<SEC-DOCUMENT>0001104659-25-124203.txt : 20251223
<SEC-HEADER>0001104659-25-124203.hdr.sgml : 20251223
<ACCEPTANCE-DATETIME>20251223160728
ACCESSION NUMBER:		0001104659-25-124203
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251223
DATE AS OF CHANGE:		20251223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MultiSensor AI Holdings, Inc.
		CENTRAL INDEX KEY:			0001863990
		STANDARD INDUSTRIAL CLASSIFICATION:	OPTICAL INSTRUMENTS & LENSES [3827]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				863962954
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292106
		FILM NUMBER:		251600570

	BUSINESS ADDRESS:	
		STREET 1:		2105 WEST CARDINAL DRIVE
		CITY:			BEAUMONT
		STATE:			TX
		ZIP:			77705
		BUSINESS PHONE:		(866) 861-0788

	MAIL ADDRESS:	
		STREET 1:		2105 WEST CARDINAL DRIVE
		CITY:			BEAUMONT
		STATE:			TX
		ZIP:			77705

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Infrared Cameras Holdings, Inc.
		DATE OF NAME CHANGE:	20231219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sportsmap Tech Acquisition Corp.
		DATE OF NAME CHANGE:	20210524
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>tm2533234d3_s3a.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on December 23, 2025</B> </P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No. 333-292106</B> </P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Amendment No. 1</B> </P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>to</B> </P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-3</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933&nbsp;</I></B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MultiSensor AI Holdings, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>86-3938682</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State or other jurisdiction of<BR>
incorporation or organization)</B></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S. Employer<BR>
Identification Number)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2105 West Cardinal Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beaumont, Texas 77705<BR>
(866) 861-0788</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2105 West Cardinal Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beaumont, Texas 77705</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(866) 861-0788</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
(Address, including zip code, and telephone number, including area code, of agent for service)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copies
of all communications, including communications sent to agent for service, should be sent to</I></B></FONT><B>:</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2801 N. Hardwood Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 2300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dallas, Texas 75201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(214) 651-5000</B></P>

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

<DIV STYLE="padding: 0in; border-bottom: black 0.75pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of commencement of proposed
sale to the public: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>From time to time after the effective date of
this registration statement.</B></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
on filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company </FONT><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 comply
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section
8(a), may determine.</B></P>

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

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> MultiSensor AI Holdings, Inc. (the &ldquo;Company&rdquo;)
is filing this pre-effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration No. 333- 292106), initially filed
on December 12, 2025 (the &ldquo;Registration Statement&rdquo;), for the sole purpose of filing Exhibit 5.1 and Exhibit 23.1 with the
Securities and Exchange Commission. This Amendment No. 1 does not modify any provision of the prospectus that forms a part of the Registration
Statement and accordingly such prospectus has not been included herein. </P>

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
14.</B></FONT><B> Other Expenses of Issuance and Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is an estimate
of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,412.77</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">158,412.77</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
15.</B></FONT><B> Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section 145 of the DGCL,
permits a corporation to indemnify its directors and officers against expenses, including attorneys&rsquo; fees, judgments, fines and
amounts paid in settlements actually and reasonably incurred by them in connection with any action, suit or proceeding brought by third
parties. The directors or officers must have acted in good faith and in a manner they reasonably believed to be in or not opposed to the
best interests of the corporation and, with respect to any criminal action or proceeding, had no reason to believe their conduct was unlawful.
In a derivative action, an action only by or in the right of the corporation, indemnification may be made only for expenses actually and
reasonably incurred by directors and officers in connection with the defense or settlement of an action or suit, and only with respect
to a matter as to which they must have acted in good faith and in a manner they reasonably believed to be in or not opposed to the best
interests of the corporation. No indemnification may be made if such person must have been adjudged liable to the corporation, unless
and only to the extent that the court in which the action or suit was brought must determine upon application that the defendant officers
or directors are fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability. Our current certificate
of incorporation and bylaws provide for indemnification of our directors and officers to the fullest extent permitted by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section 102(b)(7) of the
DGCL permits a corporation, in its certificate of incorporation, to limit or eliminate, subject to certain statutory limitations, the
liability of directors and officers to the corporation or its stockholders for monetary damages for breaches of fiduciary duty, except
for liability (1) for any breach of a director or officer&rsquo;s duty of loyalty to the corporation or its stockholders, (2) for acts
or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (3) of a director in respect of certain
unlawful dividend payments or stock redemptions or repurchases, (4) for any transaction from which a director or officer derives an improper
personal benefit, and (5) of an officer in any action by or in the right of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with Section
102(b)(7) of the DGCL, our current certificate of incorporation provides that no director or officer shall be personally liable to us
or any of our stockholders for monetary damages resulting from breaches of their fiduciary duty as directors or officers, except to the
extent such limitation on or exemption from liability is not permitted under the DGCL or any other law of the State of Delaware. The effect
of this provision is to eliminate our rights and the rights of our stockholders (through stockholders&rsquo; derivative suits on our behalf)
to recover monetary damages against a director or officer for breach of the fiduciary duty of care as a director or officer, including
breaches resulting from negligent or grossly negligent behavior, except as restricted by Section 102(b)(7) of the DGCL. However, this
provision does not limit or eliminate our rights or the rights of any stockholder to seek non-monetary relief, such as an injunction or
rescission, in the event of a breach of a director or officer&rsquo;s duty of care.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the DGCL or any other
law of the State of Delaware is amended to authorize corporate action further eliminating or limiting the liability of directors or officers,
then, in accordance with our certificate of incorporation, the liability of our directors or officers to us or our stockholders will be
eliminated or limited to the fullest extent authorized by the DGCL or any other law of the State of Delaware, as so amended. Any repeal
or amendment of provisions of our certificate of incorporation limiting or eliminating the liability of directors or officers, whether
by our stockholders or by changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required
by law) be prospective only, except to the extent such amendment or change in law permits us to further limit or eliminate the liability
of directors or officers on a retroactive basis.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any underwriting agreement
or sales agreement that the registrant enters into with any underwriters or agents involved in the offering or sale of any securities
registered hereby may require such underwriters or dealers to indemnify the registrant, some or all of its directors and officers and
its controlling persons, if any, for specified liabilities, which may include liabilities under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have entered into indemnification
agreements with each of our directors and officers in which we have agreed to indemnify, defend and hold harmless, and also advance expenses
as incurred, to the fullest extent permitted under applicable law, from damage arising from the fact that such person is or was an officer
or director of the Company or our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The indemnification rights
set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute,
our amended and restated certificate of incorporation, our amended and restated bylaws, any agreement, any vote of stockholders or disinterested
directors or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We maintain standard policies
of insurance that provide coverage (1) to our directors and officers against loss rising from claims made by reason of breach of duty
or other wrongful acts and (2) to us with respect to indemnification payments that we may make to such directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have purchased and intend
to maintain insurance on behalf of the registrant and any person who is or was a director or officer against any loss arising from any
claim asserted against him or her and incurred by him or her in that capacity, subject to certain exclusions and limits of the amount
of coverage.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16. Exhibits</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit <BR>
Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465922124911/tm2232010d1_ex2-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1#</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465922124911/tm2232010d1_ex2-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Combination Agreement, dated as of December 5. 2022, by and among SportsMap Tech Acquisition Corp., Infrared Cameras Holdings, Inc., and ICH Merger Sub Inc. (incorporated by reference to Exhibit 2.1 to the Company&rsquo;s Current Report on Form 8-K filed on December 6, 2022).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465923075784/tm2319841d1_ex2-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465923075784/tm2319841d1_ex2-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to Business Combination Agreement, dated as of June 27, 2023, by and among SportsMap Tech Acquisition Corp., Infrared Cameras Holdings, Inc., and ICH Merger Sub Inc. (incorporated by reference to Exhibit 2.2 to the Company&rsquo;s Current Report on Form 8-K filed on June 28, 2023).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465923102012/tm2325220d1_ex2-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></A></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465923102012/tm2325220d1_ex2-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 2 to Business Combination Agreement, dated September 17, 2023, by and among SportsMap Tech Acquisition Corp., Infrared Cameras Holdings, Inc., and ICH Merger Sub Inc. (incorporated by reference to Exhibit 2.2 to the Company&rsquo;s Current Report on Form 8-K filed on September 20, 2023).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000155837025004015/msai-20241231xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000155837025004015/msai-20241231xex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated Certificate of Incorporation MultiSensor AI Holdings, Inc., as amended through February 12, 2024 (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Annual Report on Form 10-K filed on March 28, 2025).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000155837025004015/msai-20241231xex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000155837025004015/msai-20241231xex3d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated Bylaws of MultiSensor AI Holdings, Inc. (incorporated by reference to Exhibit 3.2 to Company&rsquo;s Annual Report on Form 10-K filed on March 28, 2025).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465925104392/tm2529555d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465925104392/tm2529555d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Designations of the Powers, Preferences and Relative, Participating, Optional and Other Special Rights of Preferred Stock and Qualifications, Limitations and Restrictions Thereof of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on October 30, 2025).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465925104389/tm2529555d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1863990/000110465925104389/tm2529555d1_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed on October 30, 2025).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2533234d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2533234d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Haynes and Boone, LLP.</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2533234d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1**</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2533234d3_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Haynes and Boone, LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Deloitte &amp; Touche LLP, independent registered public accounting firm.</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_s3.htm#as_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_s3.htm#as_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney (located on the siganure page of the registration statement on Form S-3 filed on December 12, 2025).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1863990/000110465925120652/tm2533234d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"># Schedules have been omitted pursuant to Item 601(a)(5) of Regulation
S-K. The Registrant undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.</P>

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 17.</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;
</FONT>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 99pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 99pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 99pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &quot;Calculation of Registration
Fee&quot; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 99pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 99pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I></FONT>,
<I>however</I>, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) above do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant
to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement,
or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;
</FONT>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;
</FONT>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;
</FONT>[Reserved.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;
</FONT>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 81pt">(A) each prospectus filed by
the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 81pt">(B) each prospectus required
to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an
offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the
Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the
prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which
that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
<I>Provided</I>, <I>however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(6) That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(i) any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(ii) any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned
registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iii) the portion
of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iv) any other
communications that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b) The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="as_013"></A><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Beaumont, State of Texas, on December 23, 2025. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MULTISENSOR AI HOLDINGS, INC.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Asim Akram</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asim Akram</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ Asim Akram</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Asim Akram</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">(<I>Principal Executive Officer</I>)</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ Robert Nadolny</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Robert Nadolny</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">(<I>Principal Financial Officer and Principal
    Accounting Officer</I>)</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ *</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Stuart V. Flavin III</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ *</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">David Gow</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ *</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Petros Kitsos</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ *</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Margaret Chu</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ *</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 23, 2025</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">Dan Friedberg</FONT> </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="width: 3%; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">*By:</FONT> </TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; padding-left: 2.15pt"> <FONT STYLE="font-size: 10pt">/s/ Robert Nadolny</FONT> </TD>
    <TD STYLE="vertical-align: top; padding-left: 2.15pt; text-align: center; width: 2%"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-left: 2.15pt; text-align: center; width: 46%"> &nbsp; </TD>
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    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
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    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.15pt; text-align: center"> &nbsp; </TD></TR>
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<TYPE>EX-5.1
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<FILENAME>tm2533234d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0">&nbsp;</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%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 13.5pt; width: 159pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="image_002.jpg" ALT="Logo, icon&#10;&#10;Description automatically generated" STYLE="height: 39px; width: 39px"></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 23, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MultiSensor AI Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2105 West Cardinal Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beaumont, TX 77705</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel to MultiSensor AI Holdings,
Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection with the filing with the Securities and Exchange
Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) on the date hereof, under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities
Act</I></B>&rdquo;), of a registration statement on Form S-3, as amended (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;) by the
Company which registers the resale by the holders thereof of (a) an aggregate of 221,595,978 shares of common stock of the Company, par
value $0.0001 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), comprised of (i) 34,229,826 shares of Common Stock (the &ldquo;<B><I>Shares</I></B>&rdquo;),
and (ii) up to 187,366,152 shares of Common Stock (the &ldquo;<B><I>Warrant/Conversion Shares</I></B>&rdquo; and together with the Shares,
the &ldquo;<B><I>Common Shares</I></B>&rdquo;) issuable (x) upon the exercise of warrants (the &ldquo;<B><I>Warrants</I></B>&rdquo;) for
Common Stock or (y) upon conversion of the Company&rsquo;s Series A Convertible Preferred Stock, par value $0.0001 per share (the &ldquo;<B><I>Series
A Preferred Stock</I></B>&rdquo;), which is issuable in lieu of Common Stock upon exercise of the Warrants and which will be automatically
convertible into an equivalent number of shares of Common Stock for which such Warrant is exercisable upon transfer, which such Shares
and Warrants were issued to the selling stockholders pursuant to that certain securities purchase agreement, dated October 24, 2025, by
and among the Company and the selling stockholders&nbsp;(the &ldquo;<B><I>Purchase Agreement</I></B>&rdquo;), and (b) up to 20,000 shares
of Series A Preferred Stock issuable in lieu of Common Stock upon exercise of the Warrants (the &ldquo;<B><I>Preferred Shares</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the opinions we express below,
we have examined originals, or copies certified or otherwise identified, of (i) the Second Amended and Restated Certificate of Incorporation
(the &ldquo;<B><I>Certificate of Incorporation</I></B>&rdquo;) and the Second Amended and Restated Bylaws (the &ldquo;<B><I>Bylaws</I></B>&rdquo;
and, together with the Certificate of Incorporation, the &ldquo;<B><I>Organizational Documents</I></B>&rdquo;) of the Company, each as
amended and/or restated as of the date hereof; (ii) certain resolutions of the Board of Directors of the Company approving the filing
of the Registration Statement and certain other matters set forth therein; (iii) the Registration Statement and all exhibits thereto;
(iv) the Purchase Agreement; (v) the Warrants, (vi) the Certificate of Designations of the Series A Preferred Stock (the &ldquo;<B><I>Certificate
of Designations</I></B>&rdquo;); (vii) a certificate executed by an officer of the Company, dated as of the date hereof; and (viii) such
other corporate records of the Company, as we have deemed necessary or appropriate for the purposes of the opinions hereafter expressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to questions of fact material to the opinions
expressed below, we have, without independent verification of their accuracy, relied to the extent we deem reasonably appropriate upon
the representations and warranties of the Company contained in such documents, records, certificates, instruments or representations furnished
or made available to us by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In making the foregoing examination, we have assumed
(i) the genuineness of all signatures, (ii) the authenticity of all documents submitted to us as originals, (iii) the conformity to original
documents of all documents submitted to us as certified or photostatic copies, (iv) that all agreements or instruments we have examined
are the valid, binding and enforceable obligations of the parties thereto, and (v) that all factual information on which we have relied
was accurate and complete.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 34%; border-right: Black 1pt solid; text-indent: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57.75pt; color: #5B1359"><B>Haynes and Boone, LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.15pt">&nbsp;</P></TD>
    <TD STYLE="padding: 0; width: 66%; text-indent: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13pt">2801 N. Harwood St.| Suite 2300 | Dallas, TX 75201</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13pt">T: 214.651.5000 | haynesboone.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 13.5pt; width: 159pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="image_002.jpg" ALT="Logo, icon&#10;&#10;Description automatically generated" STYLE="height: 39px; width: 39px"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have also assumed that, at the time of the
issuance of the Shares: (i) the Company will continue to be incorporated and in existence and good standing in its jurisdiction of organization;
(ii) the Registration Statement, and any amendments thereto (including post-effective amendments), will have become effective; (iii) no
stop order of the Commission preventing or suspending the use of the prospectus contained in the Registration Statement or any prospectus
supplement will have been issued; (iv) a prospectus properly describing the Common Shares and Preferred Shares offered thereby will have
been delivered to the purchaser(s) of the Common Shares and Preferred Shares as required in accordance with applicable law; (v) all Common
Shares and Preferred Shares will be offered, issued and sold in compliance with applicable federal and state securities laws and in the
manner stated in the Registration Statement and the prospectus and any prospectus supplement; (vi)&nbsp;there will be sufficient shares
of Common Stock authorized under the Organizational Documents and not otherwise reserved for issuance; and (vii) there will not have occurred
any change in law or in the Organizational Documents of the Company adversely affecting the Common Shares or the Preferred Shares or the
rights of the holders thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing, and subject to the qualifications,
assumptions and limitations stated herein, we are of the opinion that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Shares have been duly authorized and are validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Warrant/Conversion Shares have been duly authorized and, when issued (i) by the Company against payment
therefor in accordance with the terms of the Warrants or (ii) by the Company in accordance with the terms of the Certificate of Designations,
will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The Preferred Shares have been duly authorized and, when issued by the Company against payment therefor
in accordance with the terms of the Warrants, will be validly issued, fully paid and non-assessable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed herein are limited exclusively
to the General Corporation Law of the State of Delaware.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 13.5pt; width: 159pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="image_002.jpg" ALT="Logo, icon&#10;&#10;Description automatically generated" STYLE="height: 39px; width: 39px"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as Exhibit 5.1 to the Registration Statement. We further consent to the reference to our firm under the caption &ldquo;Legal Matters&rdquo;
in the prospectus on the date hereof constituting a part of the Registration Statement. In giving this consent, we are not admitting that
we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of
the Commission thereunder. This opinion is given as of the date hereof and we assume no obligation to update or supplement such opinion
after the date hereof to reflect any facts or circumstances that may thereafter come to our attention or any changes that may thereafter
occur.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>/s/ </I>Haynes and Boone, LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">HAYNES AND BOONE, LLP </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;&nbsp;</P>

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

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

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

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

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