Act and fairly present the financial condition of the Company as of the dates indicated
and the results of operations and changes in cash flows for the periods therein specified in conformity with generally accepted
accounting principles consistently applied throughout the periods involved, except as otherwise noted therein. No other financial
statements, pro forma financial information or schedules are required under the Securities Act to be included or incorporated
by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus. To the Company&#8217;s
Knowledge, CohnReznick LLP, which has expressed its opinion with respect to the financial statements filed as a part of the Registration
Statement and included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, is an independent
public accounting firm with respect to the Company within the meaning of the Securities Act and the Rules and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company had a reasonable basis for, and made in good faith, each &#8220;forward-looking statement&#8221; (within the meaning
of Section&nbsp;27A of the Securities Act or Section&nbsp;21E of the Exchange Act) contained or incorporated by reference in the
Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing Materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="letter-spacing: -0.1pt">All
statistical or market-related data included or incorporated by reference in the Registration Statement, the Time of Sale Disclosure
Package or the Final Prospectus, or included in the Marketing Materials, are based on or derived from sources that the Company
reasonably believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from
such sources, to the extent required.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Common Stock is registered pursuant to Section 12(b) of the Exchange Act and is included or approved for inclusion on the
NYSE American. There is no action pending to delist the Common Stock from the NYSE American, nor has the Company received any
notification that the NYSE American is currently contemplating terminating such listing. When issued, the Shares will be listed
on the NYSE American.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="letter-spacing: -0.1pt">The
Company has not taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably
be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Shares.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is not an &#8220;<U>ineligible issuer</U>,&#8221; as defined in Rule 405 of the Securities Act. Subject to Section&nbsp;5(a)(v)
below, except for those Issuer Free Writing Prospectuses identified in <U>Schedule II</U> hereto, the Company represents and warrants
that it has not prepared or had prepared on its behalf or used or referred to any Issuer Free Writing Prospectus in connection
with the Offering. Subject to Section&nbsp;5(a)(v) below, the Company has not distributed and the Company will not distribute,
prior to the completion of the distribution of the Shares, any offering material in connection with the Offering other than the
Time of Sale Disclosure Package, the Base Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus identified in <U>Schedule
II</U> hereto, the Registration Statement, and copies of the documents, if any, incorporated by reference therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is not and, after giving effect to the Offering and sale of the Shares and the application of the net proceeds thereof,
will not be an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act of 1940, as amended.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company was at the time of filing the Registration Statement, at the time of filing any post-effective amendment thereto and
as of the date hereof, eligible to use Form S-3 under the Securities Act for the primary offering of the Shares under this Agreement,
including pursuant to General Instruction I.B.1 of such Form S-3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any certificate signed by any officer of the Company and delivered to the Representative or to its counsel in connection with
the offering of the Shares contemplated hereby shall be deemed a representation and warranty by the Company to the Underwriters
as to the matters covered thereby.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>3.</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Representations
and Warranties Regarding the Company.</I> </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company represents and warrants to and agrees with, the Underwriters, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction
of incorporation. The Company has the corporate power and authority to own its properties and conduct its business as currently
being carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
and is duly qualified to do business as a foreign entity in good standing in each jurisdiction in which it owns or leases real
property or in which the conduct of its business makes such qualification necessary and in which the failure to so qualify would
have or is reasonably likely to result in a material adverse effect upon the business, prospects, properties, operations, condition
(financial or otherwise) or results of operations of the Company, or in its ability to perform its obligations under this Agreement
(with respect to the Company, a &#8220;<U>Material Adverse Effect</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has the power and authority to enter into this Agreement. This Agreement has been duly authorized, executed and delivered
by the Company, and constitutes a valid, legal and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally
and subject to general principles of equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The execution, delivery and performance of this Agreement and the consummation of the transactions herein contemplated will not
(A)&nbsp;result in a breach or violation of any of the terms and provisions of, or constitute a default under, any law, rule or
regulation to which the Company is subject, or by which any property or asset of the Company is bound or affected, (B) conflict
with, result in any violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, or give to others any right of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, lease, credit facility, debt, note, bond, mortgage, indenture or other instrument
(the &#8220;<U>Contracts</U>&#8221;) or obligation or other understanding to which the Company is a party or by which any property
or asset of the Company is bound or affected except to the extent that such conflict or default, or termination, amendment, acceleration
or cancellation right is not reasonably likely to result in a Material Adverse Effect, or (C)&nbsp;result in a breach or violation
of any of the terms and provisions of, or constitute a default under, the Company&#8217;s charter or by-laws.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is not in violation, breach or default under its certificate of incorporation or by-laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All consents, approvals, orders, authorizations and filings required on the part of the Company and its subsidiaries in connection
with the execution, delivery or performance of this Agreement have been obtained or made, other than such consents, approvals,
orders and authorizations the failure of which to make or obtain is not reasonably likely to result in a Material Adverse Effect,
except as may be required under the Exchange Act, the Securities Act, state securities or blue sky laws, the bylaws, rules and
regulations of the Financial Industry Regulatory Authority (&#8220;<U>FINRA</U>&#8221;) or the bylaws, rules and regulations of
the NYSE American.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All of the issued and outstanding shares of capital stock of the Company are duly authorized and validly issued, fully paid and
nonassessable, and have been issued in compliance with all applicable securities laws, and conform to the description thereof
in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. Except for the issuances of options
or restricted stock in the ordinary course of business, since the respective dates as of which information is provided in the
Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted
any convertible or exchangeable securities, options, warrants, agreements, contracts or other rights in existence to purchase
or acquire from the Company any shares of the capital stock of the Company. The Shares, when issued, will be duly authorized and
validly issued, fully paid and nonassessable, will be issued in compliance with all applicable securities laws and will be free
of preemptive, registration or similar rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer
of, any shares of Common Stock pursuant to the Company&#8217;s certificate of incorporation, by-laws or any agreement or other
instrument to which the Company is a party or by which the Company is bound. Neither the filing of the Registration Statement
nor the Offering or sale of the Shares as contemplated by this Agreement gives rise to any rights for or relating to the registration
of any shares of Common Stock or other securities of the Company, other than such rights that have been satisfied in connection
with the Offering or waived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company does not own, directly or indirectly, any capital stock or other ownership interest in any partnership, corporation,
business trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association,
joint venture or other entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed all foreign, federal, state and local returns (as hereinafter defined) required to be filed with taxing authorities
prior to the date hereof or has duly obtained extensions of time for the filing thereof, except insofar as the failure to file
such returns would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company
has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or
assessed against the Company, except to the extent of taxes that would not, singly or in the aggregate, reasonably be expected
to result in a Material Adverse Effect and except as disclosed in writing to the Representative. The provisions for taxes payable,
if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and
unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements,
except to the extent of any insufficiency that would not, singly or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus,
(i)&nbsp;no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns
or taxes asserted as due from the Company and (ii)&nbsp;no waivers of statutes of limitation with respect to the returns or collection
of taxes have been given by or requested from the Company. The term &#8220;<U>taxes</U>&#8221; mean all federal, state, local,
foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits,
customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties,
additions to tax, or additional amounts with respect thereto. The term &#8220;<U>returns</U>&#8221; means all returns, declarations,
reports, statements, and other documents required to be filed in respect to taxes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus, (a)&nbsp;the Company has not incurred any material liabilities or obligations, direct or contingent,
or entered into any material transactions other than in the ordinary course of business, (b)&nbsp;the Company has not declared
or paid any dividends or made any distribution of any kind with respect to its capital stock; (c)&nbsp;there has not been any
change in the capital stock of the Company (other than a change in the number of outstanding shares of Common Stock due to the
issuance of shares upon the exercise of outstanding convertible notes, options or warrants or the issuance of restricted stock
awards or restricted stock units under the Company&#8217;s existing stock awards plan, or any new grants thereof in the ordinary
course of business), (d)&nbsp;there has not been any material change in the Company&#8217;s long-term or short-term debt and (e)&nbsp;there
has not been the occurrence of any Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There is no pending or, to the Knowledge of the Company, any threatened action, suit or proceeding to which the Company is a party
or of which any property or assets of the Company is the subject before or by any court or governmental agency, authority or body,
or any arbitrator or mediator, which is reasonably likely to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company holds, and is in compliance with, all franchises, grants, authorizations, licenses, permits, easements, consents,
certificates and orders (&#8220;<U>Permits</U>&#8221;) of any governmental or self-regulatory agency, authority or body required
for the conduct of its business, and all such Permits are in full force and effect, in each case except where the failure to hold,
or comply with, any of them is not reasonably likely to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has good and marketable title to all property (whether real or personal) described in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus as being owned by them that are material to the business of the Company,
in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except those that have been
disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus or those not reasonably
likely to result in a Material Adverse Effect. The property held under lease by the Company is held by it under valid, subsisting
and enforceable leases with only such exceptions with respect to any particular lease as are not material or do not interfere
in any material respect with the conduct of the business of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in">The
Company owns or possesses or has valid right to use all patents, patent applications, trademarks, service marks, trade names,
trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (&#8220;<U>Intellectual
Property</U>&#8221;) necessary for the conduct of the business of the Company and its subsidiaries as currently
carried on and as described in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. To the
Knowledge of the Company, no action or use by the Company will involve or give rise to any infringement of, or license or similar
fees for, any Intellectual Property of others. The Company has not received any notice alleging any such infringement or fee.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has complied with, is not in violation of, and has not received any notice of violation relating to any law, rule
or regulation relating to the conduct of its business, or the ownership or operation of its property and assets, including, without
limitation, (A)&nbsp;the Currency and Foreign Transactions Reporting Act of 1970, as amended, or any money laundering laws, rules
or regulations, (B)&nbsp;the Sarbanes-Oxley Act and the rules and regulations of the Commission thereunder, (C)&nbsp;the Foreign
Corrupt Practices Act of 1977 and the rules and regulations thereunder and (D)&nbsp;the Employment Retirement Income Security
Act of 1974 and the rules and regulations thereunder, in each case except where the failure to be in compliance is not reasonably
likely to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither the Company nor, to the Knowledge of the Company, any director, officer, employee, representative, agent or affiliate
of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (&#8220;<U>OFAC</U>&#8221;); and the Company will not directly or indirectly use the proceeds of the Offering of the
Shares contemplated hereby, or lend, contribute or otherwise make available such proceeds to any person or entity, for the purpose
of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company carries, or is covered by, insurance in such amounts and covering such risks as the Company reasonably believes is
adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar
businesses in similar industries<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended (&#8220;<U>ERISA</U>&#8221;), for which the Company or any member of its &#8220;Controlled Group&#8221; (defined as any
organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue
Code of 1986, as amended (the &#8220;<U>Code</U>&#8221;)) would have any liability (each, a &#8220;<U>Plan</U>&#8221;) has been
maintained in compliance in all material respects with its terms and the requirements of any applicable statutes, orders, rules
and regulations, including but not limited to ERISA and the Code; (B) no prohibited transaction, within the meaning of Section
406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a
statutory or administrative exemption; (C) for each Plan that is subject to the funding rules of Section 412 of the Code or Section
302 of ERISA, no &#8220;accumulated funding deficiency&#8221; as defined in Section 412 of the Code, whether or not waived, has
occurred or is reasonably expected to occur; (D) the fair market value of the assets of each Plan exceeds the present value of
all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (E) no &#8220;reportable
event&#8221; (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; and (F) neither
the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV
of ERISA in respect of a Plan (including a &#8220;multiemployer plan&#8221;, within the meaning of Section 4001(a)(3) of ERISA).</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xix)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No labor dispute with the employees of the Company exists or, to the Knowledge of the Company, is imminent that is reasonably
likely to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither the Company, nor, to its Knowledge, any other party&nbsp;is in violation, breach or default of any Contract that is reasonably
likely to result in a Material Adverse Effect or that is required to be disclosed in accordance with the Exchange Act but is not
so disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No supplier or customer of the Company has&nbsp;notified the Company&nbsp;that it&nbsp;intends to&nbsp;discontinue or&nbsp;decrease
the rate of business done&nbsp;with&nbsp;the Company, except where such decrease is not reasonably likely to result in a Material
Adverse Effect<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There are no claims, payments, issuances, arrangements or understandings for services in the nature of a finder&#8217;s, consulting
or origination fee with respect to the introduction of the Company to the Underwriters or the sale of the Shares hereunder or
any other arrangements, agreements, understandings, payments or issuances with respect to the Company that may affect the Underwriters&#8217;
compensation, as determined by FINRA. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except as disclosed in writing to the Representative, the Company has not made any direct or indirect payments (in cash, securities
or otherwise) to (i)&nbsp;any person, as a finder&#8217;s fee, investing fee or otherwise, in consideration of such person raising
capital for the Company or introducing to the Company persons who provided capital to the Company, (ii)&nbsp;any FINRA member,
or (iii)&nbsp;any person or entity that has any direct or indirect affiliation or association with any FINRA member, in each case,
within the 12-month period prior to the date on which the Registration Statement was filed with the Commission (&#8220;<U>Filing
Date</U>&#8221;) or thereafter<FONT STYLE="color: #7030A0">. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the Company&#8217;s Knowledge, no (i)&nbsp;officer or director of the Company, (ii)&nbsp;owner of 5% or more of the Company&#8217;s
securities or (iii)&nbsp;owner of any amount of the Company&#8217;s securities acquired within the 180-day period prior to the
Filing Date, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative
and its counsel if it becomes aware that any officer, director or stockholder of the Company is or becomes an affiliate or associated
person of a FINRA member participating in the Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is in material compliance with all Environmental Laws. As used herein, &#8220;<U>Environmental Law(s)</U>&#8221; means
any and all applicable international, federal, state, or local laws, statutes, ordinances, regulations, policies, guidance, rules,
judgments, orders, court decisions or rule of common law, permits, restrictions and licenses, that (i)&nbsp;regulate or relate
to the protection or clean up of the environment; the use, treatment, storage, transportation, handling, disposal or release of
Hazardous Substances; the preservation or protection of waterways, groundwater, drinking water, air, wildlife, plants or other
natural resources; or the health and safety of persons or property, including without limitation protection of the health and
safety of employees; or (ii)&nbsp;impose liability or responsibility with respect to any of the foregoing, including without limitation
the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. &sect; 9601 et seq.), or any other law of
similar effect. As used herein, &#8220;<U>Hazardous Substances</U>&#8221; means any pollutant, chemical, substance and any toxic,
infectious, carcinogenic, reactive, corrosive, ignitable or flammable chemical, or chemical compound, or hazardous substance,
material or waste, whether solid, liquid or gas, that is subject to regulation, control or remediation under any Environmental
Laws, including without limitation, any quantity </FONT>of asbestos in any form, urea formaldehyde, PCBs, radon gas, crude oil
or any fraction thereof, all forms of natural gas, petroleum products or by-products or derivatives.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other than the Underwriters, no person has the right to act as an underwriter or as a financial advisor to the Company in connection
with the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions
are executed in accordance with management&#8217;s general or specific authorization; (B) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles in the United States
and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management&#8217;s general
or specific authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. The Company&#8217;s internal control over financial reporting
is effective and none of the Company, its board of directors and audit committee is aware of any &#8220;significant deficiencies&#8221;
or &#8220;material weaknesses&#8221; (each as defined by the Public Company Accounting Oversight Board) in its internal control
over financial reporting, or any fraud, whether or not material, that involves management or other employees of the Company who
have a significant role in the Company&#8217;s internal controls; and since the end of the latest audited fiscal year, there has
been no change in the Company&#8217;s internal control over financial reporting (whether or not remediated) that has materially
affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting. The Company&#8217;s
board of directors has, validly appointed an audit committee to oversee internal accounting controls whose composition satisfies
the applicable requirements of the applicable stock exchange rules (the &#8220;<U>Exchange Rules</U>&#8221;) and the Company&#8217;s
board of directors and/or the audit committee has adopted a charter that satisfies the requirements of the Exchange Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxviii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-14 and 15d-14 under the
Exchange Act) and such controls and procedures are designed to reasonably ensure that material information relating to the Company
that is required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is made known to
the principal executive officer and the principal financial officer. The Company has utilized such controls and procedures in
preparing and evaluating the disclosures included or incorporated by reference in the Registration Statement and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxix)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
payment has been made by the Company or its subsidiaries, or by any person authorized to act on their behalf, to any person in
connection with any contracts with any governmental entity or regulatory agency (&#8220;<U>Government Contracts</U>&#8221;), in
violation of applicable procurement laws or regulations. The Company&#8217;s and its subsidiaries&#8217; cost accounting and procurement
systems with respect to Government Contracts are in compliance in all material respects with all applicable governmental regulations
and requirements. With respect to each Government Contract: (i) the Company and each subsidiary have complied with all material
terms and conditions of such Government Contract, including all clauses, provisions and requirements incorporated expressly, by
reference or by operation of law therein; (ii) the Company and each such subsidiary have complied with all material requirements
of applicable laws pertaining to such Government Contract; (iii) all representations and certifications executed, acknowledged
or set forth in or pertaining to such Government Contract were complete and correct in all material respects as of their effective
date, and the Company and each subsidiary have complied in all material respects with all such representations and certifications;
(iv) neither </FONT>the United States government nor any prime contractor, subcontractor or other person has notified the Company
or any subsidiary, either orally or in writing, that the Company or such subsidiary has breached or violated any applicable law,
or any material certification, representation, clause, provision or requirement pertaining to such Government Contract; and (v)
no termination for convenience, termination for default, cure notice or show cause notice is in effect as of the date hereof pertaining
to any Government Contract. Neither the Company nor any of its subsidiaries nor any of their respective directors, officers or
employees is (or during the last three (3) years has been) under administrative, civil or criminal investigation, or indictment
or audit by any governmental authority with respect to any alleged irregularity, misstatement or omission arising under or relating
to any Government Contract (other than routine Defense Contract Audit Agency audits, in which no such irregularities, misstatements
or omissions were identified). During the last three (3) years, neither the Company nor any of its subsidiaries has conducted
or initiated any internal investigation or made a voluntary disclosure to the United States government, with respect to any alleged
irregularity, misstatement or omission arising under or relating to any Government Contract. There are no outstanding claims against
the Company or any subsidiary, either by the United States government or by any prime contractor, subcontractor, vendor or other
third party, arising under or relating to any Government Contract. There are no disputes between the Company or any subsidiary
and the United States government under the Contract Disputes Act or any other statute or between the Company or any subsidiary
and any prime contractor, subcontractor or vendor arising under or relating to any Government Contract. Neither the Company nor
any subsidiary nor, to the Company&#8217;s knowledge, any of its or the subsidiary&#8217;s directors, officers or employees is
(or during the last three (3) years has been) suspended or debarred from doing business with the United States government or is
(or during such period was) the subject of a finding of non-responsibility or ineligibility for United States government contracting.
There is no suit or investigation pending and, to the Company&#8217;s knowledge, no suit or investigation threatened against the
Company or any subsidiary with respect to any Government Contract.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company and each of its subsidiaries are in compliance in all material respects with all applicable laws, regulations or other
requirements of the U.S. Federal Aviation Administration, the European Aviation Safety Agency and similar aviation regulatory
bodies (collectively, &#8220;<U>Aviation Laws</U>&#8221;). Neither the Company nor any of its subsidiaries has received any written,
or to the knowledge of the Company, other notice of a failure to comply in all material respects with applicable Aviation Law.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Purchase,
Sale and Delivery of Shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein
set forth, the Company agrees to issue and sell the Underwritten Shares, and the Underwriters agree, severally and not jointly,
to purchase the Underwritten Shares. The purchase price for each Underwritten Share shall be $5.90625 per share (the &#8220;<U>Per
Share Price</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company hereby grants to the Underwriters the option to purchase some or all of the Additional Shares and, upon the basis of the
warranties and representations and subject to the terms and conditions herein set forth, the Underwriters shall have the right
to purchase, severally and not jointly, all or any portion of the Additional Shares at the Per Share Price as may be necessary
to cover any over-allotments made in connection with the transactions contemplated hereby. This option may be exercised by the
Representative at any time (but not more than once) on or before the thirtieth day following the date hereof, by written notice
to the Company (the &#8220;<U>Option Notice</U>&#8221;). The Option Notice shall set forth the aggregate number of Additional
Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered (such date
and time being herein referred to as the &#8220;<U>Option Closing Date</U>&#8221;); <I>provided</I>, <I>however</I>, that the
Option Closing Date shall not be earlier than the Closing Date (as defined below) nor earlier than the first business day after
the date on which the option shall have been exercised, nor later than the fifth business day after the date on which the option
shall have been exercised unless the Company and the Representative otherwise agree in writing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment of the purchase price for and delivery of the Additional Shares shall be made at the Option Closing Date in the same manner
and at the same office as the payment for the Underwritten Shares as set forth in subparagraph (d) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Underwritten Shares will be delivered by the Company to the Representative against payment of the purchase price therefor
by wire transfer of same day funds payable to the order of the Company at the offices of Canaccord Genuity LLC, 99 High Street,
11<SUP>th</SUP> Floor, Boston, Massachusetts 02110, or such other location as may be mutually acceptable<FONT STYLE="color: #7030A0">,
</FONT>at 10:00 a.m. Eastern daylight time, on the second (or if the Underwritten Shares are priced, as contemplated by Rule 15c6-1(c)
under the Exchange Act, after 4:30 p.m. Eastern daylight time, the third) full business day following the date hereof, or at such
other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, or, in
the case of the Additional Shares, at such date and time set forth in the Option Notice. The time and date of delivery of the
Underwritten Shares or the Additional Shares, as applicable, is referred to herein as the &#8220;<U>Closing Date</U>.&#8221; If
the Representative so elects, delivery of the Underwritten Shares and Additional Shares may be made by credit through full fast
transfer to the account at The Depository Trust Company designated by the Representative.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Covenants.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company covenants and agrees with the Underwriters as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During the period beginning on the date hereof and ending on the later of the Closing Date or such date as determined by the Representative
that the Final Prospectus is no longer required by law to be delivered in connection with sales by an underwriter or dealer (the
&#8220;<U>Prospectus Delivery Period</U>&#8221;), prior to amending or supplementing the Registration Statement, including any
Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company shall furnish to the
Representative for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file any
such proposed amendment or supplement to which the Representative reasonably objects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly advise the Representative
in writing (A)&nbsp;of the receipt of any comments of, or requests for additional or supplemental information from, the Commission,
(B)&nbsp;of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or
supplement to the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, (C)&nbsp;of the
time and date that any post-effective amendment to the Registration Statement becomes effective and (D)&nbsp;of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending
its use or the use of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, or of any
proceedings to remove, suspend or terminate from listing the Common Stock from any securities exchange upon which it is listed
for trading or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any
such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the lifting
of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of </FONT>Rules
424(b), 430A and 430B, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings
made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule
424(b)(8) or Rule 164(b) of the Securities Act).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act,
as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act, as now
and hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by
the provisions hereof, the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. If during such
period any event occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available
to prospective purchasers, the Time of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or
if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Representative or its
counsel to amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available
to prospective purchasers, the Time of Sale Disclosure Package) to comply with the Securities Act, the Company will promptly notify
the Representative, allow the Representative the opportunity to provide reasonable comments on such amendment, Prospectus supplement
or document and will amend the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet
available to prospective purchasers, the Time of Sale Disclosure Package) or file such document (at the expense of the Company)
so as to correct such statement or omission or effect such compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During the Prospectus Delivery Period, if at any time following the issuance of an Issuer Free Writing Prospectus there occurred
or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the
information contained in the Registration Statement or any Prospectus or included or would include an untrue statement of a material
fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify the Representative and will
promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue
statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company shall take or cause to be taken all necessary action to qualify the Shares for sale under the securities laws of such
jurisdictions as the Representative reasonably designates and to continue such qualifications in effect so long as required for
the distribution of the Shares, except that the Company shall not be required in connection therewith to qualify as a foreign
corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, to execute a general consent to
service of process in any state or to subject itself to taxation in respect of doing business in any jurisdiction in which it
is not otherwise subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for those Issuer Free Writing Prospectuses identified in <U>Schedule II</U> hereto, the Company covenants that it will not,
unless it obtains the prior written consent of the Representative, make any offer relating to the Shares that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#8220;free writing prospectus&#8221; (as
defined in Rule 405 of the Securities Act) required to be filed by the Company with the Commission or retained by the Company
under Rule 433 of the Securities Act. In the event that the Representative expressly consents in writing to any such free
writing prospectus (a &#8220;<U>Permitted Free Writing Prospectus</U>&#8221;), the Company covenants that it shall
(i)&nbsp;treat each Permitted Free Writing Prospectus as an Issuer </FONT>Free Writing Prospectus, and (ii)&nbsp;comply with
the requirements of Rule 164 and 433 of the Securities Act applicable to such Permitted Free Writing Prospectus, including in
respect of timely filing with the Commission, legending and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company will furnish to the Representative and its counsel copies of the Registration Statement, each Prospectus, any Issuer
Free Writing Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities
as the Representative may from time to time reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months
after the end of the Company&#8217;s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month
period that shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 of the Rules and Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period, any action designed
to or which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation of
the price of any security of the Company to facilitate the sale or resale of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, will pay
or cause to be paid (A)&nbsp;all expenses (including transfer taxes allocated to the respective transferees) incurred by it in
connection with the delivery to the Underwriters of the Shares, (B)&nbsp;all expenses and fees (including, without limitation,
fees and expenses of the Company&#8217;s counsel) incurred by it in connection with the preparation, printing, filing, delivery,
and shipping of the Registration Statement (including the financial statements therein and all amendments, schedules, and exhibits
thereto), the Shares, the Time of Sale Disclosure Package, any Prospectus (including the Final Prospectus), any Issuer Free Writing
Prospectus and any amendment thereof or supplement thereto, (C)&nbsp;the fees and expenses of any transfer agent or registrar,
(D)&nbsp;listing fees, if any, (E)&nbsp;all other costs and expenses incident to the performance of the Company&#8217;s obligations
hereunder that are not otherwise specifically provided for herein and (F)&nbsp;all reasonable out-of-pocket accountable expenses
of the Underwriters (including, but not limited to, reasonable fees and disbursements of counsel to the Underwriters) in an amount
not in excess of $50,000. Except for reimbursement from the Company of any of the fees and costs described in (A) through (F)
above that are paid by the Underwriters, and notwithstanding any other provision hereof, the Underwriters will pay all of their
own fees and costs in connection with the transactions described herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company intends to apply the net proceeds from the sale of the Shares to be sold by it hereunder for the purposes set forth
in the Time of Sale Disclosure Package and in the Final Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company hereby agrees that, without the prior written consent of the Representative, it will not, during the period ending on
and including the 60th day after the date hereof (the &#8220;<U>Lock-Up Period</U>&#8221;), (i) offer, pledge, issue, sell, contract
to sell, purchase, contract to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock; or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise; or (iii) file any registration statement with the Commission relating to the offering by the
Company of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock. The
restrictions contained in the preceding sentence shall not apply to (1) the Shares to be sold hereunder, (2) the issuance of Common
Stock upon the exercise of options or warrants or other convertible securities disclosed as outstanding in the Registration Statement
(excluding exhibits thereto) or the Final Prospectus and (3) the issuance of employee stock options not exercisable during the
Lock-Up Period and the grant of restricted stock awards or restricted stock units (or the delivery of shares of Common Stock upon
settlement thereof) pursuant to equity incentive plans described in the Registration Statement (excluding exhibits thereto) and
the Final Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conditions
of the Underwriters&#8217; Obligations.</I></B> <FONT STYLE="font-style: normal">The obligations of the Underwriters hereunder
to purchase the Shares are subject to the accuracy in all material respects, as of the date hereof and at the Closing Date (as
if made at the Closing Date), of all representations and warranties of the Company contained herein (other than those representations
and warranties of the Company that are qualified as to materiality, which shall be accurate in all respects), the compliance by
the Company with its agreements hereunder and the following additional conditions:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If filing of a Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, is required under the
Securities Act or the Rules and Regulations, the Company shall have filed such Prospectus (or such amendment or supplement) or
such Issuer Free Writing Prospectus with the Commission in the manner and within the time period so required (without reliance
on Rule 424(b)(8) or Rule 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order suspending
the effectiveness of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment thereof,
nor suspending or preventing the use of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus
shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; and any request
of the Commission or the Representative for additional information (to be included in the Registration Statement, the Time of
Sale Disclosure Package, the Final Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with
to the Representative&#8217;s satisfaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Shares shall be qualified for listing on the NYSE American.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Representative shall not have reasonably determined and advised the Company that the Registration Statement, the Time of Sale
Disclosure Package or the Final Prospectus (or any amendment thereof or supplement thereto) or any Issuer Free Writing Prospectus
contains an untrue statement of fact that, in the Representative&#8217;s reasonable opinion, is material, or omits to state a
fact which, in the Representative&#8217;s reasonable opinion, is material and is required to be stated therein or necessary to
make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Intentionally Omitted]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On the Closing Date, there shall have been furnished to the Representative the opinion and negative assurance letter of Graubard
Miller, counsel for the Company, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory
to the Representative, to the effect set forth in <U>Schedule IV</U><FONT STYLE="color: #7030A0">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, there shall have been furnished to the Representative the opinion and negative assurance letter of Goodwin Procter
LLP, counsel for the Underwriters, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representative.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At the time of execution of this Agreement, the Representative shall have received a letter from CohnReznick LLP, addressed to
the Underwriters, executed and dated such date, confirming that they are independent public accountants within the meaning of
the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under
Rule 2-01 of Regulation S-X of the Commission, and confirming, as of the date of such letter (or, with respect to matters involving
changes or developments since the respective dates as of which specified financial information is given in the Time of Sale Disclosure
Package, as of a date not more than three business days prior to the date of such letter), the conclusions and findings of said
firm, of the type ordinarily included in accountants&#8217; &#8220;comfort letters&#8221; to underwriters, with respect to the
financial information, including any financial information contained in Exchange Act Reports filed by the Company or incorporated
by reference in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, and other matters required
by the Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On the effective date of any post-effective amendment to the Registration Statement and on the Closing Date, the Representative
shall have received a letter (the &#8220;<U>Bring-down Letter</U>&#8221;) from CohnReznick LLP, addressed to the Underwriters
and dated the date of such post-effective amendment or the Closing Date, as the case may be, confirming, as of the date of each
such Bring-down Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified
financial information is given in the Time of Sale Disclosure Package, as of a date not more than three business days prior to
the date of such Bring-down Letter), the conclusions and findings of said firms, of the type ordinarily included in accountants&#8217;
&#8220;comfort letters&#8221; to underwriters, with respect to the financial information, and other matters covered by its letter
delivered to the Representative concurrently with the execution of this Agreement pursuant to paragraph (h) of this Section 6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On the Closing Date, there shall have been furnished to the Representative a certificate, dated the Closing Date and addressed
to the Underwriters, signed by the chief executive officer and the chief financial officer of the Company, in their capacity as
officers of the Company, to the effect that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The representations and warranties of the Company in this Agreement are true and correct, in all material respects (other than
those representations and warranties that are qualified as to materiality, which are true and correct in all respects), as if
made at and as of the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its
part to be performed or satisfied at or prior to the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No stop order or other order (A)&nbsp;suspending the effectiveness of the Registration Statement or any part thereof or any amendment
thereof, (B)&nbsp;suspending the qualification of the Shares for offering or sale, or (C)&nbsp;suspending or preventing the use
of the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus has been issued, and no proceeding
for that purpose has been instituted or, to their Knowledge, is contemplated by the Commission or any state or regulatory body;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse Effect during the period
from and after the date of this Agreement and prior to the Closing Date.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On or before the date hereof, the Representative shall have received duly executed &#8220;lock-up&#8221; agreements, in a form
attached as <U>Exhibit A</U> hereto, between the Representative and the persons listed on <U>Schedule V</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subsequent to the execution and delivery of this Agreement, there shall not have occurred any change, or any development involving
a prospective change, in or affecting particularly the business or properties of the Company from that set forth in the Time of
Sale Disclosure Package or the Final Prospectus, whether or not arising in the ordinary course of business, which, in the reasonable
judgment of the Representative, is material and adverse and makes it, in the reasonable judgment of the Representative, impractical
to proceed with Offering of the Shares as contemplated hereby and in the Final Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Representative shall have received a certificate of the Company signed by the Secretary or Assistant Secretary of the Company,
dated as of the date of Closing Date, certifying: (i) that the Certificate of Incorporation is true and complete, has not been
modified and is in full force and effect; (ii) that the by-laws of the Company are true and complete, have not been modified and
are in full force and effect; (iii) that the resolutions of the Company&#8217;s Board of Directors relating to the Offering contemplated
by this Agreement are in full force and effect and have not been modified; and (iv) as to the incumbency of the officers of the
Company. The documents referred to in such certificate shall be attached to such certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Representative shall have received a certificate of the Company signed by the Chief Financial Officer of the Company, dated
as of the date of this Agreement and the date of Closing Date, regarding certain financial information in the Time of Sale Disclosure
Package and the Final Prospectus, respectively, in form and substance reasonably satisfactory to the Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Common Stock shall be registered under the Exchange Act and shall be listed on the NYSE American, and the Company shall not
have taken any action designed to terminate, or likely to have the effect of terminating,&nbsp;the registration of the Common
Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the NYSE American, nor shall the Company
have received any information suggesting that the Commission is contemplating terminating such registration or listing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company shall have furnished to the Representative and its counsel such additional documents, certificates and evidence as
the Representative or its counsel may have reasonably requested.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any condition specified in this Section&nbsp;6 shall not have been fulfilled when and as required to be fulfilled, this Agreement
may be terminated by the Representative by notice to the Company at any time at or prior to the Closing Date and such termination
shall be without liability of any party to any other party, except that Section&nbsp;7 and Section&nbsp;8 shall survive any such
termination and remain in full force and effect.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>7.</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Indemnification
and Contribution</I></B><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees to indemnify, defend and hold harmless each Underwriter, its affiliates, directors and officers and employees,
and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which such Underwriter
or such person may become subject, under the Securities Act or otherwise (including in settlement of any litigation if such settlement
is effected with the written consent of the Company), insofar as such losses, </FONT>claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i)&nbsp;an untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time
of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, the Time of Sale Disclosure
Package, the Final Prospectus, or any amendment or supplement thereto (including any documents filed under the Exchange Act and
deemed to be incorporated by reference into the Registration Statement or the Final Prospectus), or any Issuer Free Writing Prospectus
or in any materials or information provided to investors by, or with the written approval of, the Company in connection with the
marketing of the Offering of the Shares, including any road show or investor presentations (whether in person or electronically)
(&#8220;<U>Marketing Materials</U>&#8221;), or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein, (with respect to the Time of Sale Disclosure
Package, the Final Prospectus, any Issuer Free Writing Prospectus or any Marketing Materials in light of the circumstances under
which they were made), not misleading, (ii)&nbsp;in whole or in part, any inaccuracy in the representations and warranties of
the Company contained herein or (iii)&nbsp;in whole or in part, any failure of the Company to perform its obligations hereunder
or under law, and will reimburse the Underwriters for any legal or other expenses reasonably incurred by them in connection with
evaluating, investigating or defending against such loss, claim, damage, liability or action; <I>provided, however</I>, that the
Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of
or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement,
the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus
or any Marketing Materials, in reliance upon and in conformity with written information furnished to the Company through the Representative
by or on behalf of any Underwriter specifically for use in the preparation thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each Underwriter, severally and not jointly, will indemnify, defend and hold harmless the Company, its respective affiliates,
directors, officers and employees, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which
the Company may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement
is effected with the written consent of such Underwriter), insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i)&nbsp;an untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or supplement
thereto or any Issuer Free Writing Prospectus, or (ii) the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, (with respect to the Time of Sale Disclosure Package, the Final
Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made), not misleading, in
each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus, or any amendment or
supplement thereto or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished
to the Company through the Representative by or on behalf of such Underwriter specifically for use in the preparation thereof,
and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating
or defending against any such loss, claim, damage, liability or action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promptly
after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially
prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall
wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party&#8217;s
election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection
for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation; <I>provided</I>, <I>however</I>, that if (i)&nbsp;the indemnified party has reasonably concluded
(based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different
from or in addition to those available to the indemnifying party, (ii)&nbsp;a conflict or potential conflict exists (based on
advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying
party will not have the right to direct the defense of such action on behalf of the indemnified party), or (iii)&nbsp;the indemnifying
party has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within
a reasonable time after receiving notice of the commencement of the action, the indemnified party shall have the right to employ
a single counsel to represent it in any claim in respect of which indemnity may be sought under subsection (a) or (b)&nbsp;of
this Section&nbsp;7, in which event the reasonable and documented fees and expenses of such separate counsel shall be borne by
the indemnifying party or parties and reimbursed to the indemnified party as incurred.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
indemnifying party under this Section&nbsp;7 shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or
consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party
is a party or could be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement,
compromise or consent (a)&nbsp;includes an unconditional release of such indemnified party from all liability for claims that
are the subject matter of such action, suit or proceeding and (b)&nbsp;does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the indemnification provided for in this Section&nbsp;7 is unavailable or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party
as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b)&nbsp; above, (i)&nbsp;in such proportion
as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other,
from the offering and sale of the Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above
but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, shall be deemed to be in the
same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company, and the total
underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page
of the Final Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company or the Underwriters and the parties&#8217; relevant intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The Company and the Underwriters </FONT>agree that it would not be just
and equitable if contributions pursuant to this subsection (d) were to be determined by pro rata allocation or by any other method
of allocation that does not take account of the equitable considerations referred to in the first sentence of this subsection
(d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding
the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which
the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the
amount of any damages that such Underwriter has otherwise been required to pay in respect of such losses, liabilities, claims,
damages and expenses. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#8217;
obligations to contribute pursuant to this Section 7 are several and not joint, in proportion to their respective underwriting
commitments as set forth opposite their respective names on <U>Schedule I</U>. For purposes of this Section 8, each officer and
employee of an Underwriter and each person, if any, who controls an Underwriter within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as such Underwriter, and each director of the Company, each officer of
the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of the
Securities Act and the Exchange Act shall have the same rights to contribution as the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The obligations of the Company under this Section&nbsp;7 shall be in addition to any liability that the Company may otherwise
have and the benefits of such obligations shall extend, upon the same terms and conditions, to each person, if any, who controls
any Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act; and the obligations
of each Underwriter under this Section&nbsp;7 shall be in addition to any liability that such Underwriter may otherwise have and
the benefits of such obligations shall extend, upon the same terms and conditions, to the Company and its respective officers,
directors and each person who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For purposes of this Agreement, the Representative confirms, and the Company acknowledges, that there is no information furnished
in writing to the Company by the Representative specifically for preparation of or inclusion in the Registration Statement, the
Time of Sale Disclosure Package, the Final Prospectus or any Permitted Issuer Free Writing Prospectus, other than the statements
set forth in the fourth and tenth through fourteenth paragraphs in the &#8220;Underwriting&#8221; section of the Final Prospectus.
</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Representations
and Agreements to Survive Delivery</I></B><FONT STYLE="font-style: normal">. All indemnities, agreements, representations, warranties
and other statements of the Underwriter and the Company herein or in certificates delivered pursuant hereto including, but not
limited to, the agreements of the Underwriters and the Company contained in Section&nbsp;5(a)(ix) and Section 7 hereof, shall
remain operative and in full force and effect regardless of any investigation (or any statement as to the results thereof) made
by or on behalf of any Underwriter or any controlling person thereof, or the Company or any of its respective officers, directors,
or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriters hereunder.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>9.</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Termination
of this Agreement</I></B><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Representative shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any
time at or prior to the Closing Date, if (i) trading in the Company&#8217;s Common Stock shall have been suspended by the Commission
or the NYSE American or trading in securities generally on the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital
Market, New York Stock Exchange or the NYSE American shall have been suspended, (ii) minimum or maximum prices for trading shall
have been fixed, or maximum ranges for prices for securities shall have been required, on the Nasdaq Global Select Market, Nasdaq
Global Market, Nasdaq Capital Market, New York Stock Exchange or the NYSE American, by such exchange or by order of the Commission
or any other governmental authority having jurisdiction, (iii) a banking moratorium shall have been declared by federal or New
York state authorities, (iv) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism
involving the United States, any declaration by the United States of a national emergency or war, any substantial change in financial
markets, any substantial change or development involving a prospective substantial change in United States or international political,
financial or economic conditions or any other calamity or crisis, or (v) the Company suffers any loss by strike, fire, flood,
earthquake, accident or other calamity, whether or not covered by insurance, the effect of which, in each case described in this
subsection (a), in the Representative&#8217;s judgment is material and adverse and makes it impractical or inadvisable to proceed
with the completion of the sale of and payment for the Shares. Any such termination shall be without liability of any party to
any other party except that the provisions of Section&nbsp;5(a)(ix) and Section 7 hereof shall at all times be effective and shall
survive such termination<FONT STYLE="color: #7030A0">.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: #7030A0"></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the Representative elects to terminate this Agreement as provided in this Section, the Company shall be notified promptly by
the Representative by telephone, confirmed by letter.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Default
by One or More Underwriters.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any Underwriter shall default in its obligation to purchase the Shares which it has agreed to purchase hereunder, the Representative
may in its discretion arrange for another party or other parties to purchase such Shares on the terms contained herein. If within
thirty-six hours after such default by any Underwriter the Representative does not arrange for the purchase of such Shares, then
the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties reasonably
satisfactory to the Representative to purchase such Shares on such terms. In the event that, within the respective prescribed
periods, the Representative notifies the Company that the Representative has so arranged for the purchase of such Shares, or the
Company notifies the Representative that the Company has so arranged for the purchase of such Shares, the Representative or the
Company shall have the right to postpone its purchase of the Shares for a period of not more than seven days, in order to effect
whatever changes may thereby be made necessary in the Registration Statement, the Time of Disclosure Package or the Final Prospectus,
or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus which in the Representative&#8217;s opinion may thereby
be made necessary. The term &#8220;Underwriter&#8221; as used in this Agreement shall include any person substituted under this
Section with like effect as if such person had originally been a party to this Agreement with respect to such Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the
Representative and the Company as provided in subsection (a) above, the aggregate number of such Shares which remain unpurchased
does not exceed one-eleventh of the aggregate number of all the Shares to be purchased at the Time of Sale, then the Company shall
have the right to require each non-defaulting Underwriter to purchase the number of Shares which such Underwriter agreed to purchase
hereunder at the Time of Sale and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based
on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters
for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its
default. </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the
Representative and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased
exceeds one-eleventh of the aggregate number of all of the Shares to be purchased at the Time of Sale (other than by reason of
any default on the part of the Company), or if the Company shall not exercise the right described in subsection (b) above to require
non-defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then the Company will have the right,
by written notice given within the following 36-hour period to the Representative, to terminate this Agreement.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notices</I></B><I>.
</I><FONT STYLE="font-style: normal">Except as otherwise provided herein, all communications hereunder shall be in writing and,
if to the Underwriters, shall be mailed, delivered or telecopied to Canaccord Genuity LLC, 99 High Street, 11<SUP>th</SUP> Floor,
Boston, Massachusetts 02110 (telecopy number 617-788-1553), Attention: General Counsel, with a copy to Goodwin Procter LLP, 620
Eighth Ave., New York, NY 10018, Attention: Thomas Levato, Esq. (telecopy number 646-558-4140); if to the Company, shall be mailed,
delivered or telecopied to it at CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, NY 11717, Attention: Chief Executive
Officer (telecopy number 631-586-5840), with a copy to Graubard Miller<FONT STYLE="color: #7030A0">,</FONT> 405 Lexington Avenue,
New York, NY 10174, Attention: David Alan Miller, Esq. (telecopy number 888-225-0104) and Paul Lucido, Esq. (telecopy number 888-225-3469);
or in each case to such other address as the person to be notified may have requested in writing. Any party to this Agreement
may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Persons
Entitled to Benefit of Agreement</I></B><I>.</I> <FONT STYLE="font-style: normal">This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors
referred to in Section&nbsp;7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or
corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The
term &#8220;successors and assigns&#8221; as herein used shall not include any purchaser, as such purchaser, of any of the Shares
from the Underwriters.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Absence
of Fiduciary Relationship</I></B><I>.</I> <FONT STYLE="font-style: normal">The Company acknowledges and agrees that: (a)&nbsp;each
Underwriter has been retained solely to act as underwriter in connection with the sale of the Shares and that no fiduciary, advisory
or agency relationship between the Company and any Underwriter has been created in respect of any of the transactions contemplated
by this Agreement, irrespective of whether any Underwriter has advised or is advising the Company on other matters; (b)&nbsp;the
price and other terms of the Shares set forth in this Agreement were established by the Company following discussions and arms-length
negotiations with the Underwriters and the Company is capable of evaluating and understanding and understands and accept the terms,
risks and conditions of the transactions contemplated by this Agreement; (c)&nbsp;it has been advised that the Underwriters and
their respective affiliates are engaged in a broad range of transactions that may involve interests that differ from those of
the Company and that the Underwriters have no obligation to disclose such interest and transactions to the Company by virtue of
any fiduciary, advisory or agency relationship; (d)&nbsp;it has been advised that each Underwriter is acting, in respect of the
transactions contemplated by this Agreement, solely for the benefit of such Underwriter, and not on behalf of the Company.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
Limitations.</I></B> <FONT STYLE="font-style: normal">Nothing in this Agreement shall be construed to limit the ability of any
Underwriter or its affiliates to (a)&nbsp;trade in the Company&#8217;s or any other company&#8217;s securities or publish research
on the Company or any other company, subject to applicable law, or (b)&nbsp;pursue or engage in investment banking, financial
advisory or other business relationships with entities that may be engaged in or contemplate engaging in, or acquiring or disposing
of, businesses that are similar to or competitive with the business of the Company.</FONT></FONT></P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Amendments
and Waivers</I></B><I>.</I> <FONT STYLE="font-style: normal">No supplement, modification or waiver of this Agreement shall be binding
unless executed in writing by the party to be bound thereby. The failure of a party to exercise any right or remedy shall not
be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such waiver
be deemed or constitute a continuing waiver unless otherwise expressly provided.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>16.</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Partial
Unenforceability</I></B><I>.</I> <FONT STYLE="font-style: normal">The invalidity or unenforceability of any section, paragraph,
clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause
or provision.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Governing
Law</I></B><I>.</I> <FONT STYLE="font-style: normal">This Agreement shall be governed by and construed in accordance with the laws
of the State of New York.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Submission
to Jurisdiction</I></B><I>.</I> <FONT STYLE="font-style: normal">The Underwriter and the Company irrevocably (a) submit to the
jurisdiction of any court of the State of New York located in the City and County of New York or the United States District Court
for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of this Agreement, or
any of the agreements or transactions contemplated by this Agreement, the Registration Statement and the Prospectus (each a &#8220;<U>Proceeding</U>&#8221;),
and consent to personal service with respect thereto, (b) agree that all claims in respect of any Proceeding may be heard and
determined in any such court, (c) waive, to the fullest extent permitted by law, any immunity from jurisdiction of any such court
or from any legal process therein, (d) agree not to commence any Proceeding other than in such courts and (e) waive, to the fullest
extent permitted by law, any claim that such Proceeding is brought in an inconvenient forum. THE COMPANY (ON BEHALF OF ITSELF
AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) AND THE UNDERWRITERS HEREBY
WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT AND THE PROSPECTUS.</FONT></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>19.</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Counterparts.
</I></B><FONT STYLE="font-style: normal">This Agreement may be executed and delivered (including by facsimile transmission and
electronic mail attaching a portable document file (.pdf)) in one or more counterparts and, if executed and delivered in more
than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together
constitute one and the same instrument<FONT STYLE="color: #7030A0">.</FONT></FONT></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement between
the Company and the Underwriters in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 197.65pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very
truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CPI AEROSTRUCTURES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Douglas McCrosson</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD> Douglas McCrosson</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD> President &amp; CEO</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 197.65pt; text-align: justify; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 197.65pt; text-align: justify; color: #7030A0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmed
as of the date first above-mentioned</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
the Representative, acting on its own behalf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
as Representative of the several Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">referred
to in the foregoing agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>CANACCORD
GENUITY LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 0.4in">By:</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">/s/ Jennifer Pardi</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jennifer Pardi</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Title:</TD>
    <TD> Sr. Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.75in; text-align: justify; text-indent: -2.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
of Underwriters</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Underwriter</U></FONT></P></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwritten
Shares</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>to be Purchased</U></FONT></P></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of<BR>
    Additional Shares<BR>
    <U>to be Purchased</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canaccord
    Genuity LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,160,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">324,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
    Riley FBR, Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>2,400,000</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>360,000</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer
Free Writing Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
    Shares:</FONT></TD>
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,400,000
    shares of common stock</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-allotment
    option:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">360,000
    additional shares of common stock</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.25
    per share</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discounts and commissions:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
IV</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Opinion and Negative Assurance Letter of Graubard Miller</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has been duly incorporated and is validly existing as a corporation under the laws of the State of New York with requisite
corporate power to own or lease, as the case may be, and to operate its properties and conduct its business as described in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is duly qualified or admitted to transact business as a foreign corporation in the jurisdictions set forth on Appendix
I attached hereto. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The authorized capital stock of the Company was as set forth in the Base Prospectus under the caption &#8220;Description of Capital
Stock&#8221; as of the date stated therein. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Shares have been duly authorized and, when issued and paid for by the Underwriters pursuant to the terms of the Underwriting
Agreement, will be validly issued, fully paid and nonassessable. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The holders of outstanding shares of capital stock of the Company are not entitled to preemptive rights or rights of first refusal
or other similar rights to subscribe for the Shares under New York law, the Company&#8217;s certificate of incorporation or by-laws
or, to our knowledge, any Contract that is required to be disclosed in accordance with the Exchange Act (&#8220;Material Contract&#8221;).
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To our knowledge, there is (i) no action, suit or proceeding by or before any court or other governmental agency, authority or
body or any arbitrator pending or overtly threatened against the Company or its properties by a third party of a character required
to be disclosed in the Time of Sale Disclosure Package or the Final Prospectus that is not disclosed in such Time of Sale Disclosure
Package or Final Prospectus as required by the Securities Act and the rules thereunder, and (ii) no indenture, contract, lease,
mortgage, deed of trust, note agreement, loan or other agreement or instrument of a character required to be filed as an exhibit
to either Registration Statement or any documents incorporated by reference, or deemed to be incorporated by reference therein,
which is not filed as required by the Securities Act and the rules thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The statements in (i) the Base Prospectus under the heading &#8220;Description of Capital Stock&#8221; and (ii) Item 15 of the
Registration Statement, insofar as such statements purport to summarize legal matters, agreements or documents discussed therein,
fairly present, to the extent required by the Securities Act and the rules thereunder, in all material respects, such legal matters,
agreements or documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Registration Statement has become effective under the Securities Act; no stop order suspending the effectiveness of any Registration
Statement has been issued and no proceedings for that purpose have been instituted or overtly threatened. Any required filing
of the Prospectus, and any supplement thereto, pursuant to Rule 424(b) under the Act, has been made in the manner and within the
time period required by Rule 424(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Registration Statement, at the time it became effective, and the Final Prospectus, as of its date (in each case other than
the financial statements and notes thereto or other financial or statistical data derived therefrom, as to which we express no
opinion) each appeared on its face to comply as to form in all material respects with the applicable requirements of the Securities
Act and the rules thereunder. </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Underwriting Agreement has been duly authorized by all necessary corporate action on the part of the Company, and has been
duly executed and delivered by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is not, and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof
as described in the Final Prospectus, will not be, an &#8220;investment company&#8221; as defined in the Investment Company Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No consent, approval, authorization or filing or registration with or order of any U.S. Federal or New York court or governmental,
administrative or regulatory agency or body having jurisdiction over the Company is required for the execution and delivery of
the Underwriting Agreement by the Company or the offer and sale by the Company of the Shares as contemplated by the Underwriting
Agreement, except such as have been obtained, taken or made and except such as may be required under the blue sky laws of any
jurisdiction in connection with the purchase and distribution of the Shares by the Underwriters in the manner contemplated in
the Underwriting Agreement, and the Final Prospectus, or under the bylaws, rules and regulations of FINRA or of the NYSE American
exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The execution, delivery and performance by the Company of the Underwriting Agreement, and the issuance and sale of the Shares
pursuant to the Underwriting Agreement will not result in (i) a breach or violation of the provisions of the charter or bylaws
of the Company, (ii) a breach or violation of or a default under the terms of any Material Contract; or (iii) a violation of any
statute, law, rule, or regulation which, in our experience is typically applicable to transactions of the nature contemplated
by the Underwriting Agreement and is applicable to the Company, or any order, writ, judgment, injunction, decree, or award that
has been entered against the Company and of which we are aware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To our knowledge, except as set forth in the Final Prospectus, no holders of securities of the Company have rights to require
the registration under the Act of resales of such securities under any of the Material Contracts or the Company&#8217;s charter
or bylaws, except such rights as have been satisfied in connection with the offering or waived.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
Assurances Statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Registration Statement (except as to the financial statements and schedules, related notes and other financial data and statistical
data derived therefrom, as to which we express no comment), at the date and time that the Registration Statement became effective,
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Time of Sale Disclosure Package (except as to the financial statements and schedules, related notes and other financial data
and statistical data derived therefrom, as to which we express no comment), taken as a whole as of the Time of Sale, contained
any untrue statement of a material fact or omitted or omits to state a material fact necessary, in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Final Prospectus (except as to the financial statements and schedules, related notes and other financial data and statistical
data derived therefrom, as to which we express no comment), as of its date or dates as amended or supplemented, as applicable,
and as of the date hereof contained or contains any untrue statement of a material fact or omitted or omits to state a material
fact necessary, in order to make the statements therein, in light of the circumstances under which they were made, not misleading.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Persons
Subject to Lockups</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
McCrosson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vincent
Palazzolo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric
Rosenfeld</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Walter
Paulick</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Harvey
Bazaar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
Faber</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terry
Stinson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carey
Bond</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
___, 2018</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As Representative of the Several Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
99 High Street, 11th Floor<BR>
Boston, Massachusetts 02110<BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that Canaccord Genuity LLC (&#8220;<U>Canaccord</U>&#8221;), as representative of the several underwriters
(the &#8220;<U>Underwriters</U>&#8221;), proposes to enter into an Underwriting Agreement (the &#8220;<U>Underwriting Agreement</U>&#8221;)
with CPI Aerostructures, Inc., a New York corporation (the &#8220;<U>Company</U>&#8221;), providing for the public offering (the
&#8220;<U>Public Offering</U>&#8221;) by the Underwriters of shares of the Company&#8217;s common stock, par value $0.001 per
share (the &#8220;<U>Common Stock</U>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
induce the Underwriters to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that,
without the prior written consent of Canaccord, it will not, during the period commencing on the date hereof and ending 60 days
after the date of the final prospectus supplement (the &#8220;<U>Prospectus</U>&#8221;) relating to the Public Offering (the &#8220;<U>Lock-Up
Period</U>&#8221;), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or (2) enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock
or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a) the sale of shares of Common Stock
to the Underwriters pursuant to the Underwriting Agreement, (b) transactions relating to shares of Common Stock or other securities
acquired in open market transactions after the completion of the Public Offering, <I>provided</I> that no filing under Section&nbsp;16(a)
of the Securities Exchange Act of 1934, as amended (the &#8220;<U>Exchange Act</U>&#8221;), shall be required or shall be voluntarily
made in connection with subsequent sales of Common Stock or other securities acquired in such open market transactions, (c) transfers
of shares of Common Stock or any security convertible into Common Stock as a bona fide gift, by will or intestacy or to a family
member or trust for the benefit of a family member; <I>provided</I> that in the case of any transfer or distribution pursuant
to clause&nbsp;(c), (i) each donee or distributee shall sign and deliver a lock&#45;up letter substantially in the form of this
letter agreement and (ii) if the undersigned is required to file a report under Section 16(a) of the Exchange Act, reporting a
reduction in beneficial ownership of Common Stock or any securities convertible into or exercisable or exchangeable for Common
Stock during the Lock-Up Period, the undersigned shall include a statement in such report to the effect that such transfer is
being made as a gift, by will or intestate succession, as applicable, or (d) forfeitures of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock to satisfy tax withholding obligations of the undersigned in connection with
the vesting of restricted stock pursuant to the Company&#8217;s stock incentive plans, which forfeitures may require the undersigned
to file a report under Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock during the Lock-Up Period, provided that the undersigned
shall include a statement in such report to the effect that such forfeiture was made to satisfy tax withholding obligations of
the undersigned
in connection with the vesting of restricted stock pursuant to the Company&#8217;s stock incentive plans. In addition, the undersigned
agrees that, without the prior written consent of Canaccord, it will not, during the Lock-Up Period, make any demand for or exercise
any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable
for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&#8217;s
transfer agent and registrar against the transfer of the undersigned&#8217;s shares of Common Stock except in compliance with
the foregoing restrictions.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision in this letter agreement shall be deemed to restrict or prohibit the exercise or exchange by the undersigned of any
option or warrant to acquire shares of Common Stock, or securities exchangeable or exercisable for or convertible into Common
Stock, <I>provided that</I> the undersigned does not transfer the Common Stock acquired on such exercise or exchange during the
Lock-Up Period, unless otherwise permitted pursuant to the terms of this letter agreement. <FONT STYLE="letter-spacing: -0.1pt">In
addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a written plan meeting
the requirements of Rule 10b5-1 under the Exchange Act at any time (other than the entry into or modification of such a plan in
such a manner as to cause the sale of </FONT>any shares of Common Stock or any securities convertible into or exercisable or exchangeable
for Common Stock <FONT STYLE="letter-spacing: -0.1pt">within the Lock-Up Period).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that the Company and the Underwriters are relying upon this letter agreement in proceeding toward consummation
of the Public Offering. The undersigned further understands that this letter agreement is irrevocable and shall be binding upon
the undersigned&#8217;s heirs, legal representatives, successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned understands that, if (i) the Underwriting Agreement is not executed by November 30, 2018, (ii) the Company notifies
the Underwriters in writing that it does not intend to proceed with the Public Offering or (iii) the Underwriting Agreement (other
than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the
Common Stock to be sold thereunder, the undersigned shall be released from all obligations under this letter agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will
only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the
Underwriters.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #7030A0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very
    truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Name)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #7030A0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5-1.htm
<DESCRIPTION>OPINION OF GRAUBARD MILLER
<TEXT>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><A HREF="cvu-8k_101718.htm">CPI Aerostructures, Inc. 8-K</A></P>

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
17, 2018</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CPI
Aerostructures, Inc.<BR>
91 Heartland Boulevard<BR>
Edgewood, New York 11717</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel to CPI Aerostructures, Inc., a New York corporation (&#8220;Company&#8221;), in connection with the preparation
of the Registration Statement on Form S-3, File No 333-220090) (&#8220;Registration Statement&#8221;), filed by the Company with
the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), which was declared effective on October 2, 2017, and the prospectus supplement thereto, dated October 16, 2018
(&#8220;Prospectus Supplement&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prospectus Supplement relates to the issuance and sale by the Company of  2,400,000 shares (&#8220;Firm Shares&#8221;) of
the Company&#8217;s common stock, par value $0.001 per share (&#8220;Common Stock&#8221;), and up to an additional
 360,000 shares (&#8220;Over-Allotment Shares&#8221;) of Common Stock which the Underwriters (defined below) have the
right to purchase to cover over-allotments, pursuant to the Underwriting Agreement, dated October 16, 2018, between the
Company and Canaccord Genuity LLC, as representative of the several underwriters named therein (the
&#8220;Underwriters&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering the opinion set forth below, we have reviewed (a) the Prospectus Supplement and the Registration Statement and the exhibits
thereto; (b) the Company&#8217;s Articles of Incorporation, as amended; (c) the Company&#8217;s Bylaws; (d) certain records of
the Company&#8217;s corporate proceedings as reflected in its minute books; and (e) such statutes, records and other documents
as we have deemed relevant.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals,
and conformity with the originals of all documents submitted to us as copies thereof. In addition, we have made such other examinations
of law and fact as we have deemed relevant in order to form a basis for the opinions hereinafter expressed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing, we are of the opinion that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Firm Shares and Over-Allotment Shares have been duly authorized and when sold and issued in accordance with the Prospectus Supplement
and the Underwriting Agreement against payment therefor, will be validly issued, fully paid, and non-assessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
opinion is expressed herein other than as to the laws of the State of New York and the federal securities law of the United States
of America.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion with the Commission as an exhibit to the Company&#8217;s Current Report on Form 8-K
being filed on the date hereof, and incorporation by reference into the Registration Statement. We also consent to the use of
our name as counsel to the Company, and to
all references made to us in the Registration Statement and the prospectus forming a part thereof. In giving this consent, we
do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or
the rules and regulations promulgated thereunder. This opinion is expressed as of the date hereof and we disclaim any undertaking
to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable law.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very
truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Graubard
Miller</TD></TR>
</TABLE>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><A HREF="cvu-8k_101718.htm">CPI Aerostructures, Inc. 8-K</A></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="cvu8k101718_001.jpg" ALT="" STYLE="height: 59px; width: 299px"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
AERO ANNOUNCES PRICING OF PUBLIC OFFERING OF </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMON
STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Edgewood,
N.Y., October 17, 2018</B> - CPI Aerostructures, Inc. (&#8220;CPI Aero&reg;&#8221;) (NYSE American: CVU) today announced the pricing
of its  underwritten public offering of 2,400,000 shares of its common stock at a price to the public of $6.25
per share. In addition, CPI Aero has granted the underwriters of the offering a 30-day option to purchase up to 360,000 additional
shares of its common stock to cover overallotments, if any. The offering is subject to customary closing conditions and is expected
to close on October 19, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
proceeds from the offering are expected to be approximately $13,980,000, after deducting underwriting discounts and commissions
and estimated offering expenses payable by CPI Aero, but excluding any exercise of the underwriters&#8217; option to purchase
additional shares of common stock. CPI Aero intends to use the net proceeds for general corporate purposes, which may include
working capital, capital expenditures, debt repayment, or strategic acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Canaccord
Genuity LLC is acting as the sole bookrunning manager of the offering. B. Riley FBR, Inc. is acting as the co-manager of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
offering is being made pursuant to a shelf registration statement (File No. 333-220090) declared effective by the Securities and
Exchange Commission on October 2, 2017. A prospectus supplement relating to the offering will be filed with the Securities and
Exchange Commission. When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering
may be obtained from the Securities and Exchange Commission at&nbsp;http://www.sec.gov, or from Canaccord Genuity LLC, 99 High
Street, Suite 1200, Boston, MA 02110, Attn: Syndicate Department, by telephone at (617) 371-3900 or by e-mail at prospectus@canaccordgenuity.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities law of any such state or jurisdiction.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>About
CPI Aero </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CPI
Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance
and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure
supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI
also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations,
CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell
Microcap&reg; Index.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Safe
Harbor Statement </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking
statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which
are disclosed in CPI Aero&#8217;s SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2017,
and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018, and in the preliminary and final
prospectus supplements related to the proposed public offering to be filed with the SEC. These risks and uncertainties could cause
actual results to differ materially from those currently anticipated or projected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CPI
Aero&reg; is a registered trademark of CPI Aerostructures, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Contact:</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Vincent
Palazzolo</TD>
    <TD STYLE="width: 50%">Investor Relations Counsel:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Chief
Financial Officer</TD>
    <TD>LHA Investor Relations</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>CPI
Aero</TD>
    <TD>Sanjay M. Hurry</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">(631)
586-5200</FONT></TD>
    <TD>(212) 838-3777</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>www.cpiaero.com</TD>
    <TD>cpiaero@lhai.com</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>www.lhai.com</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
