<SEC-DOCUMENT>0001213900-23-063755.txt : 20230804
<SEC-HEADER>0001213900-23-063755.hdr.sgml : 20230804
<ACCEPTANCE-DATETIME>20230804172850
ACCESSION NUMBER:		0001213900-23-063755
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230804
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230804
DATE AS OF CHANGE:		20230804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hanryu Holdings, Inc.
		CENTRAL INDEX KEY:			0001911545
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41763
		FILM NUMBER:		231145058

	BUSINESS ADDRESS:	
		STREET 1:		160, YEOUISEO-RO
		STREET 2:		YEONGDEUNGPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			07231
		BUSINESS PHONE:		82-2-564-8588

	MAIL ADDRESS:	
		STREET 1:		160, YEOUISEO-RO
		STREET 2:		YEONGDEUNGPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			07231
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ea182919-8k_hanryuhold.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><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: 0; text-align: center"><B></B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Date
of Report (Date of earliest event reported):</B></FONT> &nbsp;<FONT STYLE="font-size: 10pt"><B>August 4, 2023</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>Hanryu Holdings, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-40894</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>88-1368281</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission<BR>
File Number)</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer<BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>160,
Yeouiseo-ro, Yeongdeungpo-gu, Seoul, </B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Republic
of Korea 07231</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices) (Zip Code)</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant&rsquo;s
telephone number, including area code: +82-2-564-8588</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Not applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt; text-align: center">(Former name or former address, if changed since
last report)</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><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: 0 0 9pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt; text-align: left">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.75pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.75pt 1.25pt; width: 16%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trading</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Symbol(s)</B></P></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.75pt 1.25pt; width: 40%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of each exchange</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>on which registered</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; padding-top: 2pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Stock, par value $0.001 per <BR>
share</B></FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; padding-top: 2pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HRYU</B></FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; padding-top: 2pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Nasdaq Capital Market </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Emerging growth company <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On July 31, 2023, Hanryu Holdings, Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), priced its initial public offering (the &ldquo;<U>IPO</U>&rdquo;) of its common stock,
par value $0.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), at an offering price of $10.00 per share, pursuant to the Company&rsquo;s
registration statement on Form S-1, as amended (File No. 333-269419) (the &ldquo;<U>Registration Statement</U>&rdquo;). On July 31, 2023,
in connection with the IPO, the Company entered into an underwriting agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with
Aegis Capital Corp. (the &ldquo;<U>Underwriter</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company made certain customary representations,
warranties and covenants and agreed to indemnify the underwriters against (or contribute to the payment of) certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;). This description of the Underwriting
Agreement is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit
1.1 hereto and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 3, 2021, the Company closed its IPO.
The Company sold 877,328 shares of its Common Stock. In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriters
an option for 45 days from the date of the Underwriting Agreement to purchase up to an additional 131,599 shares of Common Stock at the
IPO price, less the underwriting discounts and commissions. The net proceeds to the Company from the IPO were approximately $6.8 million,
after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, which the Company intends
to use for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8.01. Other Events. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 3, 2023, the Company issued a press
release announcing the closing of its IPO, a copy of which is attached as Exhibit 99.1 hereto and incorporated by reference herein.</P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>ITEM 9.01. Financial Statements and Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>(d) Exhibits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
    No.</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><A HREF="ea182919ex1-1_hanryuhold.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    Agreement, dated July 31, 2023, by and among Hanryu Holdings, Inc. and Aegis Capital Corp.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 106%"><A HREF="ea182919ex99-1_hanryuhold.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release, dated August 3, 2023</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HANRYU HOLDINGS, INC.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 57%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; width: 35%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 4, 2023</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ <I>Chang Hyuk Kang</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: top; border-top: black 1pt solid; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: top; border-top: black 1pt solid; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chang Hyuk Kang</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: top; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>ea182919ex1-1_hanryuhold.htm
<DESCRIPTION>UNDERWRITING AGREEMENT, DATED JULY 31, 2023, BY AND AMONG HANRYU HOLDINGS, INC. AND AEGIS CAPITAL CORP.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">July 31, 2023</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">Aegis Capital Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1345 Avenue of the Americas,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">27<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10105</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hanryu Holdings, Inc., a Delaware corporation
(the&nbsp;<B><I>&ldquo;Company&rdquo;</I></B>), agrees, subject to the terms and conditions in this agreement (this&nbsp;<B><I>&ldquo;Agreement&rdquo;</I></B>),
to issue and sell to Aegis Capital Corp., (the&nbsp;<B><I>&ldquo;Underwriter&rdquo;</I></B>) 877,328 shares of common stock (the&nbsp;<B><I>&ldquo;Firm
Shares&rdquo;</I></B>), $0.001 par value, of the Company (the&nbsp;<B><I>&ldquo;Common Stock&rdquo;</I></B>). At the option of the Underwriter,
the Company agrees, subject to the terms and conditions herein, to issue and sell to the Underwriter up to an additional 131,599 Option
Shares (as defined herein). The Firm Shares and the Option Shares are herein referred to collectively as the&nbsp;<B><I>&ldquo;Securities&rdquo;</I></B>.
The number of Securities to be purchased by the Underwriter is set forth opposite its name in Schedule I hereto. Aegis Capital Corp. has
agreed to act as the Underwriter in connection with the offering and sale of the Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Affiliate&rdquo;</I></B>&nbsp;has
the meaning set forth in Rule 405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Applicable Time&rdquo;</I></B>&nbsp;means
6:00 p.m. Eastern Time on the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Bona Fide Electronic Road Show&rdquo;</I></B>&nbsp;means
a &ldquo;bona fide electronic road show&rdquo; (as defined in Rule 433(h)(5) under the Securities Act) that the Company has made available
without restriction by &ldquo;graphic means&rdquo; (as defined in Rule 405 under the Securities Act) to any person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Business Day&rdquo;</I></B>&nbsp;means
a day other than a Saturday, Sunday or any other day which is a federal legal holiday in the United States or any day on which the Federal
Reserve Bank of New York is authorized or required by law or other governmental action to close, provided that the Federal Reserve Bank
of New York shall not be deemed to be authorized or obligated to be closed due to a &ldquo;shelter in place,&rdquo; &ldquo;non-essential
employee&rdquo; or similar closure of physical location at the direction of any governmental authority if the bank&rsquo;s electronic
funds transfer systems (including for wire transfers) are open for use by customers on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Commission&rdquo;</I></B>&nbsp;means
the United States Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Emerging Growth Company</I></B><I>&rdquo;</I>&nbsp;means
an &ldquo;emerging growth company&rdquo; (as defined in Section 2(a) of the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Exchange Act&rdquo;</I></B>&nbsp;means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Final Prospectus&rdquo;</I></B>&nbsp;means
the prospectus in the form first filed with the Commission pursuant to and within the time limits described in Rule 424(b) under the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Free Writing Prospectus&rdquo;</I></B>&nbsp;has
the meaning set forth in Rule 405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Investment Company Act&rdquo;</I></B>&nbsp;means
the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt 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"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Issuer Free Writing Prospectus&rdquo;</I></B>&nbsp;means
an &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule 433(h)(1) under the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Preliminary Prospectus&rdquo;</I></B>&nbsp;means
any preliminary prospectus included in the Registration Statement prior to the time at which the Commission declared the Registration
Statement effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Pricing Disclosure Package&rdquo;</I></B>&nbsp;means
the Pricing Prospectus collectively with the documents and pricing information set forth in Schedule II hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Pricing Prospectus&rdquo;</I></B>&nbsp;means
the Preliminary Prospectus included in the Registration Statement at the time at which the Commission declared the Registration Statement
effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Prospectus Delivery Period&rdquo;</I></B>&nbsp;means
such period of time after the first date of the public offering of the Common stock as in the opinion of counsel for the Underwriter a
prospectus relating to the Common stock is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities
Act) in connection with sales of the Common stock by Underwriter or dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Registration Statement&rdquo;</I></B>&nbsp;means
(a) the registration statement on Form S-1 (File No. 333-269419), including a prospectus, registering the offer and sale of the Common
stock under the Securities Act as amended at the time the Commission declared it effective, including each of the exhibits, financial
statements and schedules thereto, (b) any Rule 430A Information, and (c) any Rule 462(b) Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Rule 430A Information&rdquo;</I></B>&nbsp;means
the information deemed, pursuant to Rule 430A under the Securities Act, to be part of the Registration Statement at the time the Commission
declared the Registration Statement effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Rule 462(b) Registration Statement&rdquo;</I></B>&nbsp;means
an abbreviated registration statement to register the offer and sale of additional Common stock pursuant to Rule 462(b) under the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Sarbanes-Oxley Act&rdquo;</I></B>&nbsp;means
the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Securities Act&rdquo;</I></B>&nbsp;means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Testing-the-Waters Communication&rdquo;</I></B>&nbsp;means
any oral or Written Communication with potential investors undertaken in reliance on Section 5(d) of under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Written Communication&rdquo;</I></B>&nbsp;has
the meaning set forth in Rule 405 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Written Testing-the-Waters Communications&rdquo;</I></B>&nbsp;means
any Testing-the-Waters Communication that is a Written Communication.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;<U>Representations and Warranties of the
Company</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">The Company hereby
represents and warrants to, and agrees with, the Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Registration
Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) The Company has
prepared and filed the Registration Statement with the Commission under the Securities Act. The Commission has declared the Registration
Statement effective under the Securities Act and the Company has not as of the date of this Agreement filed a post-effective amendment
to the Registration Statement. The Commission has not issued any order suspending the effectiveness of the Registration Statement or any
order preventing or suspending the use of the Registration Statement, the Final Prospectus, any Preliminary Prospectus, any Issuer Free
Writing Prospectus or any Testing-the-Waters Communication, and no proceedings for such purpose or pursuant to Section 8A of the Securities
Act have been initiated, are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) The Registration
Statement, at the time it became effective, did not contain, and any post-effective amendment thereto, as of the effective date of such
amendment, 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;&nbsp;<U>provided</U>&nbsp;that the Company makes no representation or warranty
with respect to any statements or omissions made in reliance upon and in conformity with information relating to the Underwriter furnished
to the Company in writing by the Underwriter for use in the Registration Statement (including any post-effective amendment thereto), the
Pricing Disclosure Package, the Final Prospectus (including any amendments or supplements thereto), any Preliminary Prospectus, any Issuer
Free Writing Prospectus or any Testing-the-Waters Communication, it being understood and agreed that the only such information furnished
by the Underwriter consists of the information described in Section 8(b) hereof (collectively, the&nbsp;<B><I>&ldquo;Underwriter Information&rdquo;</I></B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) Each of the
Registration Statement and any post-effective amendment thereto, at the time it became effective and at the date hereof, complied and
will comply in all material respects with the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Pricing
Disclosure Package</U>. The Pricing Disclosure Package, as of the Applicable Time, did not, and as of the Closing Date (as defined below)
and as of any Additional Closing Date (as defined below), as the case may be, will not, contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading;&nbsp;<U>provided</U>&nbsp;that the Company makes no representation or warranty with respect to any statements
or omissions made in reliance upon and in conformity with the Underwriter Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Final
Prospectus</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) Each of the Final
Prospectus and any amendments or supplements thereto, as of its date, as of the time it is filed with the Commission pursuant to Rule
424(b) under the Securities Act, as of the Closing Date and as of any Additional Closing Date, as the case may be, will not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading;&nbsp;<U>provided</U>&nbsp;that the Company makes no representation or warranty
with respect to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) Each of the Final
Prospectus and any amendments or supplements thereto, at the time it is filed with the Commission pursuant to Rule 424(b) under the Securities
Act, as of the Closing Date and as of any Additional Closing Date, as the case may be, will comply in all material respects with the Securities
Act.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Preliminary
Prospectuses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) Each Preliminary
Prospectus, as of the time it was filed with the Commission pursuant to Rule 424(a) under the Securities Act, if any, did not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading;&nbsp;<U>provided</U>&nbsp;that the Company makes no representation or
warranty with respect to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) Each Preliminary
Prospectus, at the time it was filed with the Commission pursuant to Rule 424(a) under the Securities Act, if any, complied in all material
respects with the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Issuer
Free Writing Prospectuses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) Each Issuer Free
Writing Prospectus, when considered together with the Preliminary Prospectus accompanying, or delivered prior to the delivery of, such
Issuer Free Writing Prospectus, did not, as of the date of such Issuer Free Writing Prospectus, and will not, as of the Closing Date and
as of any Additional Closing Date, as the case may be, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;&nbsp;<U>provided</U>&nbsp;that
the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with
the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) Each Issuer Free
Writing Prospectus, at the time of filing with the Commission, complied or will comply in all material respects with the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) The Company
has filed, or will file, with the Commission, within the time period specified in Rule 433(d) under the Securities Act, any Free Writing
Prospectus it is required to file pursuant to Rule 433(d) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv) Except for the
Issuer Free Writing Prospectuses, if any, set forth in Schedule II hereto and electronic road shows, if any, each furnished to the Underwriter
before first use, the Company has not used, authorized the use of, referred to or participated in the planning for use of, and will not,
without the prior consent of the Underwriter, use, authorize the use of, refer to or participate in the planning for use of, any Free
Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Testing-the-Waters
Communications</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">The Company has not
(x) alone engaged in any Testing-the-Waters Communication and (y) authorized anyone to engage in Testing-the-Waters Communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>No Other
Disclosure Materials</U>. Other than the Registration Statement, the Pricing Disclosure Package, the Final Prospectus and the Road Show,
the Company (including its agents and representatives, other than the Underwriter, as to which no representation or warranty is given)
has not, directly or indirectly, distributed, prepared, used, authorized, approved or referred to, and will not distribute, prepare, use,
authorize, approve or refer to, any offering material in connection with the offering and sale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>Ineligible
Issuer</U>. At the time of filing of the registration statement on Form S-1 (File No. 333-269419) registering the offer and sale of the
Securities submitted to the Commission on January 26, 2023 and any amendment thereto and at the date hereof, the Company was not and is
not an &ldquo;ineligible issuer&rdquo; (as defined in Rule 405 under the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Emerging
Growth Company</U>. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier,
the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication)
through the date hereof, the Company has been and is an Emerging Growth Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Due
Authorization</U>. The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and
the underwriter&rsquo;s warrant agreement (the &ldquo;Underwriter&rsquo;s Warrant Agreement&rdquo;) and the consummation by it of the
transactions contemplated hereby and thereby has been duly and validly taken<B>.</B></P>

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


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Underwriting
Agreement</U>. This Agreement and the Underwriter&rsquo;s Warrant Agreement have been duly authorized, executed and delivered by the Company
and each, assuming the due authorization, execution and delivery by the other parties hereto and thereto, constitutes a valid and legally
binding agreement of the Company, enforceable in accordance with its terms, except as (i) the enforcement hereof may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of
creditors or by general equitable principles (whether considered in a proceeding at law or in equity) relating to enforceability and (ii)
rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>No Material
Adverse Change</U>. Except as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus
(in each case exclusive of any amendment or supplement thereto), since the date of the most recent financial statements included in the
Registration Statement, the Pricing Disclosure Package and the Final Prospectus: (i) there has been no material adverse change, or any
development that would result in a material adverse change, in or affecting the condition (financial or otherwise), earnings, business,
properties, management, financial position, stockholders&rsquo; equity, or results of operations, whether or not arising from transactions
in the ordinary course of business, of the Company and its subsidiaries, considered as one entity; (ii) there has been no change in the
share capital of the Company (other than (A) the issuance of Shares upon the exercise or settlement (including any &ldquo;net&rdquo; or
&ldquo;cashless&rdquo; exercises or settlements) of stock options, restricted share units or warrants described as outstanding, (B) the
grant of options and awards under existing equity incentive plans, (C) the repurchase of Common stock by the Company, which were issued
pursuant to the early exercise of stock options by option holders and are subject to repurchase by the Company, in each case, as described
in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus), or material change in the short-term debt or
long-term debt of the Company or any of its subsidiaries, considered as one entity, or (D) any of the Shares issuable under certain simple
agreements for future equity, as disclosed in the Registration Statement; and (iii) the Company and its subsidiaries, considered as one
entity, have not incurred any material liability or obligation, indirect, direct or contingent (whether or not in the ordinary course
of business); nor entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the
Company and its subsidiaries, considered as one entity; and (iv) there has been no dividend or distribution of any kind declared, set
aside for payment, paid or made by the Company or, except for dividends paid to the Company or other subsidiaries of the Company, any
of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries of any class of
capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Organization
and Good Standing of the Company and its Subsidiaries</U>. The Company and each of its subsidiaries have been duly organized and are validly
existing and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and
are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such qualification, and have all power and authority (corporate and other) necessary to own, lease or hold their respective
properties and to conduct the businesses in which they are engaged as described in the Registration Statement, the Pricing Disclosure
Package and the Final Prospectus, except where the failure to be in good standing, to be so qualified or to have such power or authority
would not, individually or in the aggregate, have a material adverse effect on the condition (financial or otherwise), earnings, business,
properties, management, financial position, stockholders&rsquo; equity, or results of operations of the Company and its subsidiaries,
considered as one entity, or adversely affect the performance by the Company of its obligations under this Agreement (a&nbsp;<B><I>&ldquo;Material
Adverse Effect&rdquo;</I></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Capitalization</U>.
The capitalization of the Company is as set forth in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus
under the heading &ldquo;Capitalization&rdquo;. All of the outstanding shares of the Company have been duly authorized and validly issued
and are fully paid and non-assessable. The Securities and the Underwriter&rsquo;s Securities (as defined in Section 3(b)(vi)) have been
duly authorized and, when issued and paid for as contemplated herein, will be validly issued, fully paid and non-assessable; the holders
thereof are not and will not be subject to personal liability by reason of being such holders; the Securities and the Underwriter&rsquo;s
Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual
rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Securities
and the Underwriter&rsquo;s Securities has been duly and validly taken. When paid for and issued in accordance with the Underwriter&rsquo;s
Warrant Agreement, the Underlying Shares will be validly issued, fully paid and non-assessable; the holders thereof are not and will not
be subject to personal liability by reason of being such holders; the Underlying Shares are not and will not be subject to the preemptive
rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required
to be taken for the authorization, issuance and sale of the Underwriter&rsquo;s Warrant Agreement has been duly and validly taken. None
of the outstanding shares of the Company were issued in violation of any preemptive rights, rights of first refusal or other similar rights
to subscribe for or purchase securities of the Company. Except as disclosed in the Registration Statement, the Pricing Disclosure Package
and the Final Prospectus, there are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other
rights to acquire, or instruments convertible into or exchangeable or exercisable for, any shares of, or other equity interest in, the
Company or any of its subsidiaries. All of the outstanding shares of, or other equity interest in, each of the Company&rsquo;s subsidiaries
(i) have been duly authorized and validly issued, (ii) are fully paid and non-assessable and (iii) are owned by the Company, directly
or through the Company&rsquo;s subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, charge, claim
or restriction on voting or transfer.</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Stock
Plans</U>. With respect to the stock options (the&nbsp;<B><I>&ldquo;Stock Options&rdquo;</I></B>) granted pursuant to the stock-based
compensation plans of the Company and its subsidiaries (the&nbsp;<B><I>&ldquo;Company Stock Plans&rdquo;</I></B>), (i) each Stock Option
intended to qualify as an &ldquo;incentive stock option&rdquo; under Section 422 of the Internal Revenue Code of 1986, as amended (the&nbsp;<B><I>&ldquo;Code&rdquo;</I></B>),
so qualifies, (ii) each grant of a Stock Option was duly authorized by all necessary corporate action, including, as applicable, approval
by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval
by the necessary number of votes or written consents, and the award agreement governing such grant (if any), to the Company&rsquo;s knowledge,
was duly executed and delivered by each party thereto, (iii) each such grant was made in all material respects in accordance with the
terms of the Company Stock Plans, and (iv) each such grant was properly accounted for in accordance with the United States General Accepted
Accounting Principles (&ldquo;<B><I>GAAP</I></B>&rdquo;) in the financial statements (including the related notes) of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>No Violation
or Default</U>. Neither the Company nor any of its subsidiaries is: (i) in violation of its articles of association, by-laws or similar
organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such
a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage,
deed of trust, loan agreement, contract, undertaking or other agreement or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any property, right or asset of the Company or any
of its subsidiaries is subject; or (iii) in violation of any law or statute applicable to the Company or any of its subsidiaries or any
judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having jurisdiction over the Company
or any of its subsidiaries, or any of their respective properties or assets, except, in the case of clauses (ii) and (iii) above, for
any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>No Conflicts</U>.
None of (i) the execution, delivery and performance of this Agreement by the Company, (ii) the issuance, sale and delivery of the Securities,
(iii) the application of the proceeds of the offering as described under &ldquo;Use of Proceeds&rdquo; in the Registration Statement,
the Pricing Disclosure Package and the Final Prospectus, or (iv) the consummation of the transactions contemplated herein will: (x) result
in any violation of the terms or provisions of the charter, by-laws or similar organizational documents of the Company or any of its subsidiaries;
(y) conflict with, result in a breach or violation of, or require the approval of stockholders, members or partners or any approval or
consent of any persons under, any of the terms or provisions of, constitute a default under, result in the termination, modification,
or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the
Company or any of its subsidiaries pursuant to, any material indenture, mortgage, deed of trust, loan agreement, note agreement, contract,
undertaking or other material agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries
is a party or by which the Company or any of its subsidiaries is bound or to which any property, right or asset of the Company or any
of its subsidiaries is subject; or (z) result in the violation of any law, statute, judgment, order, rule, decree or regulation applicable
to the Company or any of its subsidiaries of any court, arbitrator, governmental or regulatory authority, agency or body having jurisdiction
over the Company or any of its subsidiaries or any of their respective properties or assets, which would have a Material Adverse Effect
on the Company or any of its subsidiaries.</P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;<U>No Consents
Required</U>. No consent, approval, authorization, order, filing, registration, license or qualification of or with any court, arbitrator,
or governmental or regulatory authority, agency, or body is required for (i) the execution, delivery and performance by the Company of
this Agreement; (ii) the issuance, sale and delivery of the Securities; or (iii) the consummation of the transactions contemplated herein,
except for such consents, approvals, authorizations, orders, filings, registrations or qualifications as (x) have already been obtained
or made and are still in full force and effect, (y) may be required by FINRA and Nasdaq, and (z) may be required under applicable state
securities laws in connection with the purchase, distribution and resale of the Securities by the Underwriter<B>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;<U>Independent
Accountants</U>. BF Borgers, CPA, PC, which expressed its opinion with respect to the financial statements (which term as used in this
Agreement includes the related notes thereto) and supporting schedules included in the Registration Statement, the Pricing Disclosure
Package and the Final Prospectus, is an independent registered public accounting firm with respect to the Company and its subsidiaries
within the meaning of the rules and regulations of the Commission and the Public Company Accounting Oversight Board and as required by
the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)&nbsp;<U>Financial
Statements and Other Financial Data</U>. The financial statements (including the related notes thereto), together with the supporting
schedules, included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus comply in all material respects
with the applicable requirements of the Securities Act and present fairly in all material respects the financial position of the entities
to which they relate as of and at the dates indicated and the results of their operations and cash flows for the periods specified. Such
financial statements, notes and schedules have been prepared in conformity with GAAP applied on a consistent basis throughout the periods
involved, except as may be expressly stated in the notes thereto. The financial data set forth in the Registration Statement, the Pricing
Disclosure Package and the Final Prospectus under the captions &ldquo;Capitalization&rdquo; present fairly in all material respects the
information set forth therein on a basis consistent with that of the audited financial statements included in the Registration Statement,
the Pricing Disclosure Package and the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)&nbsp;<U>Statistical
and Market-Related Data</U>. The statistical and market-related data included in the Registration Statement, the Pricing Disclosure Package
and the Final Prospectus are based on or derived from sources that the Company reasonably and in good faith believes to be accurate and
reliable in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Forward-Looking
Statements</U>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) included in the Registration Statement, the Pricing Disclosure Package or the Final Prospectus has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)&nbsp;<U>Legal
Proceedings</U>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (i) there
are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively,&nbsp;<B><I>&ldquo;Actions&rdquo;</I></B>)
pending to which the Company or any of its subsidiaries is or may be a party or to which any property, right or asset of the Company or
any of its subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to the Company or any
of its subsidiaries, would have a Material Adverse Effect; and (ii) to the knowledge of the Company, no such Actions are threatened or
contemplated by any governmental or regulatory authority or by others that, individually or in the aggregate, if determined adversely
to the Company or any of its subsidiaries, would have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;<U>Labor
Disputes</U>. No labor disturbance by or dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge
of the Company, is threatened or contemplated that would, individually or in the aggregate, have a Material Adverse Effect.</P>

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


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)&nbsp;<U>Intellectual
Property Rights</U>. (i) The Company and its subsidiaries own or have the right to use all patents, patent applications, trademarks, service
marks, trade names, and other source indicators and registrations and applications for registration thereof, domain name registrations,
copyrights and registrations and applications for registration thereof, technology and know-how, trade secrets, and all other intellectual
property and related proprietary rights (collectively,&nbsp;<B><I>&ldquo;Intellectual Property Rights&rdquo;</I></B>) necessary to conduct
their respective businesses in all material respects; (ii) other than as disclosed in the Prospectus, neither the Company nor any of its
subsidiaries has received any notice of infringement, misappropriation or other conflict with (and neither the Company nor any of its
subsidiaries is otherwise aware of any infringement, misappropriation or other conflict with) the Intellectual Property Rights of any
other person, except for such infringement, misappropriation or other conflict as would not have a Material Adverse Effect; and (iii)
to the knowledge of the Company, the Intellectual Property Rights of the Company and its subsidiaries are not being infringed, misappropriated
or otherwise violated by any person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)&nbsp;<U>Licenses
and Permits</U>. (i) The Company and its subsidiaries possess such valid and current certificates, authorizations, approvals, licenses
and permits (collectively,&nbsp;<B><I>&ldquo;Authorizations&rdquo;</I></B>) issued by, and have made all declarations, amendments, supplements
and filings with, the appropriate state, federal or foreign regulatory agencies or bodies necessary to own, lease and operate their respective
properties and to conduct their respective businesses as set forth in the Registration Statement, the Pricing Disclosure Package and the
Final Prospectus; (ii) all such Authorizations are valid and in full force and effect and the Company and its subsidiaries are in compliance
with the terms and conditions of all such Authorizations; and (iii) neither the Company nor any of its subsidiaries has received notice
of any revocation, termination or modification of, or non-compliance with, any such Authorization or has any reason to believe that any
such Authorization will not be renewed in the ordinary course, except where, in the case of clauses (i), (ii) and (iii), the failure to
possess, make or obtain such Authorizations (by possession, declaration or filing) would not, individually or in the aggregate, have a
Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa)&nbsp;<U>Title
to Property</U>. Neither the Company nor any of its subsidiaries own any real property. The Company and its subsidiaries have good and
marketable title in fee simple to, or have valid and enforceable rights to lease or otherwise use, all items of personal property (other
than with respect to Intellectual Property Rights, which is addressed exclusively in Section 1(y)) that are material to the respective
businesses of the Company and its subsidiaries, in each case, free and clear of all liens, encumbrances, claims, and defects and imperfections
of title, except such liens, encumbrances, claims, defects and imperfections as (i) are disclosed in the Registration Statement, the Pricing
Disclosure Package and the Final Prospectus, or (ii) do not materially affect the value of such property and do not materially interfere
with the use made or proposed to be made of such property by the Company and its subsidiaries. The Company and its subsidiaries have good
and marketable title in fee simple to, or have valid and enforceable rights to lease or otherwise use, all items of real and personal
property that are material to the respective businesses of the Company and its subsidiaries, in each case, free and clear of all liens,
encumbrances, claims and defects and imperfections of title, except such liens, encumbrances, claims, defects and imperfections as (i)
are disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, or (ii) do not materially affect
the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company and
its subsidiaries. All items of real and personal property held under lease by the Company and its subsidiaries are held under valid, subsisting
and enforceable leases, with such exceptions as do not materially interfere with the use made or proposed to be made of such property
by the Company and its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bb)&nbsp;<U>Taxes</U>.
The Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the
date hereof or have timely requested extensions thereof and have paid all taxes required to be paid thereon (except as currently being
contested in good faith and for which reserves required by GAAP have been created in the financial statements of the Company). The charges,
accruals and reserves in respect of any income and other tax liability in the financial statements of the Company referred to in Section
1(t) are adequate, in accordance with GAAP principles, to meet any assessments for any taxes of the Company accruing through the end of
the last period specified in such financial statements.</P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(cc)&nbsp;<U>Investment
Company Act</U>. Neither the Company nor any of its subsidiaries is or, after giving effect to the offer and sale of the Securities and
the application of the proceeds therefrom as described under &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Pricing
Disclosure Package and the Final Prospectus, will be required to register as an &ldquo;investment company&rdquo; (as defined in the Investment
Company Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(dd)&nbsp;<U>Insurance</U>.
The Company carries or is entitled to the benefits of insurance, with reputable insurers, and in such amounts and covering such risks
which the Company believes are reasonably adequate, and all such insurance is in full force and effect. The Company has no reason to believe
that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable or
new coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that
would not reasonably be expected to result in a Material Adverse Effect. The Company and its subsidiaries are in compliance with the terms
of such policies in all material respects; neither the Company nor any of its subsidiaries has received notice from any insurer or agent
of such insurer that capital improvements or other expenditures (other than premiums) are required to be made in order to continue such
insurance; and neither the Company nor any of its subsidiaries has been refused any insurance coverage sought or applied for. There are
no claims by the Company or any of its subsidiaries under any such policy as to which any insurer is denying liability or defending under
a reservation of rights clause.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ee)&nbsp;<U>No
Stabilization or Manipulation</U>. None of the Company, its Affiliates or any person acting on its or any of their behalf (other than
the Underwriter, as to which no representation or warranty is given) has taken, directly or indirectly, any action 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 securities
of the Company. The Company acknowledges that the Underwriter may engage in passive market making transactions in the Common stock on
the Nasdaq Capital Market (the&nbsp;<B><I>&ldquo;Exchange&rdquo;</I></B>) in accordance with Regulation M under the Exchange Act (<B><I>&ldquo;Regulation
M&rdquo;</I></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ff)&nbsp;<U>Compliance
with the Sarbanes-Oxley Act</U>. The Company will implement such programs and taken reasonable steps to ensure the Company&rsquo;s compliance
(not later than the relevant statutory and regulatory deadlines therefor) with all of the applicable provisions of the Sarbanes-Oxley
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(gg)&nbsp;<U>Accounting
Controls</U>. The Company and its subsidiaries maintain a system of internal accounting controls designed to provide reasonable assurance
that: (i) transactions are executed in accordance with management&rsquo;s general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access
to assets is permitted only in accordance with management&rsquo;s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Other than as disclosed in the Registration Statement, since the date of the most recent balance sheet included in the Registration Statement,
the Pricing Disclosure Package and the Final Prospectus, (x) the Company&rsquo;s auditors have not been advised of (A) any new significant
deficiencies or material weaknesses in the design or operation of the internal control over financial reporting of the Company and its
subsidiaries which could adversely affect the Company&rsquo;s ability to record, process, summarize, and report financial data; or (B)
any fraud, whether or not material, that involves management or other employees who have a role in the internal control over financial
reporting of the Company or its subsidiaries; and (y) there have been no significant changes in the internal control over financial reporting
of the Company or its subsidiaries or in other factors that could significantly affect, such internal control over financial reporting,
since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Final
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(hh)&nbsp;<U>Disclosure
Controls and Procedures</U>. The Company has developed and currently maintains disclosure controls and procedures that will comply with
Rule 13a-15 or 15d-15 under the Exchange Act Regulations applicable to it, and such controls and procedures are effective to ensure that
all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation
of the Company&rsquo;s Exchange Act filings and other public disclosure documents.</P>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(jj)&nbsp;<U>Compliance
with Environmental Laws</U>. The Company and each of its subsidiaries (i) are, and at all times prior hereto were, in compliance with
all Environmental Laws (as defined below) applicable to such entity, which compliance includes, without limitation, obtaining, maintaining
and complying with all permits and authorizations and approvals required by Environmental Laws to conduct their respective businesses;
and (ii) have not received notice or otherwise have knowledge of any actual or alleged violation of Environmental Laws, or of any actual
or potential liability for or other obligation concerning the presence, disposal or release of hazardous or toxic substances or wastes,
pollutants or contaminants, and, except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus,
(x) there are no proceedings that are pending, or known to be contemplated, against the Company or any of its subsidiaries under Environmental
Laws, other than such proceedings regarding which would not, individually or in the aggregate, have a Material Adverse Effect; and (y)
none of the Company or any of its subsidiaries is aware of any issues regarding compliance with Environmental Laws, including any pending
or proposed Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances
or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect on the capital expenditures, earnings
or competitive position of the Company and its subsidiaries; and (z) none of the Company or any of its subsidiaries currently anticipates
material capital expenditures relating to Environmental Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">As used herein, the
term&nbsp;<B><I>&ldquo;Environmental Laws&rdquo;</I></B>&nbsp;means any laws, regulations, ordinances, rules, orders, judgments, decrees,
permits or other legal requirements of any governmental authority, including, without limitation, any international, foreign, national,
state, provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment, or
natural resources, or to the use, handling, storage, manufacturing, transportation, treatment, discharge, disposal or release of hazardous
or toxic substances or wastes, pollutants or contaminants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ll)&nbsp;<U>Related
Party Transactions</U>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, no
relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors,
officers, stockholders, other Affiliates, customers or suppliers of the Company or any of its subsidiaries, on the other hand, that would
be required by the Securities Act to be described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(mm)&nbsp;<U>No
Unlawful Contributions or Other Payments</U>. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries
has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government or regulatory official or employee; (iii) made
any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision
of (y) the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the&nbsp;<B><I>&ldquo;FCPA&rdquo;</I></B>),
or (z) any non-U.S. anti-bribery or anti-corruption statute or regulation. The Company and its subsidiaries will institute and maintain
and enforce policies and procedures designed to comply with all applicable anti-bribery and anti-corruption laws, not later than the relevant
statutory and regulatory deadlines therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(nn)&nbsp;<U>Compliance
with Anti-Money Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with all applicable financial recordkeeping and reporting requirements, the applicable anti-money laundering statutes of all jurisdictions
where the Company or any of its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the&nbsp;<B><I>&ldquo;Anti-Money
Laundering Laws&rdquo;</I></B>); and no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge
of the Company, threatened.</P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(oo)&nbsp;<U>Compliance
with OFAC</U>. Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
or Affiliate of the Company or any of its subsidiaries is an individual or entity (an &ldquo;<B>OFAC Person</B>&rdquo;), or is owned or
controlled by an OFAC Person, that is currently the subject or target of any sanctions administered or enforced by the U.S. government
(including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department (<B><I>&ldquo;OFAC&rdquo;</I></B>)
or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated national&rdquo; or
&ldquo;blocked person&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant
sanctions authority (collectively,&nbsp;<B><I>&ldquo;Sanctions&rdquo;</I></B>), nor is the Company or any of its subsidiaries located,
organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Crimea,
Cuba, Iran, North Korea, Sudan and Syria (each, a&nbsp;<B><I>&ldquo;Sanctioned Country&rdquo;</I></B>); and the Company will not directly
or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other OFAC Person (i) to fund or facilitate any activities of or business with any OFAC Person that, at the time of
such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities or business in any
Sanctioned Country or (iii) in any other manner that will result in a violation by any OFAC Person (including any OFAC Person participating
in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since the Company&rsquo;s inception, the Company
and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any OFAC Person
that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(pp)&nbsp;<U>No
Registration Rights</U>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, there
are no contracts, agreements or understandings between the Company or any of its subsidiaries, on the one hand, and any person, on the
other hand, granting such person any rights (except for any such rights that have been waived) to require the Company or any of its subsidiaries
to file a registration statement under the Securities Act with respect to any securities of the Company or any of its subsidiaries owned
or to be owned by such person or to require the Company or any of its subsidiaries to include such securities in any securities to be
registered pursuant to any registration statement to be filed by the Company or any of its subsidiaries under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(qq)&nbsp;<U>Subsidiaries</U>.
The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries
listed in Schedule III attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(rr)&nbsp;<U>No
Restrictions on Subsidiaries</U>. No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends
to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock or similar ownership interest, from repaying
to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s properties
or assets to the Company or any other subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ss)&nbsp;<U>No
Broker&rsquo;s Fees</U>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, neither
the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement)
that would give rise to a valid claim against any of them or the Underwriter for a brokerage commission, finder&rsquo;s fee or like payment
in connection with the offering and sale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(tt)&nbsp;<U>Exchange
Listing</U>. Subject to notice of issuance, the Firm Shares and the Option Shares have been approved for listing on the Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Any certificate signed by
an officer of the Company and delivered to the Underwriter or to counsel for the Underwriter shall be deemed to be a representation and
warranty by the Company to the Underwriter as to the matters set forth therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;<U>Representations
and Warranties of the Underwriter</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriter represents
and warrants to, and agrees with, the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>No Testing-the-Waters
Communications</U>. The Underwriter has not (i) alone engaged in any Testing-the-Waters Communication and (ii) authorized anyone to engage
in Testing-the-Waters Communications. The Underwriter has not distributed, or authorized anyone else to distribute, any Written Testing-the-Waters
Communications.</P>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;<U>Purchase and Resale</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Agreements
to Sell and Purchase</U>. On the basis of the representations, warranties and covenants herein and subject to the conditions herein and
any adjustments made in accordance with Section 3(c) and 13 hereof,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) The Company agrees
to issue and sell the Firm Shares to the Underwriter; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) The Underwriter
agrees to purchase from the Company the number of Firm Shares set forth on Schedule I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) The Firm Shares
are to be offered initially to the public at the offering price set forth on the cover page of the Final Prospectus. (the &ldquo;Public
Offering Price&rdquo;). The purchase price per Firm Share to be paid by the Underwriter to the Company shall be $9.40&nbsp;per share (representing
94.0% of the Public Offering Price).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv) Payment for the
Firm Shares (the&nbsp;<B><I>&ldquo;</I>Firm Shares Payment&rdquo;</B>) shall be made by wire transfer in immediately available funds to
the accounts specified by the Company to the Underwriter at the offices of Kaufman &amp; Canoles, P.C. at 10:00 a.m., ET, on August 3,
2023 or at such other place on the same or such other date and time, not later than the fifth Business Days thereafter, as the Underwriter
and the Company may agree upon in writing (the&nbsp;<B>&ldquo;Closing Date<I>&rdquo;</I></B>). The Firm Shares Payment shall be made against
delivery of the Firm Shares to be purchased on the Closing Date to the Underwriter for the respective accounts of the Underwriter, with
any transfer taxes, stamp duties and other similar taxes payable in connection with the sale of the Firm Shares duly paid by the Company.
Delivery of the Firm Shares shall be made through the facilities of DTC, unless the Underwriter shall otherwise instruct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Over-Allotment
Option</U>. On the basis of the representations, warranties and covenants herein and subject to the conditions herein,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) the Underwriter
is hereby granted an option (the &ldquo;Over-Allotment Option&rdquo;) to purchase, in the aggregate, up to 131,599 additional shares of
Common Stock, representing 15.0% of the Common Stock sold in the offering from the Company (the &ldquo;<B>Option Shares</B>&rdquo;&nbsp;as
applicable) The purchase price to be paid per Option Share shall be equal to the price per Firm Share set forth in Section 3(a) hereof.
The Over-allotment Option is, at the Underwriters&rsquo; sole discretion, for Option Shares. The offering and sale of the Securities is
herein referred to as the &ldquo;<B>Offering</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) upon an exercise
of the Over-Allotment Option and subject to the terms and conditions herein, the Company agrees to issue and sell the Option Shares to
the Underwriter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) The Underwriter
may exercise the Over-Allotment Option at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day following
the Closing Date, by written notice from the Underwriter to the Company (the&nbsp;<B><I>&ldquo;Over-Allotment Exercise Notice&rdquo;</I></B>).
The Underwriter must give the Over-Allotment Exercise Notice to the Company at least two Business Days prior to the Closing Date or the
applicable Additional Closing Date, as the case may be. The Underwriter may cancel any exercise of the Over-Allotment Option at any time
prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv) The Over-Allotment
Exercise Notice shall set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(A) the aggregate
number of Option Shares as to which the Over-Allotment Option is being exercised;</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(B) the purchase
price for the Option Shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(C) the names and
denominations in which the Option Shares are to be registered; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(D) the applicable
Additional Closing Date, which may be the same date and time as the Closing Date but shall not be earlier than the Closing Date nor later
than the tenth (10th) full Business Day after the date of the Over-Allotment Exercise Notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v) Payment for the
Option Shares (the&nbsp;<B><I>&ldquo;Option Shares Payment&rdquo;</I></B>) shall be made by wire transfer in immediately available funds
to the accounts specified by the Company to the Underwriter at the offices of Kaufman &amp; Canoles, P.C. at 10:00 a.m. ET on the date
specified in the corresponding Over-Allotment Exercise Notice, or at such other place on the same or such other date and time, not later
than the fifth Business Day thereafter, as the Underwriter and the Company may agree upon in writing (an&nbsp;<B><I>&ldquo;Additional
Closing Date&rdquo;</I></B>). The Option Shares Payment shall be made against delivery to the Underwriter for the respective accounts
of the Underwriter of the Option Shares to be purchased on any Additional Closing Date, with any transfer taxes, stamp duties and other
similar taxes payable in connection with the sale of the Option Shares duly paid by the Company. Delivery of the Option Shares shall be
made through the facilities of DTC unless the Underwriter shall otherwise instruct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi) As additional
compensation for the Underwriter&rsquo;s services, the Company shall issue to the Underwriter or its designees at the closing of the Offering
warrants (the&nbsp;<B><I>&ldquo;Underwriter&rsquo;s Warrant&rdquo;</I></B>) to purchase that number of the Company&rsquo;s Common stock
equal to 5.0% of the aggregate number of Common stock sold in the Offering. The Underwriter&rsquo;s Warrant will be exercisable at any
time and from time to time, in whole or in part, during the period commencing six months from the commencement of sales in the Offering
and ending four years and six months thereafter, at a price per share equal to 125.0% of the Public Offering Price per share of the Common
stock at the Offering. The Underwriter&rsquo;s Warrant and the shares issuable upon exercise thereof are sometimes hereinafter referred
to collectively as the&nbsp;<B><I>&ldquo;Underwriter&rsquo;s Securities</I></B>.<B><I>&rdquo;</I></B>&nbsp;The Underwriter understands
and agrees that there are restrictions pursuant to FINRA Rule 5110 against transferring the Underwriter&rsquo;s Warrant and the underlying
shares during the 180-day period after the commencement of sales of the Firm Shares in the Offering and by its acceptance thereof shall
agree that it and its respective designees, if any, will not, sell, transfer, assign, pledge or hypothecate their respective Underwriter&rsquo;s
Securities, or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of such securities for a period of 180 days following the commencement of sales of the Firm Shares
in the Offering to anyone other than (A) an Underwriter or a selected dealer in connection with the Offering, or (B) a bona fide officer
or partner of the Underwriter or selected dealer; and only if any such transferee agrees to the foregoing lock-up restrictions. Delivery
of the executed Underwriter&rsquo;s Warrant Agreement shall be made on the Closing Date and the Underwriter&rsquo;s Warrant shall be issued
in the name or names and in such authorized denominations as the Underwriter may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Public
Offering</U>. The Company understands that the Underwriter intends to make a public offering of the Common stock as soon after the effectiveness
of this Agreement as in the judgment of the Underwriter is advisable, and initially to offer the Common stock on the terms set forth in
the Final Prospectus. The Company acknowledges and agrees that the Underwriter may offer and sell Common stock to or through any Affiliate
of an Underwriter.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;<U>Covenants of the
Company</U>. The Company hereby covenants and agrees with the Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Filings
with the Commission</U>. The Company will:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) prepare and file
the Final Prospectus (in a form approved by the Underwriter and containing the Rule 430A Information) with the Commission in accordance
with and within the time periods specified by Rules 424(b) and 430A under the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) file any Issuer
Free Writing Prospectus with the Commission to the extent required by Rule 433 under the Securities Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) file with the
Commission such reports as may be required by Rule 463 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Notice
to the Underwriter</U>. The Company will advise the Underwriter promptly, and confirm such advice in writing:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) when the Registration
Statement has become effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) when the Final
Prospectus has been filed with the Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) when any amendment
to the Registration Statement has been filed or becomes effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv) when any Rule
462(b) Registration Statement has been filed with the Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v) when any supplement
to the Final Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication or any amendment to the Final
Prospectus has been filed or distributed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi) of (x) any request
by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Final Prospectus, (y) the receipt
of any comments from the Commission relating to the Registration Statement or (z) any other request by the Commission for any additional
information, including, but not limited to, any request for information concerning any Testing-the-Waters Communication;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii) of (x) the issuance
by the Commission of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of the Registration
Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus or any
Written Testing-the-Waters Communication or (y) the initiation or, to the knowledge of the Company, threatening of any proceeding for
that purpose or pursuant to Section 8A of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii) of the occurrence
of any event or development within the Prospectus Delivery Period as a result of which, the Final Prospectus, the Pricing Disclosure Package,
any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication as then amended or supplemented would include any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Final Prospectus, the Pricing Disclosure Package, any such Issuer Free Writing Prospectus or any such Written Testing-the-Waters
Communication is delivered to a purchaser, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix) of the issuance
by any governmental or regulatory authority or any order preventing or suspending the use of any of the Registration Statement, the Pricing
Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus or any Testing-the-Waters Communication
or the initiation or threatening for that purpose; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x) of the receipt
by the Company of any notice with respect to any suspension of the qualification of the Common stock for offer and sale in any jurisdiction
or the initiation or, to the knowledge of the Company, threatening of any proceeding for such purpose.&nbsp;</P>

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


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Ongoing
Compliance</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) If during the
Prospectus Delivery Period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(A) any event or
development shall occur or condition shall exist as a result of which the Final Prospectus as then amended or supplemented would include
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances existing when the Final Prospectus is delivered to a purchaser, not misleading, the Company will, as soon as reasonably
possible, notify the Underwriter thereof and forthwith prepare and, subject to Section 4(d) hereof, file with the Commission and furnish,
at its own expense, to the Underwriter and to such dealers as the Underwriter may designate such amendments or supplements to the Final
Prospectus as may be necessary so that the statements in the Final Prospectus as so amended or supplemented will not, in the light of
the circumstances existing when the Final Prospectus is delivered to a purchaser, be misleading; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(B) it is necessary
to amend or supplement the Final Prospectus to comply with applicable law, the Company will, as soon as reasonably possible, notify the
Underwriter thereof and forthwith prepare and, subject to Section 4(d) hereof, file with the Commission and furnish, at its own expense,
to the Underwriter and to such dealers as the Underwriter may designate such amendments or supplements to the Final Prospectus as may
be necessary so that the Final Prospectus will comply with applicable law; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) if at any time
prior to the Closing Date or any Additional Closing Date, as the case may be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(A) any event or
development shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading, the Company
will immediately notify the Underwriter thereof and forthwith prepare and, subject to Section 4(e) hereof, file with the Commission (to
the extent required) and furnish, at its own expense, to the Underwriter and to such dealers as the Underwriter may designate such amendments
or supplements to the Pricing Disclosure Package as may be necessary so that the statements in the Pricing Disclosure Package as so amended
or supplemented will not, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser,
be misleading; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">(B) it is necessary
to amend or supplement the Pricing Disclosure Package to comply with applicable law, the Company will immediately notify the Underwriter
thereof and forthwith prepare and, subject to Section 4(d) hereof, file with the Commission (to the extent required) and furnish, at its
own expense, to the Underwriter and to such dealers as the Underwriter may designate such amendments or supplements to the Pricing Disclosure
Package as may be necessary so that the Pricing Disclosure Package will comply with applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Amendments,
Supplements and Issuer Free Writing Prospectuses</U>. Before (i) using, authorizing, approving, referring to, distributing or filing any
Issuer Free Writing Prospectus, (ii) filing (x) any Rule 462(b) Registration Statement or (y) any amendment or supplement to the Registration
Statement or the Final Prospectus, or (iii) distributing any amendment or supplement to the Pricing Disclosure Package or the Final Prospectus,
the Company will furnish to the Underwriter and counsel for the Underwriter a copy of the proposed Issuer Free Writing Prospectus, Rule
462(b) Registration Statement or other amendment or supplement for review and will not use, authorize, refer to, distribute or file any
such Issuer Free Writing Prospectus or Rule 462(b) Registration Statement, or file or distribute any such proposed amendment or supplement
(A) to which the Underwriter reasonably objects in a timely manner and (B) which is not in compliance with the Securities Act. The Company
will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed
with the Commission in accordance with Rule 433 under the Securities Act.</P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Delivery
of Copies</U>. The Company will, upon request of the Underwriter, deliver, without charge, (i) to the Underwriter, three signed copies
of the Registration Statement as originally filed and each amendment thereto, in each case, including all exhibits and consents filed
therewith; and (ii) to the Underwriter (A) a conformed copy of the Registration Statement as originally filed and each amendment thereto
(without exhibits and consents) and (B) during the Prospectus Delivery Period, as many copies of the Final Prospectus (including all amendments
and supplements thereto and each Issuer Free Writing Prospectus) as the Underwriter may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Emerging
Growth Company Status</U>. The Company will promptly notify the Underwriter if the Company ceases to be an Emerging Growth Company at
any time prior to the later of (i) completion of the distribution of the Common stock within the meaning of the Securities Act and (ii)
completion of the Lock-Up Period (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Blue
Sky Compliance</U>. The Company will use its best commercially reasonable efforts, with the Underwriter&rsquo;s cooperation, if necessary,
to qualify or register (or to obtain exemptions from qualifying or registering) the Securities and the Underwriter&rsquo;s Securities
for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Underwriter shall reasonably request and will use
its reasonable best efforts, if necessary, to continue such qualifications, registrations and exemptions in effect so long as required
for the distribution of the Securities and the Underwriter&rsquo;s Securities;&nbsp;<U>provided</U>&nbsp;that the Company shall not be
required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would
not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject
itself to taxation in any such jurisdiction if it is not otherwise so subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>Earning
Statement</U>. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available
to its security holders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriter the benefits
contemplated by, Rule 158(a) under Section 11(a) of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Use
of Proceeds</U>. The Company shall apply the net proceeds from the sale of the Securities in the manner described under the caption &ldquo;Use
of Proceeds&rdquo; in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Clear
Market</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) For a period of
180 days after the date of the Closing Date (the&nbsp;<B><I>&ldquo;Lock-Up Period&rdquo;</I></B>), the Company will not (x) 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, or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the
Securities Act relating to, any Common stock or any securities convertible into or exercisable or exchangeable for Common stock, or publicly
disclose the intention to make any offer, sale, pledge, disposition or filing, or (y) enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the Common stock or any such other securities, whether any such
transaction described in clause (x) or (y) above is to be settled by delivery of Common stock or such other securities, in cash or otherwise,
without the prior written consent of the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) The restrictions
contained in Section 4(j)(i) hereof shall not apply to: (A) the Securities, (B) any warrants to be issued by the Company in connection
with the Offering or Common stock issued under Company Stock Plans or warrants issued by the Company, in each case, described as outstanding
in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (C) any options and other awards granted under
a Company Stock Plan as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (D) the filing
by the Company of any registration statement on Form S-8 or a successor form thereto relating to a Company Stock Plan described in the
Registration Statement, the Pricing Disclosure Package and the Final Prospectus and (E) Common stock or other securities issued in connection
with a transaction with an unaffiliated third party that includes a bona fide commercial relationship (including joint ventures, marketing
or distribution arrangements, collaboration agreements or intellectual property license agreements) or any acquisition of assets or acquisition;&nbsp;(x)
the recipient of any such Common stock or other securities issued or granted pursuant to clauses (B), (C)) and (E) during the Lock-Up
Period shall enter into an agreement substantially in the form of Exhibit A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) If the Underwriter,
in its sole discretion, agrees to release or waive the restrictions set forth in any Lock-Up Agreement and provides the Company with notice
of the impending release or waiver substantially in the form of Exhibit B hereto at least three Business Days before the effective date
of the release or waiver, then the Company agrees to announce the impending release or waiver by a press release substantially in the
form of Exhibit C hereto through a major news service at least two Business Days before the effective date of the release or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>No Stabilization
or Manipulation</U>. None of the Company, its Affiliates or any person acting on its or any of their behalf (other than the Underwriter,
as to which no covenant is given) will take, directly or indirectly, any action designed to or that constitutes or that would reasonably
be expected to cause or result in the stabilization or manipulation of the price of any securities of the Company. The Company acknowledges
that the Underwriter may engage in passive market making transactions in the Common stock on the Exchange in accordance with Regulation
M.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Investment
Company Act</U>. The Company shall not invest, or otherwise use the proceeds received by the Company from the sale of the Securities in
such a manner as would require the Company or any of its subsidiaries to register as an &ldquo;investment company&rdquo; (as defined in
the Investment Company Act) under the Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Transfer
Agent</U>. For the period of two years from the date of this Agreement, the Company shall engage and maintain, at its expense, a registrar
and transfer agent for the Common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Reports</U>.
For the period of two years from the date of this Agreement, the Company will furnish to the Underwriter, as soon as they are available,
copies of all reports or other communications (financial or other) furnished to holders of the Securities, and copies of any reports and
financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system;&nbsp;<U>provided</U>&nbsp;that
the Company will be deemed to have furnished such reports and financial statements to the Underwriter to the extent they are filed on
the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system.</P>

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


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Right
of First Refusal</U>. The Company agrees that, if, for the period beginning on the Closing Date of the offering and ending eighteen (18)
months after the commencement of sales of the offering (the &ldquo;ROFR Period&rdquo;); provided, however, that such ROFR Period shall
be automatically extended by an additional eighteen (18) months (for a total of thirty-six months after commencement of sales of the offering)
so long as the Underwriter is acting in good faith pursuant to the Agreement and is not otherwise in breach of any terms herein, the Company
or any of its subsidiaries: (i) decides to finance or refinance any indebtedness, the Underwriter (or any affiliate designated by the
Underwriter) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing
or refinancing; or (ii) decides to raise funds by means of a public offering (including at-the-market facility) or a private placement
or any other capital raising financing of equity, equity-linked or debt securities, the Underwriter (or any affiliate designated by the
Underwriter) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. For
the sake of clarity, the parties agree that the Underwriter shall be deemed to have acted in good faith pursuant to the Agreement so long
as the Underwriter is not in breach of any terms hereof, the Underwriter exercises good faith in connection with any engagements with
the Company during the ROFR Period, and the Company completes the offering. For the avoidance of doubt, the failure to grant any concession,
waiver or other request from the Company shall not be evidence of bad faith or breach. If the Underwriter or one of its affiliates decides
to accept such engagement, the agreement governing such engagement (each a&nbsp;<B><I>&ldquo;Subsequent Transaction Agreement&rdquo;</I></B>)
will contain, among other things, provisions for customary terms for transactions of similar size and nature, including, without limitation,
indemnification and fees, which shall be no less than those outlined herein, and the provisions of this Agreement, for any equity offering.
Notwithstanding the foregoing, the decision to accept the Company&rsquo;s engagement under this Section 4(o) as to any proposed transaction
shall be contingent upon (i) the Underwriter or one of its affiliates providing a written notice to the Company, within ten (10) calendar
days of the receipt of the Company&rsquo;s notification of its financing needs, which Company notification must be provided in writing
with delivery confirmation and include details regarding the size and all material terms of the proposed transaction, including a written
term sheet for the proposed transaction which shall include, without limitation, all commissions and other fees payable to the Underwriter
and thereafter and (ii) the Underwriter proceeding to work promptly and in good faith toward completion of such financing. If the Underwriter
fails to accept such engagement within ten (10) calendar days after receipt of a written notice from the Company in compliance with the
prior sentence, the Underwriter shall have been deemed to have waived its right of first refusal as to the specific proposed transaction.
Any waiver by the Underwriter of this right of first refusal shall be limited to the specific transaction terms proposed by the Company;
the waiver will not be effective as to any transaction that differs from the terms delivered to the Underwriter in writing. Notwithstanding
the foregoing, in the event that a tier I investment bank proposes to act as an underwriter or a placement agent in connection with a
proposed public offering or private placement by the Company in the United States, then the Underwriter agrees to have such bank lead
the transaction with the Underwriter serving as right-side co-manager, co-underwriter or co-placement agent, as applicable, with a minimum
of 25% of the economics. Beginning in the nineteenth (19th) month following commencement of the right of first refusal, the Company shall
be entitled to raise an aggregate of $20 million outside the scope of the right of first refusal provided such capital raise(s) (a) are
conducted in Korea and (b) do not involve any underwriter, placement agent, investment bank or other party acting in such capacity and/or
receiving a commission in connection with such transaction. Notwithstanding any of the foregoing, the Underwriter&rsquo;s right of first
refusal may be terminated by an instrument in writing executed by both the Underwriter and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;<U>Covenants of the
Underwriter</U>. The Underwriter hereby covenants and agrees with the Company as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Underwriter
Free Writing Prospectus</U>. The Underwriter has not used, authorized the use of, referred to or participated in the planning for use
of, and will not use, authorize the use of, refer to or participate in the planning for use of, any Free Writing Prospectus (which term
includes use of any written information furnished to the Commission by the Company and not incorporated by reference into the Registration
Statement and any press release issued by the Company) other than (i) a Free Writing Prospectus that contains no &ldquo;issuer information&rdquo;
filed or required to be filed pursuant to Rule 433(d) under the Securities Act (<B><I>&ldquo;Issuer Information&rdquo;</I></B>) that was
not included in the Pricing Prospectus or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer Free Writing Prospectus listed
in Schedule II hereto or prepared pursuant to Section 1(e)(iv) or Section 4(d) hereof (including any electronic road show), or (iii) any
Free Writing Prospectus prepared by the Underwriter and approved by the Company in advance in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Section
8A Proceedings</U>. The Underwriter is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the
offering of the Securities and will promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery
Period.</P>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;<U>Payment of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Company
Expenses</U>. The Company hereby agrees to pay on the Closing Date all expenses incident to the performance of the obligations of the
Company under this Agreement including, but not limited to: (a) all filing fees and expenses relating to the registration of the Securities
with the Commission; (b) all filing fees and expenses associated with the review of the offering of the Securities by FINRA; (c) all fees
and expenses relating to the listing of the Securities on the Exchange (to the extent relevant) or on such other stock exchanges as the
Company and the Underwriter together determine; (e) all fees, expenses and disbursements relating to the registration or qualification
of the Securities as the Underwriter may reasonably designate (including, without limitation, all filing and registration fees, and the
reasonable fees and disbursements of the Company&rsquo;s &ldquo;blue sky&rdquo; counsel, which will be Underwriter&rsquo;s counsel); (f)
all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the securities laws
of such foreign jurisdictions as the Underwriter may reasonably designate; (g) the costs of all mailing and printing of the underwriting
documents, the Registration Statement, Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing
Prospectus or any Testing-the-Waters Communication and all amendments, supplements and exhibits thereto as the Underwriter may reasonably
deem necessary; (j) fees and expenses of the transfer agent for the Common stock; (k) stock transfer and/or stamp taxes, if any, payable
upon the transfer of securities from the Company to the Underwriter; and (l) the fees and expenses of the Company&rsquo;s accountants.
The Underwriter may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth herein
to be paid by the Company to the Underwriter. Except as provided for in this Agreement, the Underwriter shall bear the costs and expenses
incurred by it in connection with the sale of the Securities and the transactions contemplated thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Non-accountable
Expenses</U>. On the Closing Date, the Company shall pay to the Underwriter, by deduction from the net proceeds of the Offering a non-accountable
expense allowance equal to two percent (2.0%) of the gross proceeds received by the Company from the sale of the Common stock), provided,
however, that in the event that the Offering is terminated, the Company agrees to reimburse the Underwriter pursuant to Section 11 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Underwriter
Expenses</U>. Except to the extent otherwise provided in this Section 6 or Section 8 hereof, the Underwriter will pay all of its own costs
and expenses, including the fees and expenses of their counsel, any stock transfer taxes on resale of any of the Securities held by them,
and any advertising expenses connected with any offers they may make.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Company
Reimbursement</U>. The provisions of this Section 6 shall not affect any agreement that the Company may make for the sharing of such costs
and expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;<U>Conditions of the
Obligations of the Underwriter</U>. The obligations of the Underwriter to purchase the Common stock as provided herein on the Closing
Date or the Option Shares as provided herein on any Additional Closing Date, as the case may be, shall be subject to the timely performance
by the Company of its covenants and other obligations hereunder, and to each of the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Registration
Compliance; No Stop Order</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) The Registration
Statement and any post-effective amendment thereto shall have become effective, no stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment thereto shall be in effect, and no proceeding for such purpose or pursuant to Section 8A of
the Securities Act shall be pending before or threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) The Company shall
have filed the Final Prospectus and each Issuer Free Writing Prospectus with the Commission in accordance with and within the time periods
prescribed by Section 4(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) The Company
shall have (A) disclosed to the Underwriter all requests by the Commission for additional information relating to the offer and sale of
the Securities and (B) complied with such requests to the reasonable satisfaction of the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Representations
and Warranties</U>. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date or any Additional Closing Date, as the case may be and the statements of the Company and its officers made
in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or any Additional Closing
Date, as the case may be.</P>

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Accountants&rsquo;
Comfort Letters</U>. On the date of this Agreement and on the Closing Date or any Additional Closing Date, as the case may be, BF Borgers,
CPA, PC, shall have furnished to the Underwriter, at the request of the Company, letters, dated the respective dates of delivery thereof
and addressed to the Underwriter, in form and substance reasonably satisfactory to the Underwriter, containing statements and information
of the type customarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements
and certain financial information contained in each of the Registration Statement, the Pricing Disclosure Package and the Final Prospectus;&nbsp;<U>provided</U>&nbsp;that
the letter delivered on the Closing Date or any Additional Closing Date, as the case may be, shall use a &ldquo;cut-off&rdquo; date no
more than two Business Days prior to the Closing Date or such Additional Closing Date, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>No Material
Adverse Change</U>. No event or condition of a type described in Section 1(l) hereof shall have occurred or shall exist, which event or
condition is not described in each of the Pricing Disclosure Package and the Final Prospectus (in each case, exclusive of any amendment
or supplement thereto), the effect of which in the reasonable judgment of the Underwriter makes it impracticable or inadvisable to proceed
with the offering, sale or delivery of the Securities on the Closing Date or any Additional Closing Date, as the case may be, in the manner
and on the terms contemplated by this Agreement, the Pricing Disclosure Package and the Final Prospectus (in each case, exclusive of any
amendment or supplement thereto).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Opinions
and Negative Assurance Letters of Counsel to the Company</U>. Pryor Cashman LLP, U.S. counsel to the Company with respect to U.S. securities
matters, and Shin &amp; Yoo, Korean Counsel to the Company with respect to matters governed by the laws of the Republic of Korea, shall
each have furnished to the Underwriter, at the request of the Company, its (i) written opinion, addressed to the Underwriter and dated
the Closing Date or any Additional Closing Date, as the case may be, and (ii) negative assurance letter, addressed to the Underwriter
and dated the Closing Date or any Additional Closing Date, as the case may be, in each case, each in a form and substance reasonably satisfactory
to the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Officer&rsquo;s
Certificate</U>. The Underwriter shall have received on and as of the Closing Date or any Additional Closing Date, as the case may be,
a certificate of an executive officer of the Company who has specific knowledge of the Company&rsquo;s financial matters and is satisfactory
to the Underwriter, (i) confirming that such officer has carefully reviewed the Registration Statement, the Pricing Disclosure Package,
the Final Prospectus and each Issuer Free Writing Prospectus; (ii) to the effect set forth in clause (i) of Section 1(l) and Section 7(a)
hereof; and (iii) confirming that all of the representations and warranties of the Company in this Agreement are true and correct on and
as of the Closing Date or any Additional Closing Date, as the case may be, and that the Company has complied with all agreements and covenants
and satisfied all other conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or any Additional
Closing Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>No Legal
Impediment to Issuance and Sale</U>. No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or any Additional
Closing Date, as the case may be, prevent the issuance, sale or delivery of the Securities by the Company; and no injunction or order
of any federal, state or foreign court shall have been issued that would, as of the Closing Date or any Additional Closing Date, as the
case may be, prevent the issuance, sale or delivery of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Good
Standing</U>. The Underwriter shall have received on and as of the Closing Date and any Additional Closing Date, as the case may be, satisfactory
evidence of the good standings of the Company under the laws of the State of Delaware and the subsidiaries of the Company under the laws
of the Republic of Korea, respectively, as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Lock-Up
Agreements</U>. The Lock-Up Agreements substantially in the form of Exhibit A hereto executed by the officers, directors and holders of
more than ten percent (10%) or more of the outstanding shares of the Company relating to sales and certain other dispositions of Common
stock or certain other securities, delivered to the Underwriter on or before the date hereof, shall be in full force and effect on the
Closing Date or any Additional Closing Date, as the case may be.</P>

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


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Underwriter&rsquo;s
Warrant Agreement</U>. The Underwriter&rsquo;s Warrant Agreement, substantially in the form of Exhibit D hereto, executed by the officers
of the Company, delivered to the Underwriter on or before the date hereof, shall be in full force and effect on the Closing Date or any
Additional Closing Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Exchange
Listing</U>. On the Closing Date or any Additional Closing Date, as the case may be, the Common stock and the Option Shares shall have
been approved for listing on the Exchange, subject to notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Additional
Documents</U>. On or prior to the Closing Date or any Additional Closing Date, as the case may be, the Underwriter and its counsel shall
have received such information, certificates and other additional documents from the Company as they may reasonably require for the purpose
of enabling them to pass upon the issuance and sale of the Securities as contemplated herein or in order to evidence the accuracy of any
of the representations and warranties, or the satisfaction of any of the covenants, closing conditions or other obligations, contained
in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">All opinions, letters,
certificates and other documents delivered pursuant to this Agreement will be deemed to be in compliance with the provisions hereof only
if they are reasonably satisfactory in form and substance to counsel for the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">If any condition specified
in this Section 7 is not satisfied when and as required to be satisfied, this Agreement and all obligations of the Underwriter hereunder
may be terminated by the Underwriter by notice to the Company at any time on or prior to the Closing Date or any Additional Closing Date,
as the case may be, which termination shall be without liability on the part of any party to any other party, except that the Company
shall continue to be liable for the payment of expenses under Section 6 and Section 11 hereof and except that the provisions of Section
8 and Section 9 hereof shall at all times be effective and shall survive any such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;<U>Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Indemnification
of the Underwriter by the Company</U>. The Company agrees to indemnify and hold harmless the Underwriter, its Affiliates, directors, officers,
employees and agents and each person, if any, who controls the Underwriter within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, all reasonable
legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), joint or several, that arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment or supplement thereto), or the omission or alleged omission therefrom of
a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (ii) any untrue
statement or alleged untrue statement of a material fact contained in any Pricing Disclosure Package (including any Pricing Disclosure
Package that has subsequently been amended), the Final Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus,
any Issuer Information, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication or any Road Show, or the omission
or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case, except insofar as such losses, claims, damages or liabilities arise out of,
or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
the Underwriter Information. The indemnity agreement set forth in this Section 8(a) shall be in addition to any liabilities that the Company
may otherwise have.</P>

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


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Indemnification
of the Company by the Underwriter</U>. The Underwriter agrees to indemnify and hold harmless the Company, its directors, each officer
who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation,
all reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such
fees and expenses are incurred), joint or several, to the same extent as the indemnity set forth in Section 8(a) hereof; provided, however,
that the Underwriter shall be liable only to the extent that any untrue statement or omission or alleged untrue statement or omission
was made in the Registration Statement (or any amendment or supplement thereto), any Pricing Disclosure Package (including any Pricing
Disclosure Package that has subsequently been amended), the Final Prospectus (or any amendment or supplement thereto), any Preliminary
Prospectus, any Issuer Information, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication or any Road Show
in reliance upon, and in conformity with, the Underwriter Information relating to the Underwriter. The indemnity agreement set forth in
this Section 8(d) shall be in addition to any liabilities that the Underwriter may otherwise have.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Notifications
and Other Indemnification Procedures</U>. If any suit, action, proceeding (including any governmental or regulatory investigation), claim
or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to any of the preceding
subsections of this Section 8, such person (the&nbsp;<B><I>&ldquo;Indemnified Person&rdquo;</I></B>) shall promptly notify the person
against whom such indemnification may be sought (the&nbsp;<B><I>&ldquo;Indemnifying Person&rdquo;</I></B>) in writing;&nbsp;<U>provided</U>&nbsp;that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under any of the preceding subsections
of this Section 8 except to the extent that it has been materially prejudiced by such failure; and&nbsp;<U>provided</U>, further, that
the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise
than under any of the preceding subsections of this Section 8. If any such proceeding shall be brought or asserted against an Indemnified
Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory
to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent
the Indemnified Person in such proceeding and shall pay the reasonable and documented fees and expenses of such counsel related to such
proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person
shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably
satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses
available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any
such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and
agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable
for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all
such fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for (i) the Underwriter, its Affiliates,
directors, officers, employees and agents and each person, if any, who controls the Underwriter within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act shall be designated in writing by the Underwriter; and (ii) the Company, its directors,
its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act shall be designated in writing 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Settlements</U>.
The Indemnifying Person under this Section 8 shall not be liable for any settlement of any proceeding effected without its written consent,
which consent may not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the
Indemnifying Person agrees to indemnify the Indemnified Person from and against any loss, claim, damage, liability or expense by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying
Person to reimburse the Indemnified Person for any reasonably incurred and documented fees and expenses of counsel as contemplated by
this Section 8, the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 45 days after receipt by such Indemnifying Person of the aforesaid request, (ii)
such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request, or shall not have disputed
in good faith the Indemnified Person&rsquo;s entitlement to such reimbursement, prior to the date of such settlement and (iii) such Indemnified
Person shall have given the Indemnifying Person at least 45 days&rsquo; prior notice of its intention to settle. No Indemnifying Person
shall, without the prior written consent of the Indemnified Person 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 Person is or could have been a party and indemnity
was or could have been sought hereunder by such Indemnified Person, unless such settlement, compromise or consent (x) includes an unconditional
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from and against all liability
on claims that are the subject matter of such action, suit or proceeding and (y) does not include any statements as to or any findings
of fault, culpability or failure to act by or on behalf of any Indemnified Person.</P>

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


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;<U>Contribution</U>.
To the extent the indemnification provided for in Section 8 hereof is unavailable to or insufficient to hold harmless an Indemnified Person
in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each Indemnifying Person, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the aggregate amount paid or payable by such Indemnified Person, as incurred,
as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company, on the one hand, and the Underwriter, on the other hand, from the offering of the Securities
pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company,
on the one hand, and the Underwriter, on the other hand, in connection with the statements or omissions that resulted in such losses,
claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the
Company, on the one hand, and the Underwriter, on the other hand, in connection with the offering of the Securities pursuant to this Agreement
shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this
Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discounts and commissions received
by the Underwriter, on the other hand, in each case as set forth in the table on the cover of the Final Prospectus bear to the aggregate
initial offering price of the Securities. The relative fault of the Company, on the one hand, and the Underwriter, on the other hand,
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriter, on the
other hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The amount paid or payable by
a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to
the limitations set forth in Section 8 hereof, all reasonable legal or other fees or expenses incurred by such party in connection with
investigating or defending any action or claim. The provisions set forth in Section 8 hereof with respect to notice of commencement of
any action shall apply if a claim for contribution is to be made under this Section 9;&nbsp;<U>provided</U>, however, that no additional
notice shall be required with respect to any action for which notice has been given under Section 8 hereof for purposes of indemnification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company and the Underwriter
agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or by
any other method of allocation which does not take account of the equitable considerations referred to in this Section 9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the provisions
of this Section 9, the Underwriter shall not be required to contribute any amount in excess of the amount by which the total discounts
and commissions received by the Underwriter in connection with the Securities distributed by it exceeds the amount of any damages the
Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this Section
9, each director, officer, employee and agent of the Underwriter and each person, if any, who controls the Underwriter within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Underwriter, and
each director and officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company with
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Company.</P>

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


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The remedies provided for in
Section 8 and Section 9 hereof are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified
Person at law or in equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;<U>Termination</U>.
Prior to the delivery of and payment for the Securities on the Closing Date or any Additional Closing Date, as the case may be, this Agreement
may be terminated by the Underwriter in the absolute discretion of the Underwriter by notice given to the Company if after the execution
and delivery of this Agreement: (i) trading or quotation of any securities issued or guaranteed by the Company shall have been suspended
or materially limited on any securities exchange, quotation system or in the over-the-counter market; (ii) trading in securities generally
on any of the New York Stock Exchange, the Nasdaq Global Market or the over-the-counter market shall have been suspended or materially
limited; (iii) a general banking moratorium on commercial banking activities shall have been declared by federal or New York state authorities;
(iv) there shall have occurred a material disruption in commercial banking or securities settlement, payment or clearance services in
the United States; (v) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or
calamity, or any change in the United States or international financial markets, or any substantial change or development involving a
prospective substantial change in general economic, financial or political conditions in the United States or internationally, as in the
judgment of the Underwriter is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery
of the Securities on the Closing Date or any Additional Closing Date, as the case may be, in the manner and on the terms described in
the Pricing Disclosure Package or to enforce contracts for the sale of securities; or (vi) the Company or any of its subsidiaries shall
have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character as in the judgment of the Underwriter
may interfere materially with the conduct of the business and operations of the Company and its subsidiaries, considered as one entity,
regardless of whether or not such loss shall have been insured.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;<U>Reimbursement
of the Underwriter&rsquo;s Expenses</U>. If (a) the Company fails to deliver the Securities to the Underwriter for any reason at the Closing
Date or any Additional Closing Date, as the case may be, in accordance with this Agreement or (b) the Underwriter declines to purchase
the Securities for any reason permitted under this Agreement, then the Company agrees to reimburse the Underwriter for all reasonable
out-of-pocket costs and expenses (including the reasonable and documented fees and expenses of counsel to the Underwriter) incurred by
the Underwriter in connection with this Agreement and the applicable offering contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;<U>Representations
and Indemnities to Survive Delivery</U>. The respective indemnities, rights of contribution, agreements, representations, warranties and
other statements of the Company and the Underwriter set forth in or made pursuant to this Agreement or made by or on behalf of the Company
or the Underwriter pursuant to this Agreement or any certificate delivered pursuant hereto shall remain in full force and effect, regardless
of any investigation made by or on behalf of the Underwriter, the Company or any of their respective officers or directors or any controlling
person, as the case may be, and shall survive delivery of and payment for the Securities sold hereunder and any termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;<U>Reserved</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;<U>Notices</U>. All
notices, requests, consents, claims, demands, waivers and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (i) when delivered by hand (with written confirmation of receipt), (ii) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested), (iii) on the date sent by email of a PDF document if sent during normal
business hours of the recipient, and on the next business day if sent after normal business hours of the recipient, or (iv) on the third
day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid). Such communications
must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 14):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">If to the Underwriter:</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aegis Capital Corp.<BR>
    1345 Avenue of the Americas</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">27<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10105</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
    Email Address: reide@aegiscap.com<BR>
    Attention: Robert Eide</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></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">&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: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</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">(which shall not constitute notice):</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Kaufman &amp; Canoles, P.C.<BR>
Two James Center<BR>
1021 East Cary Street, Suite 1400<BR>
Richmond, Va. 23219<BR>
Email: awbasch@kaufcan.com<BR>
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;ywang@kaufcan.com<BR>
Attention: Anthony W. Basch<BR>
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Yan (Natalie) Wang</FONT></TD></TR>
  </TABLE>
<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="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">If to the Company:</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hanryu Holdings, Inc.<BR>
    160, Yeouiseo-ro, Yeongdeungpo-gu<BR>
    Seoul</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Republic of Korea 07231<BR>
    Email: kch@hanryubank.com<BR>
    Attention: Chang Hyuk Kang</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">with a copy to:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pryor Cashman LLP<BR>
    7 Times Square, 40th Fl</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022<BR>
    Email: mogurick@pryorcashman.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Matthew Ogurick</P></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: 1in">Any party hereto may change
the address for receipt of communications by giving written notice to the others in accordance with this Section 14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;<U>Successors</U>.
This Agreement shall inure solely to the benefit of and be binding upon the Underwriter, the Company and the other indemnified parties
referred to in Section 8 and Section 9 hereof, and in each case their respective successors. Nothing in this Agreement is intended, or
shall be construed, to give any other person or entity any legal or equitable right, benefit, remedy or claim under, or in respect of
or by virtue of, this Agreement or any provision contained herein. The term &ldquo;successors,&rdquo; as used herein, shall not include
any purchaser of the Securities from the Underwriter merely by reason of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;<U>[Reserved].</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;<U>Partial Unenforceability</U>.
The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability
of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined
to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to
make it valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;<U>Governing Law</U>.
This Agreement and any claim, controversy or dispute arising under or related to this Agreement, whether sounding in contract, tort or
statute, shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made
and to be performed in such state (including its statute of limitations), without giving effect to the conflict of laws provisions thereof
to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the
State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.&nbsp;<U>Consent to Jurisdiction</U>.
No legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby (each, a&nbsp;<B><I>&ldquo;Related
Proceeding&rdquo;</I></B>) may be commenced, prosecuted or continued in any court other than the courts of the State of New York located
in the City and County of New York or in the United States District Court for the Southern District of New York, which courts (collectively,
the&nbsp;<B><I>&ldquo;Specified Courts&rdquo;</I></B>) shall have jurisdiction over the adjudication of any Related Proceeding, and the
parties to this Agreement hereby irrevocably consent to the exclusive jurisdiction the Specified Courts and personal service of process
with respect thereto. The parties to this Agreement hereby irrevocably waive any objection to the laying of venue of any Related Proceeding
in the Specified Courts and irrevocably waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought
in any Specified Court has been brought in an inconvenient forum.</P>

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


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.&nbsp;<U>Equitable Remedies</U>.
Each party to this Agreement acknowledges and agrees that (a) a breach or threatened breach by the Company of any of its obligations under
Section 4(j) or Section 4(o) would give rise to irreparable harm to the Underwriter for which monetary damages would not be an adequate
remedy and (b) if a breach or a threatened breach by the Company of any such obligations occurs, the Underwriter will, in addition to
any and all other rights and remedies that may be available to such party at law, at equity, or otherwise in respect of such breach, be
entitled to equitable relief, including a temporary restraining order, an injunction, specific performance of the terms of Sections 4(j)
or 4(o), as applicable, and any other relief that may be available from a court of competent jurisdiction, without any requirement to
(i) post a bond or other security, or (ii) prove actual damages or that monetary damages will not afford an adequate remedy. Each party
to this Agreement agrees that such party shall not oppose or otherwise challenge the existence of irreparable harm, the appropriateness
of equitable relief or the entry by a court of competent jurisdiction of an order granting equitable relief, in either case, consistent
with the terms of this Section 20.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.&nbsp;<U>Waiver of Jury
Trial</U>. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any Related Proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.&nbsp;<U>No Fiduciary Relationship</U>.
The Company acknowledges and agrees that: (i) the purchase and sale of the Securities pursuant to this Agreement, including the determination
of the offering price of the Securities and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between
the Company, on the one hand, and the Underwriter, on the other hand; (ii) in connection with each transaction contemplated hereby and
the process leading to such transaction the Underwriter is and has been acting solely as a principal and is not the agent or fiduciary
of the Company or its Affiliates, stockholders, members, partners, creditors or employees or any other party; (iii) the Underwriter has
not assumed and will not assume an advisory or fiduciary responsibility in favor of the Company with respect to any of the transactions
contemplated hereby or the process leading thereto (irrespective of whether the Underwriter has advised or is currently advising the Company
on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement; (iv) the Underwriter
and its respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company,
and the Underwriter has no obligation to disclose any of such interests by virtue of any fiduciary or advisory relationship; and (v) the
Underwriter has not provided any legal, accounting, regulatory or tax advice in any jurisdiction with respect to the offering contemplated
hereby, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. The
Company waives and releases, to the full extent permitted by applicable law, any claims it may have against the Underwriter arising from
an alleged breach of fiduciary duty in connection with the offering of the Securities or any matters leading up to the offering of the
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.&nbsp;<U>Compliance with
the USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), the Underwriter is required to obtain, verify and record information that identifies its clients, including the Company, which
information may include the name and address of its clients, as well as other information that will allow the Underwriter to properly
identify its respective clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.&nbsp;<U>Entire Agreement</U>.
This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by
this Agreement) that relate to the offering of the Securities, represents the entire agreement among the Company and the Underwriter with
respect to the preparation of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, each Preliminary Prospectus,
each Issuer Free Writing Prospectus, each Testing-the-Waters Communication and each Road Show, the purchase and sale of the Securities
and the conduct of the offering contemplated hereby.</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: 0.5in">25.&nbsp;<U>Amendments or
Waivers</U>. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by all the parties hereto. No waiver by any party shall operate
or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a
similar or different character, and whether occurring before or after the waiver. No failure to exercise, or delay in exercising, any
right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise of any other right, remedy,
power or privilege.</P>

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


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.&nbsp;<U>Section Headings</U>.
The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation
of, this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.&nbsp;<U>Counterparts</U>.
This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to
be one and the same agreement. Counterparts may be delivered via email (including PDF or any electronic signature complying with the U.S.
federal ESIGN Act of 2000) or other transmission method, and any counterpart so delivered will be deemed to have been duly and validly
delivered and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">28.&nbsp;<U>Recognition of
the U.S. Special Resolution Regimes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a) In the event
that the Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from the Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime (as defined below) if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b) In the event
that the Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of the Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against the Underwriter
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if this Agreement were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) As used in this
section:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><I>&ldquo;BHC Act Affiliate&rdquo;</I></B>&nbsp;has
the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><I>&ldquo;Covered Entity&rdquo;</I></B>&nbsp;means
any of the following:</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 0pt 1in; text-align: justify; text-indent: 0.5in">(i) a &ldquo;covered
entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii) a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii) a &ldquo;covered
FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><I>&ldquo;Default Right&rdquo;</I></B>&nbsp;has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.8pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><I>&ldquo;U.S. Special Resolution Regime&rdquo;</I></B>&nbsp;means
each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.</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"><FONT STYLE="text-transform: uppercase">[SIGNATURE
PAGE FOLLOWS]</FONT>&nbsp;</P>

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


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>HANRYU HOLDINGS, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</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: 0.5in">Confirmed and accepted as
of the date first above written:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Aegis Capital Corp.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Robert Eide</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></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">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Underwriter</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Firm Shares to Be<BR> Purchased</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Option Shares to Be<BR> Purchased if the Maximum Over-<BR> Allotment Option Is Exercised</TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Aegis Capital Corp.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">877,328</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">131,599</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">877,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%">Number of Firm Shares:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">877,328</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Number of Option Shares:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Number of Underwriter&rsquo;s Warrants:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,866</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Public Offering Price per Firm Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exercise Price of Underwriter&rsquo;s Warrant:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Public Price per Option Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Underwriting Discount per Firm Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Underwriting Discount per Option Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-accountable expense allowance per Firm Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-accountable expense allowance per Option Share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&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">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Free Writing Prospectuses</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">1. Issuer Free Writing Prospectus dated July 14, 2023.</P>

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


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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="width: 50%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of Organization</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hanryu Bank Co., Ltd.*</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Hanryu Times Co., Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">FNS Co., Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Marine Island Co., Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Fantoo Entertainment Co., Ltd.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">K-Commerce Co., Ltd.**</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Republic of Korea</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">*</TD><TD STYLE="text-align: justify">Direct subsidiary</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">**</TD><TD STYLE="text-align: justify">The Company owns less than 100% of the ownership interests
in this entity.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 35pt">_____, 2023</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">Aegis Capital Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1345 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">27th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10105&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that Aegis Capital Corp. (the &ldquo;<B>Underwriter</B>&rdquo;), proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) with Hanryu Holdings, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), providing for the public offering
(the &ldquo;Public Offering&rdquo;) of shares of common stock, $0.001 par value, of the Company (the &ldquo;<B>Shares</B>&rdquo;).&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; text-indent: 0.5in">To induce the Underwriter
to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent
of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending one hundred eighty (180) days
after the date of the Underwriting Agreement (the &ldquo;<B>Lock-Up Period</B>&rdquo;), (1) offer, pledge, sell, contract to sell, grant,
lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable
for Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires
the power of disposition (collectively, the &ldquo;<B>Lock-Up Securities</B>&rdquo;); (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 Lock-Up Securities, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for
or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer,
sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent
of the Underwriter in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion
of the Public Offering;&nbsp;<U>provided</U>&nbsp;that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934,
as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), or other public announcement shall be required or shall be voluntarily made in connection
with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a&nbsp;<I>bona
fide&nbsp;</I>gift, by will or intestacy or to a family member or trust for the benefit of the undersigned (for purposes of this lock-up
agreement, &ldquo;family member&rdquo; means any relationship by blood, marriage or adoption, not more remote than first cousin); (c)
transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned is a corporation, partnership, limited
liability company or other business entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business
entity that controls, is controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to
members, partners, stockholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended)
of the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust;&nbsp;<U>provided</U>&nbsp;that in the
case of any transfer pursuant to the foregoing clauses (b), (c) (d) or (e), (i) any such transfer shall not involve a disposition for
value, (ii) each transferee shall sign and deliver to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement
and (iii) no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily
made during the Lock-Up Period; (f) the receipt by the undersigned from the Company of Shares upon the vesting of restricted stock awards
or stock units or upon the exercise of options to purchase the Company&rsquo;s Shares issued under an equity incentive plan of the Company
or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the &ldquo;<B>Plan Shares</B>&rdquo;)
or the transfer or withholding of Shares or any securities convertible into Shares to the Company upon a vesting event of the Company&rsquo;s
securities or upon the exercise of options to purchase the Company&rsquo;s securities, in each case on a &ldquo;cashless&rdquo; or &ldquo;net
exercise&rdquo; basis or to cover tax obligations of the undersigned in connection with such vesting or exercise,&nbsp;<U>provided</U>&nbsp;that
if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial
ownership of Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that
the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and,&nbsp;<U>provided
further</U>, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the transfer of Lock-Up Securities pursuant
to agreements described in the Pricing Prospectus under which the Company has the option to repurchase such securities or a right of first
refusal with respect to the transfer of such securities,&nbsp;<U>provided</U>&nbsp;that if the undersigned is required to file a report
under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Shares during the Lock-Up Period,
the undersigned shall include a statement in such schedule or report describing the purpose of the transaction; (h) the establishment
of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities,&nbsp;<U>provided</U>&nbsp;that
(i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) to the extent a public announcement
or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding
the establishment of such plan, such public announcement or filing shall include a statement to the effect that no transfer of Lock-Up
Securities may be made under such plan during the Lock-Up Period; (i) the transfer of Lock-Up Securities that occurs by operation of law,
such as pursuant to a qualified domestic order or in connection with a divorce settlement,&nbsp;<U>provided</U>&nbsp;that the transferee
agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period,
and&nbsp;<U>provided further</U>, that any filing under Section 13 or Section 16(a) of the Exchange Act that is required to be made during
the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law; and (j)
the transfer of Lock- Up Securities pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction
made to all holders of the Shares involving a change of control (as defined below) of the Company after the closing of the Public Offering
and approved by the Company&rsquo;s board of directors;&nbsp;<U>provided</U>&nbsp;that in the event that the tender offer, merger, consolidation
or other such transaction is not completed, the Lock-Up Securities owned by the undersigned shall remain subject to the restrictions contained
in this lock-up agreement. For purposes of clause (j) above, &ldquo;change of control&rdquo; shall mean the consummation of any bona fide
third party tender offer, merger, amalgamation, consolidation or other similar transaction the result of which is that any &ldquo;person&rdquo;
(as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and
13d- 5 of the Exchange Act) of a majority of total voting power of the voting stock of the Company. The undersigned also agrees and consents
to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s
Lock-Up Securities except in compliance with this lock-up agreement.</P>

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


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the undersigned is an officer
or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed
or &ldquo;friends and family&rdquo; securities that the undersigned may purchase in the Public Offering; (ii) the Underwriter agrees that,
at least three (3) Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a
transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver; and (iii) the Company has
agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least
two (2) Business Days before the effective date of the release or waiver. Any release or waiver granted by the Underwriter hereunder to
any such officer or director shall only be effective two (2) Business Days after the publication date of such press release. The provisions
of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration
and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the
duration that such terms remain in effect at the time of such transfer.</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: 0.5in">The undersigned understands
that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering.
The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs,
legal representatives, successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that, if the Underwriting Agreement is not executed by April 5, 2024 or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then
this lock-up agreement shall be void and of no further force or effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt">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 Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.5pt">This letter agreement, and
any claim, controversy or dispute arising under or related to this letter agreement, is to be governed by, and construed in accordance
with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.85pt; text-indent: 35.5pt">&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-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Name - Please Print)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Name of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Title of Signatory, in the case of entities - Please Print)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">Address:&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Lock-Up Waiver</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&#9679;], 2023</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">[NAME AND ADDRESS]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Pursuant to Section 4(j)
of the Underwriting Agreement, dated July 31, 2023 (the&nbsp;<B><I>&ldquo;Underwriting Agreement&rdquo;</I></B>), among Hanryu Holdings,
Inc., a Delaware corporation (the&nbsp;<B><I>&ldquo;Company&rdquo;</I></B>), and Aegis Capital Corp. (the&nbsp;<B><I>&ldquo;Underwriter&rdquo;</I></B>),
and the Lock-Up Agreement, dated July 26, 2023 (the&nbsp;<B><I>&ldquo;Lock-Up Agreement&rdquo;</I></B>), between you and the Underwriter
relating to the Company&rsquo;s common stock, $0.001 par value (the&nbsp;<B><I>&ldquo;Shares&rdquo;</I></B>), the Underwriter hereby gives
its consent to allow you to sell up to [&#9679;] Shares [solely from and including [DATE] to and including [DATE]].]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Pursuant to Section 4(j)
of the Underwriting Agreement, the Underwriter hereby gives its consent to allow the Company to issue and sell up to [&#9679;] Shares
pursuant to an offering of the Shares to commence prior to the expiration of the Lock-Up Period as defined in the Underwriting Agreement[,
provided that such offering closes on or prior to [&#9679;]].]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page Follows</I>]</P>

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


<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></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">&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: 58%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Robert Eide</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Lock-Up Waiver Press Release</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hanryu Holdings, Inc. (the &ldquo;Company&rdquo;)
announced today that Aegis Capital Corp., acting as Underwriter in the Company&rsquo;s recent public offering of the Company&rsquo;s Shares,
is [waiving] [releasing] a lock-up restriction with respect to the Company&rsquo;s Shares held by [certain officers or directors] [an
officer or director] of the Company. The [waiver] [release] will take effect on [Date], and the shares may be sold on or after such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This press release is not an offer or sale
of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.</B></P>

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


<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certificate of the Company&rsquo;s Chief Financial
Officer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer&rsquo;s Certificate</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">[&#9679;], 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I, [&#9679;], Chief Financial
Officer of Hanryu Holdings, Inc., a Delaware corporation (the&nbsp;<B><I>&ldquo;Company&rdquo;</I></B>), solely in such capacity and not
in my individual capacity, do hereby certify that this certificate is being delivered by me pursuant to Section 7(g) of that certain Underwriting
Agreement (the&nbsp;<B><I>&ldquo;Agreement&rdquo;</I></B>; capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the Agreement), dated [&#9679;], 2023, by and between the Company and Aegis Capital Corp. and do hereby further certify
on behalf of the Company that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Except as otherwise disclosed
in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus (in each case exclusive of any amendment or supplement
thereto), since the date of the most recent financial statements included in the Registration Statement, the Pricing Disclosure Package
and the Final Prospectus there has been no material adverse change, or any development that could result in a material adverse change,
in or affecting the condition (financial or otherwise), earnings, business, properties, management, financial position, stockholders&rsquo;
equity, or results of operations, whether or not arising from transactions in the ordinary course of business, of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. The Company has timely
performed the covenants and other obligations set forth in Section 7(a) of the Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. All of the other representations
and warranties of the Company in the Agreement are true and correct on and as of the Closing Date and the Company has complied in all
material respects with all agreements and covenants and satisfied all other conditions on its part to be performed or satisfied thereunder
at or prior to the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[</B><I>Signature Page Follows</I><B>]</B></P>

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


<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></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">&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-size: 10pt"><B>Hanryu Holdings, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Underwriter&rsquo;s Warrant Agreement</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">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">41</P>

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ea182919ex99-1_hanryuhold.htm
<DESCRIPTION>HANRYU HOLDINGS, INC. ANNOUNCES CLOSING OF $8.8 MILLION INITIAL PUBLIC OFFERING
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0pt; word-spacing: 0px"><FONT STYLE="font-size: 14pt"><B>Hanryu
Holdings, Inc. Announces Closing of $8.8 Million Initial Public Offering</B></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>SEOUL, SOUTH KOREA / ACCESSWIRE / August 3, 2023&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif">/
Hanryu Holdings, Inc. (&quot;Hanryu&quot; or the &quot;Company&quot;) (NASDAQ:HRYU), a media-tech company and creator of FANTOO, an all-in-one
social media experience connecting k-culture fans globally, today announced the closing of its initial public offering of 877,328 shares
of common stock at a public offering price of $10.00 per share. The gross proceeds of the offering, before deducting underwriting discounts
and commissions and other offering expenses, were approximately $8.8 million.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px">In addition, Hanryu has granted Aegis Capital
Corp. (&quot;Aegis&quot;) a 45-day option to purchase up to 131,599 additional shares of common stock at the public offering price, less
underwriting discounts and commissions, solely to cover over-allotments, if any. If Aegis exercises the option in full, the aggregate
proceeds of the offering and over-allotment are expected to be approximately $10.1 million, before deducting underwriting discounts and
commissions and offering expenses.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px">The net proceeds from the initial public
offering are expected to be used for working capital and general corporate purposes, including engineering and technology, sales and marketing,
and capital expenditures.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px">The common stock began trading on the Nasdaq
Capital Market on August 1, 2023 under the symbol &quot;HRYU&quot;.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt; line-height: 107%"><B>A<FONT STYLE="color: Black">egis
Capital </FONT></B></FONT><B><FONT STYLE="color: Black">Corp<FONT STYLE="font-size: 10pt; line-height: 107%">. </FONT>acted <FONT STYLE="font-size: 10pt; line-height: 107%">as
the sole book-running manager for the Offering.</FONT></FONT></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">The offering
was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from Aegis Capital Corporation,
1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by e-mail at&nbsp;<U>syndicate@aegiscap.com</U>&nbsp;by telephone at (212)
813-1010.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">A registration
statement on Form S-1 (No. 333-269419) relating to these securities was declared effective on July 31, 2023 by the U.S. Securities and
Exchange Commission (the &quot;SEC&quot;). Copies of the registration statement, as amended, can be accessed through the SEC's website
at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">This press release
shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt; color: Black; line-height: 107%"><B>About
Hanryu </B></FONT><B><FONT STYLE="color: Black">Holdings<FONT STYLE="font-size: 10pt; line-height: 107%">, Inc.</FONT></FONT></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">Hanryu Holdings,
Inc., is the creator of the engaging and innovative social media platform, &quot;FANTOO&quot;. FANTOO connects users around the world
that share similar interests by providing distinctive service offerings, technologies, applications, and websites. Through FANTOO, we
provide a global multi-media platform for our users to interact with other like-minded users, to share their appreciation of various
types of entertainment and cultures, create their own content, enjoy other users' content, engage in commerce, and experience a &quot;fandom&quot;
community we believe is unlike any other. For more information please visit&nbsp;<U>www.hanryuholdings.com</U>.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt; color: Black; line-height: 107%"><B>Forward
Looking </B></FONT><B><FONT STYLE="color: Black">Statements<FONT STYLE="font-size: 10pt; line-height: 107%">:</FONT></FONT></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">This press release
contains &quot;forward-looking statements&quot; that are subject to substantial risks and uncertainties. All statements, other than statements
of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press
release may be identified by the use of words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;contemplate,&quot; &quot;could,&quot;
&quot;estimate,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;seek,&quot; &quot;may,&quot; &quot;might,&quot; &quot;plan,&quot;
&quot;potential,&quot; &quot;predict,&quot; &quot;project,&quot; &quot;target,&quot; &quot;aim,&quot; &quot;should,&quot; &quot;will&quot;
&quot;would,&quot; or the negative of these words or other similar expressions, although not all forward-looking statements contain these
words, and include the expected gross proceeds from the initial public offering, the use of proceeds from the offering, the expected
date for the Company's ordinary shares to begin trading on the Nasdaq Capital Market and the expected closing date of the offering. Forward-looking
statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to
be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's
reports filed from time to time with the Securities and Exchange Commission (&quot;SEC&quot;), including, but not limited to, the risks
detailed in the Company's preliminary prospectus (Registration No. 333-269419), filed with the SEC on July 31, 2023. Forward-looking
statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information
except as required under applicable law.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt; color: Black; line-height: 107%"><B>Company
</B></FONT><B><FONT STYLE="color: Black">Contact<FONT STYLE="font-size: 10pt; line-height: 107%">:</FONT></FONT></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">Hanryu Holdings,
Inc.<BR STYLE="box-sizing: border-box">
SunYoung Jang<BR STYLE="box-sizing: border-box">
<U>jsy@fns.ai</U><BR STYLE="box-sizing: border-box">
<U>contact@hanryuholdings.com</U></FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="font-size: 10pt; color: Black; line-height: 107%"><B>Investor
</B></FONT><B><FONT STYLE="color: Black">Contact<FONT STYLE="font-size: 10pt; line-height: 107%">:</FONT></FONT></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black">KCSA Strategic
Communications<BR STYLE="box-sizing: border-box">
Valter Pinto, Managing Director<BR STYLE="box-sizing: border-box">
PH: (212) 896-1254<BR STYLE="box-sizing: border-box">
<U>Hanryu@KCSA.com</U></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; word-spacing: 0px"><FONT STYLE="color: Black"><B>SOURCE:</B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Hanryu
Holdings Inc</FONT></FONT></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>



<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
