<SEC-DOCUMENT>0001213900-25-119454.txt : 20251209
<SEC-HEADER>0001213900-25-119454.hdr.sgml : 20251209
<ACCEPTANCE-DATETIME>20251209083037
ACCESSION NUMBER:		0001213900-25-119454
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251209
DATE AS OF CHANGE:		20251209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Safe & Green Development Corp
		CENTRAL INDEX KEY:			0001959023
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				871375590
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291206
		FILM NUMBER:		251557711

	BUSINESS ADDRESS:	
		STREET 1:		5011 GATE PARKWAY
		STREET 2:		BUILDING 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256
		BUSINESS PHONE:		(646) 240-4235

	MAIL ADDRESS:	
		STREET 1:		5011 GATE PARKWAY
		STREET 2:		BUILDING 100
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32256
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>ea0268576-424b5_safe.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><B>PROSPECTUS</B></TD>
  <TD STYLE="text-align: right; width: 50%"><B>Filed pursuant to Rule 424(b)(5)</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right"><B>Registration No. 333-291206</B></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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>91,115,703 Shares of
Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale by the selling
stockholders named in this prospectus (the &ldquo;Selling Stockholders&rdquo;) from time to time of up to 91,115,703 shares of our common
stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;). These shares of Common Stock being registered herewith consist of:
(i) 53,925,620 shares of Common Stock issuable upon the conversion of 360,000 shares (the &ldquo;Series B Shares&rdquo;) of our newly
designated Series B Non-Voting Convertible Preferred Stock (the &ldquo;Series B Preferred Stock&rdquo;), par value $0.001 per share and
stated value $25.00 per share (the &ldquo;Stated Value&rdquo;), which such shares of Series B Preferred Stock were issued pursuant to
that certain securities purchase agreement, dated as of October 16, 2025, by and among us and the purchasers named therein (the &ldquo;Purchase
Agreement&rdquo;); and (ii) 37,190,083 shares of Common Stock issuable upon exercise of certain accompanying warrants (the &ldquo;Warrants&rdquo;)
that were issued together with the Series B Shares pursuant to the Purchase Agreement.</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">The 53,925,620 shares of Common Stock issuable
upon the conversion of the Series B Shares is comprised of: (i) 6,617,647 shares of Common Stock (the &ldquo;Initial Conversion Shares&rdquo;)
issuable upon the conversion of the Series B Shares at an initial conversion price (the &ldquo;Conversion Price&rdquo;) of $1.36 per share;
and (ii) 30,572,436 additional shares of Common Stock that will be issuable upon conversion of the Series B Shares assuming the Conversion
Price is reduced to the Floor Price (as hereinafter defined) pursuant to the anti-dilution adjustment provision or the reset provision
of the Series B Preferred Stock (the &ldquo;Series B Adjustment Shares&rdquo; and, together with the Initial Conversion Shares, the &ldquo;Conversion
Shares&rdquo;); and (iii) 16,735,537 shares of Common Stock, representing the maximum aggregate number of shares of Common Stock issuable
as dividends in the form of Common Stock (the &ldquo;Dividend Shares&rdquo;) to the holders of the Series B Shares at a rate of 9% per
annum on the Stated Value of the Series B Preferred Stock, compounded each calendar quarter over an assumed term of five years or subject
to the Make Whole provisions of the Series B Shares, assuming the Conversion Price is reduced to the Floor Price.</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">The 37,190,083 shares of Common Stock issuable
upon exercise of the Warrants is comprised of: (i) 6,617,647 shares of Common Stock (the &ldquo;Initial Warrant Shares&rdquo;) issuable
upon exercise of the Warrants at an initial exercise price of $1.36 per share; and (ii) 30,572,436 additional shares of Common Stock (the
&ldquo;Warrant Anti-Dilution Shares&rdquo; and, together with the Initial Warrant Shares, the &ldquo;Warrant Shares&rdquo;) that will
be issuable upon exercise of the Warrants assuming the Conversion Price is reduced to the Floor Price.</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">The Initial Conversion Shares, the Initial Warrant
Shares, the Series B Adjustment Shares, the Warrant Anti-Dilution Shares and the Dividend Shares are collectively referred to as (the
&ldquo;Private Placement Shares&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series B Preferred Stock and the Warrants
were issued in reliance upon the exemption from the registration requirements in Section 4(a)(2) of the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;) and/or Regulation D promulgated thereunder, as applicable. We are registering the resale of the Initial
Conversion Shares, the Initial Warrant Shares, the Series B Adjustment Shares, the Warrant Anti-Dilution Shares and the Dividend Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are filing this registration statement on Form
S-3, of which this prospectus forms a part, to fulfill our contractual obligations to register the resale of the Private Placement Shares
by the Selling Stockholders. See &ldquo;Selling Stockholders&rdquo; beginning on page 17 of this prospectus for more information about
the Selling Stockholders. Our registration of the shares of Common Stock covered by this prospectus does not mean that the Selling Stockholders
will offer or sell any of such shares of Common Stock. The Selling Stockholders named in this prospectus, or their donees, pledgees, transferees
or other successors-in-interest, may resell the shares of Common Stock covered by this prospectus through public or private transactions
at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. For additional information
on the possible methods of sale that may be used by the Selling Stockholders, you should refer to the section of this prospectus entitled
&ldquo;Plan of Distribution.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of the shares of Common Stock covered
by this prospectus could cause substantial dilution to our existing stockholders. The number of shares covered by this prospectus represents
approximately 1,031% of the number of shares of Common Stock issued and outstanding as of the date of this prospectus. The actual number
of shares of Common Stock that we issue to the selling stockholders may be less than the aggregate number of shares covered by this prospectus.
Please refer to risk factor entitled &ldquo;<I>The issuance of the shares of Common Stock covered by this prospectus could significantly
increase the total number of shares of Common Stock issued and outstanding and thereby cause our existing stockholders to experience substantial
dilution</I>&rdquo; on page 5 of this prospectus. For additional information on the terms of the Series B Preferred Stock and the Warrants,
including those terms which may affect the number of Initial Conversion Shares, Initial Warrant Shares, Series B Adjustment Shares, Dividend
Shares or Warrant Anti-Dilution Shares that will be issued to the holders of the Series B Shares and the Warrants, you should refer to
the section of this prospectus entitled &ldquo;The Private Placement.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any of the proceeds from the
sale of Common Stock by the Selling Stockholders. However, we will receive proceeds from the exercise of the Warrants if the Warrants
are exercised for cash. We intend to use those proceeds, if any, for general corporate purposes.</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">Any Private Placement Shares subject to resale
hereunder will have been issued by us and acquired by the Selling Stockholders prior to any resale of such shares pursuant to this prospectus.</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">No underwriter or other person has been engaged
to facilitate the sale of the Private Placement Shares in this offering. We will bear all costs, expenses and fees in connection with
the registration of the Private Placement Shares. The Selling Stockholders will bear all commissions and discounts, if any, attributable
to their respective sales of the Private Placement Shares.</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">Our Common Stock is traded on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;)
under the symbol &ldquo;SGD.&rdquo; On December 3, 2025, the closing sale price of our Common Stock on Nasdaq was $1.16 per share.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment in our Common Stock involves risk.
See &ldquo;Risk Factors&rdquo; contained in this prospectus on page 4, under similar headings in our annual and periodic reports filed
from time to time with the Securities and Exchange Commission, which are incorporated by reference in this prospectus and in any applicable
prospectus supplement. You should carefully read this prospectus and the accompanying prospectus supplement, together with the documents
we incorporate by reference, before you invest in our Common Stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or the accuracy of this
prospectus. Any representation to the contrary is a criminal offense.</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">The date of this prospectus is December 8, 2025.</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 92%"><A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT THIS PROSPECTUS</B></FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUMMARY</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE OFFERING</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><B><A HREF="#eee_001">THE PRIVATE PLACEMENT</A></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_027"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING STOCKHOLDERS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_028"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">20</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_029"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_030"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_031"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_032"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</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"><B>The registration statement containing this
prospectus, including the exhibits to the registration statement, provides additional information about us and the Common Stock offered
under this prospectus. The registration statement, including the exhibits, can be read on our website and the website of the Securities
and Exchange Commission. See &ldquo;Where You Can Find More Information.&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained in, and that can be accessed
through our web site, <I>www.sgdevco.com</I>.<I>,</I> shall not be deemed to be part of this prospectus or incorporated herein by reference
and should not be relied upon by any prospective investors for the purposes of determining whether to purchase the Common Stock offered
hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires, the terms
&ldquo;&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;the Company,&rdquo; &ldquo;Safe and Green Development&rdquo; and
&ldquo;our business&rdquo; refer to Safe and Green Development Corporation and &ldquo;this offering&rdquo; refers to the offering contemplated
in this prospectus.</P>

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


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- 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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><B>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form&nbsp;S-3 that we filed with the U.S.&nbsp;Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Under this registration
process, the Selling Stockholders may, from time to time, sell the securities offered by them described in this prospectus. We will not
receive any proceeds from the sale by the Selling Stockholders of the Private Placement Shares offered by them described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This prospectus provides
you with a general description of the Private Placement Shares the Selling Stockholders may offer. A prospectus supplement may also add,
update or change information contained in this prospectus. To the extent that any statement made in an accompanying prospectus supplement
is inconsistent with statements made in this prospectus, the statements made in this prospectus will be deemed modified or superseded
by those made in the accompanying prospectus supplement. You should read both this prospectus and any accompanying prospectus supplement
together with the additional information described under the headings &ldquo;Where You Can Find More Information and &ldquo;Incorporation
of Certain Documents by Reference.&rdquo;</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">Neither we nor the Selling Stockholders have authorized
anyone to provide you with any information or to make any representations other than those contained, or incorporated by reference, in
this prospectus, any post-effective amendment, or any applicable prospectus supplement or free-writing prospectus prepared by or on behalf
of us or to which we have referred you. We and the Selling Stockholders take no responsibility for and can provide no assurance as to
the reliability of any other information that others may give you. This prospectus is an offer to sell only the Private Placement Shares
offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should not assume that the information
contained in this prospectus or any applicable prospectus supplement is accurate on any date subsequent to the date set forth on the front
of the document or that any information we have incorporated by reference is correct on any date subsequent to the date of the document
incorporated by reference, even though this prospectus or any applicable prospectus supplement is delivered, or securities are sold, on
a later date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains summaries of certain
provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have
been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a
part, and you may obtain copies of those documents as described below under the section entitled &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the information incorporated
herein by reference include trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and
trade names included or incorporated by reference into this prospectus, any applicable prospectus supplement or any related free writing
prospectus are the property of their respective owners.</P>

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

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- 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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

<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"><A NAME="a_022"></A><B>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights about us and selected
information contained elsewhere in this prospectus and in the documents we incorporate by reference. This summary does not contain all
of the information you should consider before investing in our Common Stock. You should read this entire prospectus and the documents
incorporated by reference carefully, especially the risks of investing in our Common Stock discussed under and incorporated by reference
in &ldquo;Risk Factors&rdquo; on page&nbsp;4 of this prospectus, along with our consolidated financial statements and notes to
those consolidated financial statements and the other information incorporated by reference in this prospectus, before making an investment
decision.</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October&nbsp;8, 2024, we effected a 1-for-20&nbsp;reverse stock
split of our then-outstanding&nbsp;Common Stock (&ldquo;Stock Split&rdquo;). All share and per share amounts set forth in this prospectus
have been adjusted to reflect the Stock Split.</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>The Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Safe and Green Development Corporation is a Delaware
corporation, originally formed in 2021 under the name SGB Development Corp., to engage in real property development using purpose-built,
prefabricated modules constructed from both wood and steel. From its inception through 2023, our operations primarily focused on the acquisition,
entitlement, and development of residential properties in high-growth&nbsp;markets across the United&nbsp;States. These efforts included
the direct acquisition of land, strategic investments in real estate entities, and joint venture partnerships targeting green, single-family&nbsp;and
multifamily housing projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2023 and early 2024, we expanded our strategy
by investing in real estate-related&nbsp;artificial intelligence (&ldquo;AI&rdquo;) technologies and entering into additional joint ventures
in the Southern Texas market aimed at developing sustainable single-family&nbsp;housing. We also announced plans to monetize our real
estate holdings by selling properties where third-party&nbsp;appraisals indicated meaningful value appreciation, with proceeds to be reinvested
into our operations or used to fund project-level&nbsp;or corporate activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June&nbsp;2025, we completed our acquisition
of Resource Group US Holdings LLC (&ldquo;Resource Group&rdquo;), which marked a significant strategic shift in our core business. Resource
Group, through its subsidiaries, is a vertically integrated, full-service&nbsp;operator in the engineered soils and organic recycling
industry. Its operations center on the transformation of targeted organic green waste materials into environmentally friendly soil and
mulch products. Resource Group also provides comprehensive green waste logistics and collection services through its owned fleet of high-capacity&nbsp;transportation
equipment.</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">While Resource Group is expected to serve as our
primary operational focus going forward, we will also continue to optimize and operate our legacy real estate assets and joint venture
interests. In connection with this dual-track&nbsp;strategy, we are evaluating the most efficient path to manage our property portfolio
while supporting the growth and operational scale of Resource Group.</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>Corporate Information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were incorporated in Delaware on February 27,
2021. Our principal executive office is located at 100 Biscayne Blvd., Floor&nbsp;12, Suite 1201, Miami, Florida 33132, and our phone
number is (904) 496-0027. We maintain a website at&nbsp;<I>www.sgdevco.com</I>. The reference to our website is intended to be an inactive
textual reference only. The information contained on, or that can be accessed through, our website is not part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2022, Safe &amp; Green Holdings Corp.
(&ldquo;SG Holdings&rdquo;), the then owner of 100% of our issued and outstanding securities, announced its plan to separate Safe and
Green Development and SG Holdings into two separate publicly traded companies (the &ldquo;Separation&rdquo;). To implement the Separation,
on September 27, 2023 (the &ldquo;Distribution Date&rdquo;), SG Holdings, effected a pro rata distribution to SG Holdings&rsquo; stockholders
of approximately 30% of the outstanding shares of our Common Stock (the &ldquo;Distribution&rdquo;). In connection with the Distribution,
each SG Holdings stockholder received 0.930886&nbsp;shares of our Common Stock for every five (5)&nbsp;shares of SG Holdings Common Stock
held as of the close of business on September&nbsp;8, 2023, the record date for the Distribution, as well as a cash payment in lieu of
any fractional shares. Immediately after the Distribution, we were no longer a wholly owned subsidiary of SG Holdings and SG Holdings
held approximately 70% of our issued and outstanding securities. SG Holdings no longer holds any of our issued and outstanding securities.
On September 28, 2023, our Common Stock began trading on the Nasdaq Capital Market under the symbol &ldquo;SGD.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- 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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>THE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the resale or other
disposition from time to time by the Selling Stockholders identified in this prospectus of up to 91,115,703 Private Placement Shares.
None of the Private Placement Shares registered for resale hereby are being offered for sale by us.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares of Common Stock outstanding prior to</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>this offering</B></P></TD>
    <TD STYLE="width: 55%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,837,152 Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shares of Common Stock offered by the</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling Stockholders</B></P></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,115,703 shares of our Common Stock, consisting of: (i) &nbsp;53,925,620 shares of Common Stock issuable upon the conversion of the Series B Shares, which is comprised of: (a) 6,617,647 Initial Conversion Shares, (b) 30,572,436 Series B Adjustment Shares; and (c) 16,735,537 Dividend Shares; and (ii) 37,190,083 shares of Common Stock issuable upon exercise of the Warrants, which is comprised of: (a) 6,617,647 Initial Warrant Shares; and (b) 30,572,436 Warrant Anti-Dilution Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of the offering</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Stockholders and any of their pledgees, assignees and successors-in-interest will determine when and how they sell the Private Placement Shares offered in this prospectus and may, from time to time, sell any or all of their shares covered hereby on Nasdaq or any other stock exchange, market or trading facility on which the shares are traded or in privately negotiated transactions. These sales may be at fixed or negotiated prices. See &ldquo;Plan of Distribution.&rdquo; &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock outstanding after this offering
    </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,952,854</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;Registration Rights</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection
with the Private Placement, we entered into a registration rights agreement (the &ldquo;Registration Rights Agreement&rdquo;), dated
as of October 16, 2025, with each of the Selling Stockholders. Under the terms of the Registration Rights Agreement and the Purchase
Agreement, we agreed to prepare and file this registration statement with respect to the registration of the Private Placement Shares
by the Selling Stockholders, as applicable, by the 15th calendar day following the date of the applicable agreement and to use commercially
reasonable efforts to have the registration statement declared effective as promptly as possible thereafter. The Registration Rights
Agreement further provides that we shall use commercially reasonable efforts to keep such registration statement effective at all times
until all securities covered by such registration statement have been sold or may be sold without volume or manner-of-sale restrictions
pursuant to Rule&nbsp;144 and without the requirement for us to be in compliance with the current public information requirement under
Rule&nbsp;144. </FONT></TD></TR>
  </TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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="margin: 0">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling
Stockholders will receive all of the proceeds from the sale of any Private Placement Shares sold by them pursuant to this prospectus.
We will not receive any proceeds from the sale of the Private Placement Shares by the Selling Stockholders (although we may receive proceeds
from the exercise of the Warrants, to the extent such Warrants are exercised for cash by the Selling Stockholders). See &ldquo;<I>Use
of Proceeds</I>&rdquo; in this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You should read the &ldquo;Risk Factors&rdquo; section of this prospectus and in the documents incorporated by reference in this prospectus for a discussion of factors to consider before deciding to purchase shares of our Common Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq symbol</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Common Stock is listed on Nasdaq under the symbol &ldquo;SGD.&rdquo;&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise indicated, the number of shares
of Common Stock to be outstanding immediately after this offering is based on 8,837,152 shares of Common Stock outstanding as of October
31, 2025, and excludes:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">944,420&nbsp;shares of Common Stock issuable upon the exercise
of warrants outstanding at a weighted average exercise price of $0.9094 per share;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">5,633,082 shares of Common Stock issuable upon the conversion of 938,847 outstanding shares of
                                                                                       Series A Convertible Preferred Stock (the &ldquo;Series A Preferred Stock&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">1,318,859&nbsp;shares of Common Stock reserved for future issuance
under the 2023 Incentive Compensation Plan (the &ldquo;2023 Plan&rdquo;).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all information contained
in this prospectus assumes no exercise of the outstanding warrants or conversion of the outstanding shares of Series A Preferred Stock
described in the bullets above.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: center"><B><A NAME="a_024"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our shares of Common Stock involves
a high degree of risk. Before deciding whether to invest in our Common Stock, you should consider carefully the risks and uncertainties
described below, together with all of the other information included or incorporated by reference in this prospectus, including the risks
and uncertainties discussed under &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form 10-K and our subsequent Quarterly
Reports on Form 10-Q, which are incorporated by reference in this prospectus, as well as any updates thereto contained in subsequent filings
with the SEC or any free writing prospectus, before deciding whether to purchase our Common Stock in this offering. All of these risk
factors are incorporated herein in their entirety. The risks described below and incorporated by reference are material risks currently
known, expected or reasonably foreseeable by us. However, the risks described below and incorporated by reference are not the only ones
that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business, operating
results, prospects or financial condition. If any of these risks actually materialize, our business, prospects, financial condition, and
results of operations could be seriously harmed. This could cause the trading price of our Common Stock to decline, resulting in a loss
of all or part of your investment. For more information, see the section entitled &ldquo;Where You Can Find More Information.&rdquo;</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we fail to comply with the continued
listing requirements of Nasdaq, our Common Stock may be delisted and the price of our Common Stock and our ability to access the capital
markets could be negatively impacted.</I></B></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">Our Common Stock is currently listed for trading
on Nasdaq. We must satisfy Nasdaq&rsquo;s continued listing requirements, including, among other things, a minimum stockholders&rsquo;
equity of&thinsp;$2.5 million and a minimum closing bid price of $1.00 per share or risk delisting, which would have a material adverse
effect on our business. A delisting of our Common Stock from Nasdaq could materially reduce the liquidity of our Common Stock and result
in a corresponding material reduction in the price of our Common Stock. In addition, delisting could harm our ability to raise capital
through alternative financing sources on terms acceptable to us, or at all, and may result in the potential loss of confidence by investors,
suppliers, customers and employees and fewer business development opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have in the past, and may in the future, be
unable to comply with certain of the listing standards that we are required to meet to maintain the listing of our common shares on Nasdaq.
For example, on August 26, 2024, the Company had received a letter from Nasdaq stating that the Company did not comply with the minimum
$2.5 million stockholders&rsquo; equity, $35 million market value of listed securities, or $500,000 in net income from continuing operations
requirements for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rules 5550(b)(1), 5550(b)(2), or 5550(b)(3),
respectively. On February 14, 2025, the Company received a letter from Nasdaq stating that based on the Company&rsquo;s Form 8-K, as filed
with the SEC on February 12, 2025, Nasdaq has determined that the Company now complies with the stockholders&rsquo; equity requirement
as set forth in Nasdaq Listing Rule 5550(b)(1).</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">There is no assurance that we will maintain compliance
with the minimum listing requirements with all applicable requirements for continued listing on Nasdaq. If our Common Stock were delisted
from Nasdaq, trading of our Common Stock would most likely take place on an over-the-counter market established for unlisted securities,
such as the OTCQB or the Pink Market maintained by OTC Markets Group Inc. An investor would likely find it less convenient to sell, or
to obtain accurate quotations in seeking to buy, our Common Stock on an over-the-counter market, and many investors would likely not buy
or sell our Common Stock due to difficulty in accessing over-the-counter markets, policies preventing them from trading in securities
not listed on a national exchange or other reasons. In addition, as a delisted security, our Common Stock would be subject to SEC rules
as a &ldquo;penny stock,&rdquo; which impose additional disclosure requirements on broker-dealers. The regulations relating to penny stocks,
coupled with the typically higher cost per trade to the investor of penny stocks due to factors such as broker commissions generally representing
a higher percentage of the price of a penny stock than of a higher-priced stock, would further limit the ability of investors to trade
in our Common Stock. In addition, delisting could harm our ability to raise capital through alternative financing sources on terms acceptable
to us, or at all, and may result in the potential loss of confidence by investors, suppliers, customers and employees and fewer business
development opportunities. For these reasons and others, delisting would adversely affect the liquidity, trading volume and price of our
Common Stock, causing the value of an investment in us to decrease and having an adverse effect on our business, financial condition and
results of operations, including our ability to attract and retain qualified employees and to raise capital.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The sale of a substantial amount of our
shares in the public market could adversely affect the prevailing market price of our securities.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registering for resale up to 91,115,703
shares of our Common Stock, which is a significant number of shares compared to the current number of shares of our Common Stock issued
and outstanding. Sales of substantial amounts of shares of our Common Stock in the public market, or the perception that such sales might
occur, could adversely affect the market price of our Common Stock. The issuance the Initial Conversion Shares, the Initial Warrant Shares
the Series B Adjustment Shares, the Warrant Anti-Dilution Shares and the Dividend Shares, for example, is likely to further depress the
price of our Common Stock, which could, among other factors, make it more difficult for us to maintain compliance with Nasdaq&rsquo;s
continued listing requirements. We cannot predict if and when the Selling Stockholders may sell such shares of our Common Stock in the
public markets. Furthermore, in the future, we may issue additional shares of our Common Stock or other equity or debt securities convertible
into shares of our Common Stock. Any such issuance could result in substantial dilution to our existing stockholders and could cause the
market price of our securities to decline.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The issuance of the shares of Common Stock
covered by this prospectus could significantly increase the total number of shares of Common Stock issued and outstanding and thereby
cause our existing stockholders to experience substantial dilution.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
shares of Common Stock being offered pursuant to this prospectus represent Initial Conversion Shares, Initial Warrant Shares, Series
B Adjustment Shares, the Warrant Anti-Dilution Shares and Dividend Shares. As of October 29, 2025, there were 8,837,152 shares of Common
Stock issued and outstanding (prior to any deemed issuance of any Initial Conversion Shares, Initial Warrant Shares, Series B Adjustment
Shares, Warrant Anti-Dilution Shares or Dividend Shares). The number of shares covered by this prospectus represents approximately 1,031%
of the number of shares of Common Stock issued and outstanding as of the date of this prospectus. As a result, if we are required to
issue the maximum number of Private Placement Shares that are being registered hereunder, an existing stockholder&rsquo;s proportionate
interest in us will be substantially diluted. The actual number of shares of Common Stock that we issue to the Selling Stockholders may
be less than the aggregate number of shares covered by this prospectus.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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>Holders of our Series B Preferred Stock
are entitled to certain payments under the Certificate of Designation of Preferences, Rights and Limitations of Series B Preferred Stock
(the &ldquo;Series B Certificate of Designation&rdquo;) that may be paid in cash or in shares of Common Stock depending on the circumstances.
If we make these payments in cash, it may require the expenditure of a substantial portion of our cash resources. If we make these payments
in Common Stock, it may result in substantial dilution to the holders of our Common Stock. </I></B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of Series B Preferred Stock is entitled
to receive cumulative dividends at the rate per share of 9% per annum (as a percentage of the Stated Value per share), payable on each
conversion date (with respect to only the share of Series B Preferred Stock being converted), which are payable in cash or in duly authorized,
validly issued, fully paid and non-assessable shares of Common Stock at the conversion price then on effect in accordance with the terms
of the Series B Certificate of Designation. As such, we may rely on having available shares of Common Stock to pay such dividends, which
will result in dilution to our stockholders. If we do not have such available shares, we may not be able to satisfy our obligations as
related to these dividends pursuant to the terms of the Series B Certificate of Designation, or we may be forced to make such payments
in cash. If we do not have sufficient cash resources to make these payments, we may need to raise additional equity or debt capital, and
we cannot provide any assurance that we will be successful in doing so.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Series B Certificate of Designation
and Warrants contains certain anti-dilution provisions, which may dilute the interests of our stockholders, depress the price of our Common
Stock, and make it difficult for us to raise additional capital.</I></B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain events, for example, a Dilutive Issuance
(as defined in the Series B Certificate of Designation) may reduce the conversion price of the Series B Preferred Stock and increase the
number of shares to be issued upon conversion of the Series B Shares and also increase the number of shares of Common Stock to be issued
upon exercise of the Warrants, which in turn may lead to further dilution to the holders of our Common Stock. Furthermore, dividends on
the Series B Shares may be paid in certain circumstances in shares of Common Stock which in turn may lead to further dilution to the holders
of our Common Stock. In addition, the perceived risk of dilution may cause our stockholders to be more inclined to sell their Common Stock,
which may in turn depress the price of common shares regardless of our business performance. We may also find it more difficult to raise
additional equity capital while any of the Series B Shares and the Warrants remain outstanding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Under the Purchase Agreement, we are subject
to certain restrictive covenants that may make it difficult to procure additional financing.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchase Agreement contains, among others,
the following restrictive covenants: (A) from the date of the Purchase Agreement until 90 days following the later of (a) the earliest
of the date that (i)&nbsp;the initial registration statement &nbsp;registering for resale all Conversion Shares and Warrant Shares has
been declared effective by the SEC, (ii)&nbsp;all of the Conversion Shares and Warrant Shares have been sold pursuant to Rule&nbsp;144
or may be sold pursuant to Rule&nbsp;144 without the requirement for the Company to be in compliance with the current public information
required under Rule&nbsp;144 and without volume or manner-of-sale restrictions, (iii)&nbsp;following the one year anniversary of the Closing
Date provided that a holder of Conversion Shares and Warrant Shares is not an affiliate of us, or (iv)&nbsp;all of the Shares and Warrant
Shares may be sold pursuant to an exemption from registration under Section&nbsp;4(a)(1) of the Securities Act without volume or manner-of-sale
restrictions and counsel to the Company has delivered to such holders a standing written unqualified opinion that resales may then be
made by such holders of the Conversion Shares and Warrant Shares pursuant to such exemption which opinion shall be in form and substance
reasonably acceptable to such holders and (b)&nbsp;the Stockholder Approval Date, we shall not (i) issue, enter into any agreement to
issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents or (ii) file any registration
statement or any amendment or supplement thereto, in each case other than as contemplated pursuant to the Registration Rights Agreement
and (B) from the date of the Purchase Agreement until the later of (i) six months from the date of the Purchase Agreement, (ii) thirty
(30) days following the Stockholder Approval Date, and (iii) the date that we have fewer than 40,000 shares of issued and outstanding
Series B Preferred Stock, we shall be prohibited from entering into any variable rate transactions, subject to certain exceptions. &ldquo;Stockholder
Approval Date&rdquo; means such approval as may be required by the applicable rules and regulations of The Nasdaq Stock Market LLC (or
any successor entity) from our stockholders with respect to issuance of all of the Warrant Shares upon the exercise of the Warrants, including,
without limitation, to give full effect and consent to any adjustment to the Exercise Price or number of shares of Common Stock underlying
the Warrants following any stock dividend, stock split or other share combination event, dilutive issuance or reset date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we require additional funding while these restrictive
covenants remain in effect, we may be unable to effect a financing transaction on terms acceptable to us, or at all, while also remaining
in compliance with the terms of the Purchase Agreement, or we may be forced to seek a waiver from the investor party to the Purchase Agreement,
which such investor is not obligated to grant to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Purchase Agreement requires
us to hold a meeting of our stockholders at the earliest practicable date (and in no event later than 60 days after the closing) to seek
stockholder approval and, if such approval is not obtained at the initial meeting, to hold a second meeting on or prior to the 60<SUP>th</SUP>
calendar day following such meeting, and thereafter every 90 days to seek stockholder approval until the earlier of the date stockholder
approval is obtained or December 31, 2026, whichever is sooner, which may be time consuming and costly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Investors who buy
shares at different times will likely pay different prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investors who purchase
Private Placement Shares in this offering at different times will likely pay different prices, and so may experience different levels
of dilution and different outcomes in their investment results. The Selling Stockholders may sell such Private Placement Shares at different
times and at different prices.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify"><B><I>We have additional securities available
for issuance, which, if issued, could adversely affect the rights of the holders of our Common Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time-to-time issue additional shares
of Common Stock or preferred stock. In addition, as opportunities present themselves, we may enter into financing or similar arrangements
in the future, including the issuance of debt securities, Common Stock or preferred stock. Any future issuances of Common Stock or securities
convertible into Common Stock, would further dilute the percentage ownership of us held by holders of Common Stock. In addition, the issuance
of certain securities, may be used as an &ldquo;anti-takeover&rdquo; device without further action on the part of our stockholders, and
may adversely affect the holders of the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Stockholders may experience significant
dilution as a result of potential future financings that we may effect.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers of the Private Placement Shares in
this offering, as well as our existing stockholders, will experience significant dilution if we sell additional shares at prices significantly
below the price at which they invested. In addition, we may issue additional shares of Common Stock or other equity securities exercisable
for shares of Common Stock in connection with, among other things, future acquisitions of additional companies or assets, or under our
equity incentive plans, in certain cases without stockholder approval. Our existing stockholders may experience significant dilution if
we issue shares of Common Stock in the future at prices below the price at which previous stockholders invested.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our issuance of additional shares of Common Stock
or other Common Stock equivalents would have the following effects:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our existing stockholders&rsquo; proportionate ownership interest in us will decrease;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the relative voting strength of each previously outstanding ordinary share may be diminished; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market price of our Common Stocks may decline.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An active trading market for our Common
Stock may not be sustained.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although our Common Stock is listed on Nasdaq,
the market for our Common Stock has demonstrated varying levels of trading activity. Furthermore, the current level of trading may not
be sustained in the future. The lack of an active market for our Common Stock may impair investors&rsquo; ability to sell their shares
of Common Stock at the time they wish to sell them or at a price that they consider reasonable, may reduce the fair market value of their
shares of Common Stock and may impair our ability to raise capital to continue to fund operations by selling shares and may impair our
ability to utilize our shares as consideration in any licensing or other collaboration transactions with third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our share price may be subject to substantial
volatility, and stockholders may lose all or a substantial part of their investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is currently traded on Nasdaq.
There is limited public float, and trading volume historically has been low and sporadic. As a result, the market price for our Common
Stock may not necessarily be a reliable indicator of our fair market value. The price at which our Common Stock trades may fluctuate as
a result of a number of factors, including the number of shares available for sale in the market, quarterly variations in our operating
results, actual or anticipated announcements of new releases by us or competitors, the gain or loss of sources of revenues, changes in
the estimates of our operating performance, market conditions in our industry and the economy as a whole.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: center"><B><A NAME="a_025"></A>SPECIAL NOTE REGARDING&nbsp;FORWARD-LOOKING&nbsp;STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference into this prospectus include forward-looking&nbsp;statements within the meaning of Section&nbsp;27A of the Securities Act,
and Section&nbsp;21E of the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended, or the Exchange&nbsp;Act, that relate to future
events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking&nbsp;statements. Words such as, but not limited to, &ldquo;anticipate,&rdquo;
&ldquo;aim,&rdquo; &ldquo;believe,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;design,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo;
&ldquo;poise,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo; &ldquo;suggest,&rdquo; &ldquo;should,&rdquo; &ldquo;strategy,&rdquo;
&ldquo;target,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; and similar expressions or phrases, or the negative of those expressions
or phrases, are intended to identify forward-looking&nbsp;statements, although not all forward-looking&nbsp;statements contain these identifying
words. Although we believe that we have a reasonable basis for each forward-looking&nbsp;statement contained in this prospectus and incorporated
by reference into this prospectus, we caution you that these statements are based on our projections of the future that are subject to
known and unknown risks and uncertainties and other factors that may cause our actual results, level of activity, performance or achievements
expressed or implied by these forward-looking&nbsp;statements, to differ. The section in this prospectus entitled &ldquo;<I>Risk Factors</I>&rdquo;
and the sections in our periodic reports, including the Annual Report on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31, 2024
filed with the SEC, on March&nbsp;31, 2025 entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations,&rdquo; as well as other sections in this prospectus and the documents or
reports incorporated by reference into this prospectus, discuss some of the factors that could contribute to these differences.</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">Please consider our forward-looking&nbsp;statements
in light of those risks as you read this prospectus and the documents incorporated by reference into this prospectus. It is not possible
for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking&nbsp;statements we
may make. Given these uncertainties, you should not place undue reliance on these forward-looking&nbsp;statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information contained
in this prospectus is accurate as of any date other than as of the date of this prospectus, or that any information incorporated by reference
into this prospectus is accurate as of any date other than the date of the document so incorporated by reference. Except as required by
law, we assume no obligation to update these forward-looking&nbsp;statements publicly, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking&nbsp;statements, even if new information becomes available in the future. Thus,
you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking&nbsp;statements.</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">If one or more of these or other risks or uncertainties
materializes, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we anticipate. All
subsequent written and oral forward-looking&nbsp;statements attributable to us or individuals acting on our behalf are expressly qualified
in their entirety by this Note. Before purchasing any securities, you should consider carefully all of the factors set forth or referred
to in this prospectus and the documents incorporated by reference that could cause actual results to differ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not actually achieve the plans, intentions
or expectations disclosed in our forward-looking&nbsp;statements, and you should not place undue reliance on our forward-looking&nbsp;statements.
Forward-looking&nbsp;statements should be regarded solely as our current plans, estimates and beliefs. We have included important factors
in the cautionary statements included in this document, particularly in the section entitled &ldquo;<I>Risk Factors</I>&rdquo; of this
prospectus that we believe could cause actual results or events to differ materially from the forward-looking&nbsp;statements that we
make. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible
for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking&nbsp;statements we
may make. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking&nbsp;statements.
All forward-looking&nbsp;statements are qualified in their entirety by this cautionary statement. Our forward-looking&nbsp;statements
do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. You
should read this prospectus and the documents that we have filed as exhibits to this prospectus and incorporated by reference herein completely
and with the understanding that our actual future results may be materially different from the plans, intentions and expectations disclosed
in the forward-looking&nbsp;statements we make. The forward-looking&nbsp;statements contained in this prospectus are made as of the date
of this prospectus and we do not assume any obligation to update any forward-looking&nbsp;statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.</P>

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


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: center"><A NAME="eee_001"></A><B>THE PRIVATE PLACEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 16, 2025, we entered into a securities
purchase agreement <FONT STYLE="background-color: white">(the &ldquo;Purchase Agreement&rdquo;)</FONT> with certain investors for the
issuance and sale in a private placement (the &ldquo;Private Placement&rdquo;) of 360,000 shares of Series B Preferred Stock convertible
at an initial conversion price of $1.36 per share into 6,617,647 shares of Common Stock and Warrants to purchase up to 6,617,647 shares
of Common Stock exercisable at an initial exercise price of $1.36 per share, subject, among other things, to adjustment, stockholder approval
and certain beneficial ownership limitations set by each holder, for a combined purchase price of $25.00 for each share of Series B Preferred
Stock and accompanying Warrant. The Private Placement closed on October 17, 2025 (the &ldquo;Closing Date&rdquo;).&nbsp;The net proceeds
to us from the Private Placement were approximately $8.175 million, after deducting placement agent fees and the payment of other offering
expenses associated with the offering that were payable by us. Dawson James Securities, Inc. served as the exclusive placement agent in
connection with the Private Placement and was paid (i)&nbsp;a cash fee equal to 7.5% of the aggregate gross proceeds of the Private Placement,
and (ii)&nbsp;up to $150,000 for legal fees and other out-of-pocket expenses.</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">Set forth below is a summary of the Private Placement
transaction and the related agreements. Copies of the related agreements have been filed as exhibits to our Current Report on Form 8-K,
filed with the SEC on October 22, 2025. You are encouraged to review the full text of such agreements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the&nbsp;Purchase&nbsp;Agreement,
we agreed to file a proxy statement with the SEC within 15 days of the Closing Date and hold a special meeting of stockholders at the
earliest practical date after the date following the filing thereof (and in no event later than 60 days after the Closing Date) (the &ldquo;Stockholder
Meeting Deadline&rdquo;) for the purpose of obtaining such approval as may be required under the applicable rules of Nasdaq from our stockholders
with respect to (i) reduction to the applicable conversion price in the Series B Preferred Stock and the exercise price in the Warrants,
(ii) adjustment terms in the Series B Preferred Stock and the Warrants, (iii) issuance of all of the Conversion Shares upon the conversion
of the Series B Preferred Stock in accordance with its terms (including adjustment provisions set forth therein), (iv) issuance of all
of the Warrant Shares upon the exercise of the Warrants in accordance with their terms (including adjustment provisions set forth therein),
(v) any adjustment to the conversion price in the Series B Preferred Stock following any stock dividend, stock split or other share combination
event, Series B Dilutive Issuance (as defined below) or Reset Date (as defined in the Series B Certificate of Designation); (vi) any issuance
of shares of Common Stock as a dividend in kind on the Series B Preferred Stock and (vii) any adjustment to the exercise price or number
of shares of Common Stock underlying the Warrants in the event of a share combination event, Warrant Dilutive Issuance (as defined below)
and Warrant Reset Date (as defined below) (the &ldquo;Stockholder Approval&rdquo;), which proposals are included in this Proxy Statement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We agreed to use our reasonable best efforts to
obtain such Stockholder Approval. If, despite our reasonable best efforts the Stockholder Approval is not obtained on or prior to the
Stockholder Meeting Deadline, we are obligated to cause an additional stockholder meeting to be held on or prior to the 60th calendar
day following the failure to obtain Stockholder Approval. If, despite the Company&rsquo;s reasonable best efforts the Stockholder Approval
is not obtained after such subsequent stockholder meetings, the Company shall cause an additional Stockholder Meeting to be held every
90 days thereafter until (i) such Stockholder Approval is obtained, or (ii) December 31, 2026, whichever is sooner. As a condition to
closing, holders of our Common Stock representing a majority of the voting power of the Company&rsquo;s issued and outstanding Common
Stock as of the Closing Date entered into and delivered support agreements providing that, among other things, such stockholders have
agreed to vote all their shares of Common Stock in favor of the matters for which Stockholder Approval is to be obtained.</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">The Purchase Agreement provides that until the
later of (i) six months from its date, (ii) 30 days following the date Stockholder Approval is obtained and effective, and (iii) the date
that we have fewer than 40,000 shares of issued and outstanding Series B Preferred Stock, we are prohibited from effecting or entering
into an agreement to effect any issuance by us or any of our subsidiaries of Common Stock or Common Stock equivalents (or a combination
of units thereof) involving a Variable Rate Transaction (as defined therein).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Purchase Agreement, until 90 days
following the later of (a) the earliest of the date that (i)&nbsp;the initial registration statement registering for resale all Conversion
Shares and Warrant Shares has been declared effective by the SEC, (ii)&nbsp;all of the Conversion Shares and Warrant Shares have been
sold pursuant to Rule&nbsp;144 or may be sold pursuant to Rule&nbsp;144 without the requirement for the Company to be in compliance with
the current public information required under Rule&nbsp;144 and without volume or manner-of-sale restrictions, (iii)&nbsp;following the
one year anniversary of the Closing Date provided that a holder of Conversion Shares or Warrant Shares is not an affiliate of us or (iv)&nbsp;all
of the Shares and Warrant Shares may be sold pursuant to an exemption from registration under Section&nbsp;4(a)(1) of the Securities Act
without volume or manner-of-sale restrictions and counsel to the Company has delivered to such holders a standing written unqualified
opinion that resales may then be made by such holders of the Conversion Shares, Dividend Shares and Warrant Shares pursuant to such exemption
which opinion shall be in form and substance reasonably acceptable to such holders, and (b)&nbsp;the date Stockholder Approval is obtained
and effective, we and our subsidiaries are prohibited from (x) issuing, entering into any agreement to issue or announcing the issuance
or proposed issuance of any shares of Common Stock or Common Stock equivalents, or (y) filing any registration statement or any amendment
or supplement thereto, in each case subject to certain exceptions.</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">Pursuant to the Purchase Agreement, until the
18-month anniversary of the Closing Date upon us or any of our subsidiaries issuing any securities, including Common Stock or preferred
stock, Indebtedness (as defined in the Purchase Agreement) or entering into any Variable Rate Transaction the Selling Stockholders were
granted, subject to certain exceptions, the right to participate in such financing in an aggregate amount equal to 50% of the financing
on the same terms, conditions and price provided for in the financing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Purchase Agreement, our
directors and officers executed agreements agreeing, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber,
grant any option for the sale of or otherwise dispose of any shares of our Common Stock or other securities convertible into or exercisable
or exchangeable for our Common Stock for a period commencing on the date of the Purchase Agreement and continuing and including the date
that is 90 days after the effective date of the initial registration statement filed pursuant to the Registration Rights Agreement (as
defined below).</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">The Purchase Agreement contains customary representations,
warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. Among
other things, each of the Selling Stockholders represented to us, that it is an &ldquo;accredited investor&rdquo; (as such term is defined
in Rule 501(a) of Regulation D under the Securities Act), and we sold the securities in reliance upon an exemption from registration contained
in Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Issued</I></B></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>Series&nbsp;B Convertible Preferred Stock </B></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">Our authorized capital stock consists of 500,000,000
shares of Common Stock, par value $0.001 per share and 5,000,000 shares of preferred stock, par value of $0.001 per share. Our Board of
Directors has the authority, without action by our stockholders, to designate and issue up to 5,000,000&nbsp;shares of preferred stock
in one or more series or classes and to designate the rights, preferences and privileges of each series or class. Our Board has designated
1,500,000&nbsp;shares of our preferred stock as Series&nbsp;A Preferred Stock, 938,847 of which are issued and outstanding as of the date
hereof. In connection with the Private Placement, our Board designated 360,000 shares of preferred stock as a new series of Series B Preferred
Stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of the Series B Preferred Stock are
set forth in the Series B Certificate of Designation, which was filed with the Secretary of State for the State of Delaware on October
16, 2025 prior to the closing of the Private Placement. The form of the Series B Certificate of Designation was filed as Exhibit 3.1 to
our Current Report on Form 8-K, filed with the SEC on October 22, 2025. The key terms of the Series B Preferred Stock are summarized below:</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"><I>Stated Value</I></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">The Series B Preferred Stock has a stated value
per share equal to $25.00.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion into Shares of Common Stock </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conversion price (&ldquo;Conversion Price&rdquo;)
of the Series B Preferred Stock was initially set at $1.36 per share. The Conversion Price is subject to adjustment as provided in the
Series B Certificate of Designation and discussed further below. See &ldquo;Adjustment Provisions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Series B Preferred Stock is convertible into
shares of our Common Stock (subject to the beneficial ownership limitations as provided in the Series B Certificate of Designation), based
upon the Conversion Price per share of Common Stock, at any time at the option of the holder prior to the fifth anniversary of the date
of issuance (the &ldquo;Mandatory Conversion Date&rdquo;), at which time all shares of outstanding Series B Preferred Stock shall automatically
and without any further action by the holder be converted into shares of our Common Stock at the then effective Conversion Price. Notwithstanding
the foregoing, in no event shall the Conversion Price be less than a floor price of $0.242 (the &ldquo;Floor Price&rdquo;) as further
described below under the heading &ldquo;Adjustment Provisions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of Common Stock into which
each share of Series B Preferred Stock is convertible into is equal to the sum of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">the aggregate Stated Value of the shares being converted, <I>divided by</I> (B) the Conversion Price then
in effect <I>plus (to the extent the Company elects to pay dividends and the make-whole payment
in shares of Common Stock)</I></TD></TR></TABLE>

<P STYLE="margin-left: 0.5in; margin-top: 0; margin-bottom: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(X)</TD><TD STYLE="text-align: justify">the sum of all accrued but unpaid paid dividends thereon plus
the make-whole payment, <I>divided by</I> (Y) the Dividend Conversion Price (as defined and further described under &ldquo;Dividends&rdquo;).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to any fraction of a share which a holder would
otherwise be entitled to receive upon such conversion, at our election, we may either pay a cash adjustment in respect of such final fraction
in an amount equal to such fraction multiplied by the Conversion Price or round to the nearest whole share. The shares of Common Stock
issuable upon conversion of shares of Series B Preferred Stock, exclusive of dividends, are referred to as &ldquo;Conversion Shares.&rdquo;
At the initial Conversion Price, if all of the outstanding shares of Series B Preferred Stock were to fully convert, exclusive of dividends,
we would issue 6,617,647 Conversion Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In certain instances, in addition to receiving
Conversion Shares pursuant to the formula set forth above upon conversion of their shares of Series B Preferred Stock, holders will also
receive a cash payment. See &ldquo;Adjustment Provisions- Series B Dilutive Issuance&rdquo; and &ldquo;Dividends.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limitations on Conversion.</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of shares of Series B Preferred Stock are prohibited from
converting Series B Preferred Stock into shares of our Common Stock if, as a result of such conversion, such holder, together with its
affiliates, would beneficially own in excess of 4.99% of the total number of shares of Common Stock issued and outstanding immediately
after giving effect to such conversion. However, any holder may increase or decrease such percentage to any other percentage not in excess
of 9.99%, provided that any increase in such percentage shall not be effective until 61&nbsp;days after such notice to us.</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"><I>Adjustment Provisions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series B Certificate of Designation contains
provisions which require the lowering of the Conversion Price, subject to the Floor Price. The Conversion Price is subject to adjustment
in connection with dilutive issuances including issuances of securities below the conversion price, stock dividends, stock splits or similar
events and pursuant to a reset provision, all subject to the Floor Price. Assuming the Conversion Price was reduced to the Floor Price
as a result of any such adjustment provisions, if all of the outstanding shares of Series B Preferred Stock were to fully convert, exclusive
of dividends, we would issue 37,190,083 Conversion Shares instead of the 6,617,647 Conversion Shares to be issued if the Conversion Price
remains at the initial Conversion Price of $1.36.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Series B Dilutive Issuance</U>.
The Series B Certificate of Designation contains anti-dilution&nbsp;provisions, which provisions require, under certain circumstances,
the lowering of the Conversion Price on unconverted Series B Preferred Stock to the purchase price of future offerings by us (subject
to certain exclusions), subject to the Floor Price.&nbsp;If in the future we issue securities for less than the Conversion Price of our
Series B Preferred Stock, we will be required to reduce the relevant Conversion Price of any unconverted shares of Series B Preferred
Stock, which will result in a greater number of shares of Common Stock being issuable upon conversion, which in turn will have a greater
dilutive effect on our stockholders. More specifically, except in connection with certain exempt issuances stipulated in the Series B
Certificate of Designation, the Series B Certificate of Designation stipulates that if, at any time while the Series B Preferred Stock
is outstanding, we sell or grant any option to purchase or sell or grant any right to reprice, or otherwise dispose of or issue (or announce
any sale, grant or any option to purchase or other disposition) any Common Stock or any securities which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (&ldquo;Common
Stock Equivalents&rdquo;) at an effective price per share that is lower than the then Conversion Price of the Series B Preferred Stock
(such lower price, the &ldquo;Base Conversion Price&rdquo; and such issuances, collectively, a &ldquo;Series B Dilutive Issuance&rdquo;)
then the Conversion Price of the Preferred Stock then outstanding automatically will be reduced to equal the Base Conversion Price at
the time such Common Stock or Common Stock Equivalents are issued, subject to the Floor Price.</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">If a holder elects to convert following a Series
B Dilutive Issuance that causes the Base Conversion Price to be less than the Floor Price, then in addition to the Conversion Shares,
we must pay the holder an amount in cash equal to the product obtained by <I>multiplying</I> (a) any bid price selected by the holder
for the Common Stock as published on Bloomberg within one hour preceding the submission of the conversion notice by the holder, by (b)
the difference obtained by <I>subtracting</I> (1) the quotient obtained by <I>dividing</I> (a) the aggregate Stated Value of those shares
being converted, <I>by</I> (b) the Floor Price,&nbsp;<U>from</U>&nbsp;(2) the quotient obtained by <I>dividing</I> (x) the aggregate Stated
Value of those shares being converted, <I>by</I> (y) the Base Conversion Price without giving effect to the Floor Price.</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"><U>Reset Provision</U>. On
the &ldquo;Reset Date,&rdquo; which is defined in the Series B Certificate of Designation as the later of (a) the earlier of (1) the date
that a registration statement registering the Registrable Securities (as defined below in &ldquo;The Registration Rights Agreement&rdquo;)
is declared effective, or (2) the date that the Registrable Securities can be sold, assigned or transferred without restriction or limitation
pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and (b) the date our
stockholders approve the issuance of all the Conversion Shares, including, without limitation, to give full effect and consent to any
adjustment to the Conversion Price pursuant to the terms of the Series B Certificate of Designation and to the issuance of shares of Common
Stock as a dividend on the Series B Preferred Stock, the Conversion Price will be decreased to the lower of (i) the Conversion Price then
in effect or (ii) the lowest single day volume weighted average price (VWAP) of the Common Stock of the five trading days immediately
preceding the Reset Date (the &ldquo;Reset Price&rdquo;); provided that the Conversion Price cannot be reduced to be below the Floor Price.</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"><U>Stock Dividends and Stock
Splits. </U>If we, at any time while the shares of Series B Preferred Stock are outstanding: (a) pay a stock dividend or otherwise makes
a distribution or distributions payable in shares of Common Stock with respect to the then outstanding shares of Common Stock; (b) subdivide
outstanding shares of Common Stock into a larger number of shares; or (c) combine (including by way of a reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, then the Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event (excluding any treasury
shares of the Company); provided that no adjustment shall cause the Conversion Price to be less than the Floor Price.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividends</I></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">The holders of Series B Preferred Stock are entitled
to receive cumulative dividends at the rate per share of 9% per annum of the $25.00 Stated Value per share until the fifth anniversary
of the date of issuance. Dividends are payable (i)&nbsp;upon any conversion of the Series B Preferred Stock, (ii)&nbsp;on each such other
date as our Board may determine, (iii)&nbsp;upon our liquidation, dissolution or winding up, and (iv)&nbsp;upon the occurrence of a fundamental
transaction, including any merger or consolidation, sale of all or substantially all of our assets, exchange or conversion of all of our
Common Stock by tender offer, exchange offer or reclassification, in cash or, solely in the event of (i) above, in cash or in shares of
Common Stock. The shares of Common Stock issued to satisfy the payment of dividends or any make-whole payment are referred to as &ldquo;Dividend
Shares.&rdquo; However, if shares of Series B Preferred Stock are converted into shares of Common Stock at any time prior to the Mandatory
Conversion Date, the holder will also receive a make-whole&nbsp;payment in an amount equal to all of the dividends that, but for the early
conversion, would have otherwise accrued on the applicable shares of Series B Preferred Stock being converted for the period commencing
on the conversion date and ending on Mandatory Conversion Date, less the amount of all prior dividends paid on such converted shares of
Series B Preferred Stock before the date of conversion (the &ldquo;Make-Whole Payment&rdquo;). Make-Whole&nbsp;Payments are payable at
our option in either cash or in shares of Common Stock. With respect to any dividend and Make-Whole Payments paid in shares of Common
Stock, the number of shares of Common Stock to be issued to a holder of Series B Preferred Stock will be equal to an amount equal to (x)
the amount of the dividend payable, <I>divided by</I> (y) the Dividend Conversion Price. The Dividend Conversion Price is equal to the
lower of (a) the conversion price then in effect, and (b) the volume weighted average price (VWAP) of the Common Stock on the trading
day prior to the applicable conversion date; provided that the Dividend Conversion Price may not be less than the Floor Price. If the
Company were to elect to pay all dividends payable on the 360,000 shares of Series B Preferred Stock issued in the Private Placement in
shares of Common Stock and assuming that the Conversion Price and/or the Dividend Conversion Price was reduced to the Floor Price, the
Company would issue 16,735,537 Dividend Shares in addition to the 37,190,083 Conversion Shares.</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">If the Dividend Conversion Price is lower than
the Floor Price and we elect to pay a dividend or Make-Whole Payment in shares of Common Stock, in addition to the number of shares of
Common Stock payable calculated using the Floor Price, we will pay the holders of the Series B Preferred Stock an amount in cash equal
to the product of (A) any bid price selected by the holder for the Company&rsquo;s Common Stock as published on Bloomberg within one hour
preceding the submission of the conversion notice by the holder, and (B)&nbsp;the difference obtained by <I>subtracting</I> (1) the quotient
obtained by <I>dividing</I> (a) the amount of the dividend payable to such holder <I>by</I> (b)&nbsp;the Floor Price, <U>from</U> (2)
the quotient obtained by dividing (x) the amount of the dividend payable to such Holder <I>by</I> (y)&nbsp;the Dividend Conversion Price
without giving effect to the Floor Price.</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"><I>Liquidation </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of our liquidation, dissolution or
winding-up, holders of Series B Preferred Stock will be entitled to receive the amount of cash, securities or other property to which
such holder would be entitled to receive with respect to its shares of Series B Preferred Stock if such shares had been converted to Common
Stock immediately prior to such event (without giving effect for such purposes to the 4.99% or 9.99% beneficial ownership limitation)
subject to the preferential rights of holders of any class or series of our capital stock specifically ranking by its terms senior to
the Series B Preferred Stock as to distributions of assets upon such event, whether voluntarily or involuntarily.</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"><I>Voting Rights</I></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">Except as otherwise required by law, the Series
B Preferred Stock will have no voting rights; <U>provided</U>, <U>however</U>, as long as any shares of Series B Preferred Stock are outstanding,
the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of Series B Preferred Stock,
(a) alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock or alter or amend the Series B Certificate
of Designation, (b) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a liquidation
senior to, or otherwise pari passu with, the Series B Preferred Stock, (c) amend the certificate of incorporation or other charter documents
in any manner that adversely affects any rights of the holders of Series B Preferred Stock, (d) increase the number of authorized shares
of Series B Preferred Stock or (e) enter into any agreement with respect to any of the foregoing.</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"><I>Listing</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series B Preferred Stock is not listed on
the Nasdaq Capital Market or any other exchange or trading market. We do not plan on making an application to list the Series B Preferred
Stock on the Nasdaq Capital Market, any other national securities exchange or any other nationally recognized trading system. The Common
Stock issuable upon conversion of the Series B Preferred Stock is listed on the Nasdaq Capital Market under the ticker symbol &ldquo;SGD.&rdquo;</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Warrants</B></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">In connection with the Private Placement, the
Company issued Warrants to purchase up to 6,617,647 shares of Common Stock. The shares of Common Stock issuable upon exercise of the Warrants
are referred to as &ldquo;Warrant Shares.&rdquo; The following is a summary of the certain of the terms and provisions of the Warrants
issued in the Private Placement. The form of Warrant was filed as Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed
with the SEC on October 22, 2025.</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"><I>Exercisability</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants are exercisable at any time on or
after the first trading date after the Company&rsquo;s stockholders approve the issuance of all Warrant Shares issuable pursuant to the
terms of the Warrants (including, without limitation, to give full effect and consent to any adjustment to the exercise price or number
of shares of Common Stock underlying the Warrants following any stock dividend, stock split or other share combination event, dilutive
issuance or reset provision) (such date, the &ldquo;Initial Exercise Date&rdquo;)&nbsp;and will expire two and one-half years following
such approval (the &ldquo;Termination Date&rdquo;).&nbsp;The date that the stockholders approve the issuance of all Warrant Shares issuable
pursuant to the terms of the Warrants is referred to as the &ldquo;Warrant Stockholder Approval Date.&rdquo;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial Warrant exercise price (the &ldquo;Exercise
Price&rdquo;) at issuance was $1.36 per share. The Exercise Price and number of shares of Common Stock issuable upon exercise of the Warrants
will adjust in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar
events.&nbsp;The Warrants also contain provisions which require the lowering of the Exercise Price, in connection with dilutive issuances
and pursuant to a reset provision, all subject to the Floor Price. Assuming the Exercise Price was reduced to the Floor Price as a result
of such adjustment provisions and all issued Warrants were fully exercised by means of an alternative cashless exercise (as described
in &ldquo;Cashless Exercise&rdquo; below), we would issue 37,190,083 Warrant Shares.</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"><U>Warrant Dilutive Issuance</U>.
Except in connection with certain exempt issuances set forth in the Series B Certificate of Designation, each Warrant provides that if,
at any time while such Warrant is outstanding, we sell or grant any option to purchase or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any sale, grant or any option to purchase or other disposition) any Common Stock or any securities (including
but not limited to Common Stock Equivalents) entitling any person or entity to acquire shares of Common Stock (upon conversion, exercise
or otherwise), at an effective price per share less than the then Exercise Price (such lower price, the &ldquo;Warrant Base Share Price&rdquo;
and such issuances collectively, a &ldquo;Warrant Dilutive Issuance&rdquo;), then the Exercise Price shall be reduced to equal the Warrant
Base Share Price and the number of Warrant Shares issuable under such Warrant shall be proportionately increased such that the aggregate
Exercise Price of the Warrant shall remain unchanged following such event,&nbsp;<I>provided, however</I>, that in no event shall the Warrant
Base Share Price be less than the Floor Price.&nbsp;</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"><U>Reset Provision</U>. On
the &ldquo;Warrant Reset Date,&rdquo; which is defined in the Warrants as the later of (a) the earlier of (1) the date that a registration
statement registering the Registrable Securities (as defined below in &ldquo;The Registration Rights Agreement&rdquo;) is declared effective,
or (2) the date that the Registrable Securities can be sold, assigned or transferred without restriction or limitation pursuant to Rule
144 promulgated under the Securities Act, and (b) the Warrant Stockholder Approval Date, the Exercise Price will be adjusted to equal
the lower of (i) the Exercise Price then in effect, or (ii) the lowest single day volume weighted average price (VWAP) of the Common Stock
of the five trading days immediately preceding the Warrant Reset Date (the &ldquo;Reset Price&rdquo;); provided that the Exercise Price
cannot be reduced to be below the Floor Price. Upon such reset of the Exercise Price, the number of Warrant Shares issuable shall be increased
such that the aggregate Exercise Price of the Warrant shall remain unchanged following such reset.</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"><I>Cashless Exercise</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If on a date after the Initial Exercise Date,
there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of the Warrant
Shares, the Warrants may be exercised, in whole or in part, by means of a &ldquo;cashless exercise&rdquo; in which case the holder in
which case such holder will receive a number of shares of Common Stock determined according to the formula set forth in the Warrants.
On the Termination Date, the Warrant will be automatically exercised via cashless exercise, provided that the Warrant Stockholder Approval
Date has occurred.</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">Whether or not an effective registration statement
or prospectus is available, a holder may effect an &ldquo;alternative cashless exercise&rdquo; at any time on or after the Warrant Stockholder
Approval Date. In such event, the aggregate number of Warrant Shares issuable in such alternative cashless exercise will equal the aggregate
number of Warrant Shares that would be issuable upon exercise of the Warrant if such exercise were by means of a cash exercise.</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">Given the &ldquo;alternative cashless exercise&rdquo;
provisions of the Warrants described above, it is unlikely the Warrants would be exercised on a cash basis.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limitations on Exercise.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The holders of the
Warrants are prohibited from exercising the Warrants for shares of Common Stock if, as a result of such conversion, such holder, together
with its affiliates, would beneficially own in excess of 4.99% of the total number of shares of Common Stock issued and outstanding immediately
after giving effect to such conversion</FONT>. <FONT STYLE="font-size: 10pt">However, any holder may increase or decrease such percentage
to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61&nbsp;days
after such notice to us.</FONT></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"><I>Fundamental Transaction</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Fundamental Transaction (as such term is
defined in the Warrants) occurs, then the successor entity will succeed to, and be substituted for the Company, and may exercise every
right and power that the Company may exercise and will assume all of the Company&rsquo;s obligations under the Warrants with the same
effect as if such successor entity had been named in the Warrant itself. If holders of the Common Stock are given a choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the holder shall be given the same choice as to the consideration it
receives upon any exercise of the Warrant following such Fundamental Transaction. In certain circumstances, the holder will have the right
to receive the Black Scholes Value of the Warrant calculated pursuant to a formula set forth in the Warrants, payable either in cash or
in the same type or form of consideration that is being offered and being paid to the holders of the Common Stock as described in the
Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rights of Holder</I></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">Except as otherwise provided in the Warrants or
by virtue of such holder&rsquo;s ownership of shares of Common Stock, the holder of a Warrant does not have the rights or privileges of
a holder of the Common Stock, including any voting rights, until the holder exercises the Warrant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Private Placement, we entered
into a registration rights agreement (the &ldquo;Registration Rights Agreement&rdquo;), dated as of October&nbsp;16, 2025, with the Selling
Stockholders, pursuant to which we agreed to prepare and file a registration statement (the &ldquo;Registration Statement&rdquo;) with
the SEC registering the resale of (a) all Conversion Shares and shares issued as a dividend in kind on the Series B Preferred Stock (assuming
the Series B Preferred Stock is convertible at the Floor Price and the shares of Common Stock issued as a dividend in kind on the Series
B Preferred Stock (including any Make-Whole Payments paid in shares of Common Stock) are issued at the Floor Price), (b) all Warrant Shares
then issued and issuable upon exercise of the Warrants (assuming the Warrants are exercised in full without regard to any exercise limitations
therein), (c) any additional shares of Common Stock issued and issuable in connection with any anti-dilution provisions in the Warrants
(without giving effect to any limitations on exercise set forth in the Warrants and assuming the Exercise Price and number of Warrant
Shares adjust to the Floor Price) and (d) any securities issued or then issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing (together, the &ldquo;Registrable Securities&rdquo;) no later than 15
calendar days after the date of the Registration Rights Agreement (the &ldquo;Filing Date&rdquo;), to use our commercially reasonable
efforts to have the registration statement declared effective as promptly as possible thereafter, and in any event not more than 60&nbsp;days
following the date of the Registration Rights Agreement (or 90&nbsp;days following the date of the Registration Rights Agreement in the
event of a &ldquo;full review&rdquo; by the SEC) (the &ldquo;Effectiveness Date&rdquo;), provided <U>however</U>, that in the event we
are notified by the SEC that the Registration Statements will not be reviewed or is no longer subject to further review and comments,
the Effectiveness Date will be the fifth trading day following the date on which we are so notified if such date precedes the dates otherwise
required above, provided, further, if such Effectiveness Date falls on a day that is not a trading day, then the Effectiveness Date will
be the next succeeding trading day, and provided further that if the SEC is closed following the filing date, in part or in full, for
operations due to a government shutdown, the Effectiveness Date will be extended by the same amount of days that the SEC remains closed
for operations following the filing date. In the event the Registration Statement is not filed by the Filing Date or declared effective
by the Effectiveness Date, the Company will be required under the Registration Rights Agreement to pay to the Selling Stockholders liquidated
damages on a weekly basis until cured. The Registration Rights Agreement further provides that the Company shall use commercially reasonable
efforts to keep such Registration Statement effective at all times until all securities covered by such Registration Statement have been
sold or may be sold without volume or manner-of-sale restrictions pursuant to Rule&nbsp;144 and without the requirement for the Company
to be in compliance with the current public information requirement under Rule&nbsp;144.</P>

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

<!-- Field: Page; Sequence: 19; Options: NewSection; Value: 15 -->
    <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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="a_026"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not receive any proceeds from the sale of the Private Placement
Shares by the Selling Stockholders. We will, however, receive up to an aggregate of approximately $9.0 million in cash from the exercise
of the Warrants, assuming the exercise in full for cash of all the Warrants, which we intend to use for working capital and general corporate
purposes. &nbsp;However, given the &ldquo;alternative cashless exercise&rdquo; provisions of the Warrants described above, it is unlikely
the Warrants would be exercised on a cash basis and instead we expect that the Warrants will be exercised on a cashless basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Stockholders will receive all of the
proceeds of the sale of Private Placement Shares offered from time to time pursuant to this prospectus. Accordingly, we will not receive
any proceeds from the sale of the Private Placement Shares that may be sold from time to time pursuant to this prospectus. See &ldquo;Plan
of Distribution&rdquo; elsewhere in this prospectus for more information.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_027"></A>SELLING STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement Shares being offered
by the Selling Stockholders are those issuable to the Selling Stockholders upon conversion of the Series B Shares and exercise of
the Warrants. Included in the Private Placement Shares being offered by the Selling Stockholders are: 53,925,620 shares of Common
Stock issuable upon the conversion of the Series B Shares of which (i) 6,617,647 shares of Common Stock are currently issuable upon
the conversion the Series B Shares at an initial conversion price of $1.36 per share; and (ii) 47,307,973 shares of Common Stock
will be issuable upon receipt of Stockholder Approval. Included in the Private Placement Shares being offered by the Selling
Stockholders are 37,190,083 shares of Common Stock issuable upon exercise of the Warrants, the exercise of all of which are subject
to Stockholder Approval. We are registering the Private Placement Shares in order to permit the Selling Stockholders to offer the
Private Placement Shares for resale from time to time. Except for the ownership of the shares of Series B Shares and the Warrants, the Selling Stockholders have not had any material relationship
with us within the past three years.</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">The table below lists the Selling
Stockholders and other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling
Stockholders. The number of shares described under the column &ldquo;Shares of Common Stock Beneficially Owned Prior to this
Offering&rdquo; for each Selling Stockholder includes all shares of our Common Stock beneficially held by such Selling Stockholder
as of October 31, 2025, which includes all shares of our Common Stock issuable upon conversion of the Series B Shares purchased by
such Selling Stockholder in the Private Placement, subject to the Beneficial Ownership Limitation, and excludes shares of Common
Stock issuable upon conversion of the Series B Shares and exercise of the Warrants, the conversion or exercise of which is subject
to the Beneficial Ownership Limitation and/or Stockholder Approval. Because each Selling Stockholder may dispose of all, none or
some portion of their Private Placement Shares, no estimate can be given as to the number of Private Placement Shares that will be
beneficially owned by a Selling Stockholder upon termination of this offering. For purposes of the table below, however, we have
assumed that after termination of this offering none of the Private Placement Shares covered by this prospectus will be beneficially
owned by the Selling Stockholders and further assumed that the Selling Stockholders will not acquire beneficial ownership of any
additional shares of our Common Stock during the offering. In addition, the Selling Stockholders may have sold, transferred or
otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time and from time to time, the Private Placement
Shares in transactions exempt from the registration requirements of the Securities Act after the date on which the information in
the table is presented. See the section titled &ldquo;Plan of Distribution.&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">The third column &ldquo;Maximum Number of Private
Placement Shares Being Offered for Resale&rdquo; lists the Private Placement Shares being offered by this prospectus by the Selling Stockholders
without any limitations. In accordance with the terms of the Purchase Agreement with the Selling Stockholders, this prospectus generally
covers the resale of the Private Placement Shares described above and determined as if such outstanding Series B Shares and the Warrants
were converted and exercised, as applicable, in full, the Series B Adjustment Shares were issued in full, the Warrant Anti-Dilution Shares
are issued in full and the Dividend Shares are issued in full upon the payment of dividends payable on the Series B Shares in shares of
Common Stock as Dividend Shares, and as applicable as of the trading day immediately preceding the date this registration statement was
initially filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to
adjustment as provided in the Certificate of Designation and the Warrants, without regard to any limitations on the exercise or conversion
of the Warrants and the Series B Shares, as applicable and assuming Stockholder Approval is obtained for full conversion of the Series
B Shares, including the Dividend Shares, and full exercise of the Warrants. The fourth column assumes the sale of all of the Private Placement
Shares offered by the Selling Stockholders pursuant to this prospectus.</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">Under the terms of the Series B Certificate of
Designation and the Warrants, a Selling Stockholder may not exercise or convert its applicable Warrants or Series B Shares to the extent
such exercise or conversion, as applicable, would cause such Selling Stockholder, together with its affiliates and attribution parties,
to beneficially own a number of shares of Common Stock which would exceed 4.99% (or, at the election of the holder, 9.99%) of our then
outstanding Common Stock following such exercise or conversion, as applicable, excluding for purposes of such determination shares of
Common Stock issuable upon exercise of the Warrants or conversion of the Series B Shares which have not been exercised or converted.
The number of shares in the third column does not reflect this limitation. The Selling Stockholders may sell all, some or none of their
shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Shares of</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Shares of Common Stock</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Common</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Number</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">To Be Beneficially Owned</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Stock</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">of Private</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Immediately Following</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Beneficially</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Placement</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">the Sale of the Private</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Owned</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Placement Shares</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Prior&nbsp;to the</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Being&nbsp;Offered</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Offered for Resale</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Stockholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering<SUP>(5)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">for Resale</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evergreen Capital Management LLC<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">464,117</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">30,371,900</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">&nbsp;&nbsp;&nbsp;0</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">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alto Opportunity Master Fund, SPC &ndash; Segregated Master Portfolio B<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,371,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson Investments Master Fund LP<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,082,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson East Master Fund LP<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,289,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</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: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents less than one percent (1%) of the outstanding Common
Stock</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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>

<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: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of Common Stock beneficially owned prior
    to the Offering include 464,117 shares of Common Stock issuable upon conversion of 25,248 Series B Shares and does not include: (i) 1,725,238
    shares of Common Stock issuable upon conversion of 94,752 Series B Shares because such shares are not issuable due to the beneficial ownership
    limitation in the Series B Certificate of Designation; or (ii) any Warrant Shares issuable upon the exercise of 2,205,883 Warrants because
    such Warrants are not exercisable until Stockholder Approval is obtained. The maximum number of Private Placement Shares to be sold pursuant
    to this prospectus represent the number of shares of Common Stock that may be issued, in the aggregate, upon conversion or exercise (as
    the case may be) of the Series B Shares and the Warrants beneficially owned by the Selling Stockholder. The shares that may be sold under
    this prospectus are comprised of (i) an aggregate of 17,975,207 Conversion Shares and Dividend Shares; and (ii) 12,396,694 Warrant Shares.</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">Jeffrey Pazdro has shared voting control and investment
    discretion over the securities reported herein that are held by Evergreen Capital Management LLC. As a result, Mr. Pazdro may be deemed
    to have beneficial ownership of the securities reported herein that are held by Evergreen Capital Management LLC. Mr. Pazdro disclaims
    beneficial ownership of these securities except to the extent of his pecuniary interest therein. The address of Evergreen Capital Management
    LLC is 156 W. Saddle River Road, Saddle River, New Jersey 07458.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of Common Stock beneficially owned prior
    to the Offering include 464,117 shares of Common Stock issuable upon conversion of 25,248 Series B Shares and does not include: (i) 1,725,238
    shares of Common Stock issuable upon conversion of 94,752 Series B Shares because such shares are not issuable due to the beneficial ownership
    limitation in the Series B Certificate of Designation; or (ii) any Warrant Shares issuable upon the exercise of 2,205,883 Warrants because
    such Warrants are not exercisable until Stockholder Approval is obtained. The maximum number of Private Placement Shares of Common Stock
    to be sold pursuant to this prospectus represent the number of shares of Common Stock that may be issued, in the aggregate, upon conversion
    or exercise (as the case may be) of the Series B Shares and the Warrants beneficially owned by the Selling Stockholder. The shares that
    may be sold under this prospectus are comprised of (i) an aggregate of 17,975,207 Conversion Shares and Dividend Shares; and (ii) 12,396,694
    Warrant Shares.</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">Waqas Khatri has shared voting control and investment
    discretion over the securities reported herein that are held by Alto Opportunity Master Fund, SPC. As a result, Mr. Khatri may be deemed
    to have beneficial ownership of the securities reported herein that are held by Alto Opportunity Master Fund, SPC. Ayrton Capital LLC,
    the investment manager to Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, has discretionary authority to vote and dispose
    of the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B and may be deemed to be the beneficial owner of
    these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion
    and voting power over the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B. Ayrton Capital LLC and Mr.
    Khatri each disclaim any beneficial ownership of these shares. The address of Alto Opportunity Master Fund, SPC is c/o Ayrton LLC 55 Post
    Road, W, 2<SUP>nd</SUP> Floor, Westport, Connecticut 06880.</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of Common Stock beneficially owned prior
    to the Offering include 464,117 shares of Common Stock issuable upon conversion of 25,248 Series B Shares and does not include: (i) 48,738
    shares of Common Stock issuable upon conversion of 65,952 Series B Shares because such shares are not issuable due to the beneficial ownership
    limitation in the Series B Certificate of Designation; or (ii) any Warrant Shares issuable upon the exercise of 1,676,471 Warrants because
    such Warrants are not exercisable until Stockholder Approval is obtained. The maximum number of Private Placement Shares of Common Stock
    to be sold pursuant to this prospectus represent the number of shares of Common Stock that may be issued, in the aggregate, upon conversion
    or exercise (as the case may be) of the Series B Shares and the Warrants beneficially owned by the Selling Stockholder. The shares that
    may be sold under this prospectus are comprised of (i) an aggregate of 13,661,157 Conversion Shares and Dividend Shares; and (ii) 9,421,488
    Warrant Shares.</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">Anson Advisors Inc and Anson Funds Management
    LP, the Co-Investment Advisers of Anson Investments Master Fund LP (&ldquo;Anson&rdquo;), hold voting and dispositive power over the Common
    Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds Management
    LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership
    of these Common Shares except to the extent of their pecuniary interest therein. The principal business address of Anson is Maples Corporate
    Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</P></TD></TR>
  </TABLE>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of Common Stock beneficially owned prior
    to the Offering include 464,117 shares of Common Stock issuable upon conversion of 25,248 Series B Shares and does not include: (i) 1,725,238
    shares of Common Stock issuable upon conversion of 3,552 Series B Shares because such shares are not issuable due to the beneficial ownership
    limitation in the Series B Certificate of Designation; or (ii) any Warrant Shares issuable upon the exercise of 529,412 Warrants because
    such Warrants are not exercisable until Stockholder Approval is obtained. The maximum number of Private Placement Shares of Common Stock
    to be sold pursuant to this prospectus represent the number of shares of Common Stock that may be issued, in the aggregate, upon conversion
    or exercise (as the case may be) of the Series B Shares and the Warrants beneficially owned by the Selling Stockholder. The shares that
    may be sold under this prospectus are comprised of (i) an aggregate of 4,314,050 Conversion Shares and Dividend Shares; and (ii) 2,975,207
    Warrant Shares.</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">Anson Advisors Inc and Anson Funds Management
    LP, the Co-Investment Advisers of Anson East Master Fund LP (&ldquo;Anson&rdquo;), hold voting and dispositive power over the Common Shares
    held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds Management LP.
    Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership
    of these Common Shares except to the extent of their pecuniary interest therein. The principal business address of Anson is Maples Corporate
    Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of shares of Common Stock in this column additionally includes up to an aggregate of 16,735,537 Dividend Shares issuable as dividends to the holders of the Series B Shares held by the Selling Stockholders prior to this offering.</FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_028"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each Selling Stockholder
(the &ldquo;Selling Stockholders&rdquo;) of the securities and any of their pledgees, assignees and successors-in-interest may, from time
to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading
facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Stockholder
may use any one or more of the following methods when selling securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ordinary brokerage transactions and transactions
in which the broker-dealer solicits purchasers;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">block trades in which the broker-dealer will
attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">purchases by a broker-dealer as principal and
resale by the broker-dealer for its account;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an exchange distribution in accordance with the
rules of the applicable exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">privately negotiated transactions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">settlement of short sales;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in transactions through broker-dealers that agree
with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">through the writing or settlement of options
or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a combination of any such methods of sale; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other method permitted pursuant to applicable
law.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Selling Stockholders
may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts
to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a
customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in
compliance with FINRA Rule 2121.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with the
sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume.
The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge
the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or
other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Selling Stockholders
and any broker-dealers or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the
meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents
and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify
the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We agreed to keep this
prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without registration
and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in
compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all
of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.
The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities
laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified
for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage
in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to
the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act
and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common stock
by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders and have
informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
with Rule 172 under the Securities Act).</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_029"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the Private Placement Shares offered
hereby will be passed upon for us by Blank Rome LLP.</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"><A NAME="a_030"></A><B>EXPERTS</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>Safe and Green Development Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of Safe
and Green Development Corporation and Subsidiaries for the two&nbsp;years ended December&nbsp;31, 2024 and 2023 have been audited by M&amp;K
CPA&rsquo;s, PLLC, independent registered public accounting firm, as set forth in their report thereon appearing in our Annual Report
on Form&nbsp;10-K&nbsp;for the year ended December&nbsp;31, 2024, and incorporated by reference herein. Such consolidated financial statements
are incorporated by reference herein in reliance upon such report, which includes an explanatory paragraph on our ability to continue
as a going concern, given on the authority of such firm as experts in accounting and auditing.</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>Resource Group US Holdings LLC</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of Resource Group US
Holdings LLC for the two&nbsp;years ended December&nbsp;31, 2024 and 2023, included in this proxy statement/prospectus/information statement
have been so included in reliance on the report of M&amp;K CPA&rsquo;s, PLLC, independent auditors, appearing elsewhere herein, given
on the authority of said firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_031"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement and the exhibits
to the registration statement. For further information with respect to us and the securities being offered under this prospectus, we refer
you to the registration statement and the exhibits and schedules filed as a part of the registration statement. Neither we, the Selling
Stockholders nor any agent, underwriter or dealer has authorized any person to provide you with different information. Neither we nor
the Selling Stockholders are making an offer of these securities in any state where the offer is not permitted. You should not assume
that the information in this prospectus is accurate as of any date other than the date on the front page&nbsp;of this prospectus, regardless
of the time of delivery of this prospectus or any sale of the securities offered by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC&rsquo;s website at <I>www.sec.gov</I>.
Additional information about Safe and Green Development Corporation is contained at our website, <I>www.sgdevco.com</I>. Information on
our website is not incorporated by reference into this prospectus. We make available on our website our SEC filings as soon as reasonably
practicable after those reports are filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_032"></A><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
information from other documents that we file with it, which means that we can disclose important information to you by referring you
to those documents. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus
supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference into this prospectus
and the registration statement of which this prospectus is a part the information or documents listed below that we have filed with the
SEC (Commission File No. 001-41581):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Our Annual Report on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025026215/ea0236216-10k_safe.htm">Form&nbsp;10-K</A>&nbsp;for
the fiscal year ended December&nbsp;31, 2024 filed with the SEC on March&nbsp;31, 2025;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Our Quarterly Reports on Form&nbsp;10-Q&nbsp;for the fiscal
quarter ended March&nbsp;31, 2025, filed with the SEC on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025044332/ea0242176-10q_safe.htm">May&nbsp;15,
2025</A>,  for the fiscal quarter ended June&nbsp;30, 2025, filed with the SEC on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025076933/ea0252817-10q_safe.htm">August&nbsp;15,
2025</A> and for the fiscal quarter ended September 30, 2025, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1959023/000121390025110837/ea0264999-10q_safe.htm">November 14, 2025</A>;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Our definitive proxy statements on&nbsp;Schedule&nbsp;14A,
filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025085669/ea0255332-02.htm">September&nbsp;9, 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1959023/000121390025112174/ea0262922-02.htm">November 18, 2025</A>;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Current Reports on Form&nbsp;8-K, filed with the SEC
                                                                                                                            on&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025005547/ea0228318-8k_safe.htm"><FONT STYLE="font-size: 10pt">January&nbsp;22,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025009414/ea0229672-8k_safe.htm"><FONT STYLE="font-size: 10pt">February&nbsp;3,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025010617/ea0230037-8k_safe.htm"><FONT STYLE="font-size: 10pt">February&nbsp;5,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025013032/ea0230787-8k_safe.htm"><FONT STYLE="font-size: 10pt">February&nbsp;12,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025014892/ea0231494-8k_safe.htm"><FONT STYLE="font-size: 10pt">February&nbsp;18,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025017984/ea0232390-8k_safe.htm"><FONT STYLE="font-size: 10pt">February&nbsp;27,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025020399/ea0233187-8k425_safe.htm"><FONT STYLE="font-size: 10pt">March&nbsp;5,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025021976/ea0233713-8k_safe.htm"><FONT STYLE="font-size: 10pt">March&nbsp;10,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">, as amended on&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025022974/ea0234037-8ka1_safe.htm"><FONT STYLE="font-size: 10pt">March&nbsp;12,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025022742/ea0233904-8k_safe.htm"><FONT STYLE="font-size: 10pt">March&nbsp;11,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025030638/ea0237624-8k_safe.htm"><FONT STYLE="font-size: 10pt">April&nbsp;10,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025050980/ea0244451-8k_safe.htm"><FONT STYLE="font-size: 10pt">June&nbsp;4,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">, as amended on&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025075095/ea0249114-8ka1_safe.htm"><FONT STYLE="font-size: 10pt">August&nbsp;12,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;and&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025079006/ea0253952-8ka2_safe.htm"><FONT STYLE="font-size: 10pt">August&nbsp;20,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;(except as set forth therein),&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025057258/ea0246306-8k_safe.htm"><FONT STYLE="font-size: 10pt">June&nbsp;24,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025059096/ea0247400-8k_safe.htm"><FONT STYLE="font-size: 10pt">June&nbsp;27,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025061056/ea0247781-8k_safe.htm"><FONT STYLE="font-size: 10pt">July&nbsp;2,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">,&nbsp;</FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025071490/ea0251466-8k_safe.htm"><FONT STYLE="font-size: 10pt">August&nbsp;4,
                                                                                                                            2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390025082547/ea0255289-8k_safe.htm"><FONT STYLE="font-size: 10pt">August&nbsp;29,
                                                                                                                            2025</FONT></A>, <FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1959023/000121390025093977/ea0259436-8k_safe.htm">September
                                                                                                                            30, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1959023/000121390025101289/ea0261675-8k_safe.htm">October 22,
                                                                                                                            2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1959023/000121390025119291/ea0268878-8k_safe.htm">December 8, 2025</A>; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;&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: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Common Stock contained in the Registrant&rsquo;s Registration Statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390022082588/ea170280-1012b_safeandgreen.htm">Form 10</A>, initially publicly filed with the SEC on December 23, 2022, as updated by the description of our Common Stock, filed as&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1959023/000121390024028274/ea020226501ex4-5_safeand.htm">Exhibit 4.5</A>&nbsp;to our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025, including any amendments or reports filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also incorporate by reference all additional
documents that we file with the SEC under the terms of Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange&nbsp;Act that are made
with the SEC (i)&nbsp;on or after the date of the initial filing of the registration statement of which this prospectus forms a part and
prior to effectiveness of such registration statement, and (ii)&nbsp;on or after the date of this prospectus but prior to the termination
of the offering (i.e., until the earlier of the date on which all of the securities registered hereunder have been sold or the registration
statement of which this prospectus forms a part has been withdrawn). Information in such future filings updates and supplements the information
provided in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that
statements in the later filed document modify or replace such earlier statements after the date of this prospectus and until the offering
of securities covered by this prospectus has been completed. We are not, however, incorporating, in each case, any documents or information
that we are deemed to furnish and not file in accordance with SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide, without charge, to each person
to whom a copy of this prospectus or any other supplement or amendment forming a part of the registration statement is delivered, including
any beneficial owner, upon the written or oral request of such person, a copy of any or all of the documents incorporated by reference
herein and therein, including exhibits. Requests should be directed 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Safe and Green Development Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>100 Biscayne Blvd., #1201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Miami, Florida 33132</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(904) 496-0027</B></P>

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

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

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


<!-- Field: Page; Sequence: 27; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !E &4# 2(  A$! Q$!_\0
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M7@;69=.:"XN_ G@CPCJOAU7\/S7,MOKWC#4=?U?Q2-7O;#1Y;$ \U\3_ /!
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MP[(JNFN_#CQMX:\;Z.RN2$8:EX9U/4[/#$$#]]]X$=00/\$ZO1/AE\7OBO\
M!7Q/:>-?@[\3/'WPJ\7V,L4UGXH^'7B_7_!>OV\D#%XC'JWAW4-.O@J,S80S
ME"'=2I5V! /]W?XG_"SX;?&OP)XE^%_Q>\">$_B7\.O&.FW&C^*/!7C;0M.\
M1^&]<TZY1HY;;4-)U2WN;28 -OAE,8FMIE2XMI(IXXY%_P G[_@X\_X(V:)_
MP2M_:8\+>+/@?!J;?LF_M(0Z_K7POL-1N;K4[OX9>,/#TUF_C'X4W>KW;S7>
MI:;IT&K:5KG@S4M2FDU.[T#4)M*OI]2O_#=_J]_^P_\ P;[_ /!S-^TSXT_:
M0^$_[#O[?OBJ/XS>%/C/KEE\/?A/\?-7M=/TWXE^#?B%J\CP^$M ^(&I6$5C
M9>._"_BK4VMO#4&MZE9CQ?H^M:CIU[J6M:SI+7,5A^X?_!UQ\&/@O\7O^">'
MPS?XQ_$.P^%EOX4_:E\!WOAOQA>_V>"M_JW@;XDZ9J.BQ-J5S:P :CIC37D@
M$I;.E1OL948KV9?@:^98W"Y?AG0CB,96A0HRQ6)P^"PZJ34VG6Q>*J4<-AZ=
MH2YJM>K3IQ]U2DG*-\,5B:>#P];%5E5=*A3E5J*C1JXBJXQY4U3H483K59^\
MK0IPE-ZV3L[?Y/=%?L5X*_X)^_LH_$75FT#P-^UQ_P );KJ6D^H/I'AVS\*Z
MI?K86S1I<7AM[?5RXMX&FA660_*AE0$_,*]DA_X)!?"V3&?C?XY!/<>$] QG
M'/\ S%,_EG\Z_1</X.<=XRE[?!X+*<90YY4_;X3B+),51YX6YX>VPV*Q%+FA
MS1YH^TYH\T>:,;J_QV(\1.%\)/V>)KYCAZEE+V=;)LSI5.65^67)5H4I\LK/
MEERVE9V;L[?@C17[N^+O^"4/P&\#>&]5\2^*_P!I/7O#-AI^FW]Y%=>(](\(
MZ-97%Q:VDT]O:I/?:Y 97N)HTA"0++*V_P"1"<"OPBKY?B?@W/N#ZN$HY]A\
M-AJN-A5J4*5#'X/&U.2C*G&<JL,+4G.@FZD?9NM""JVFZ3FH3<?9R+B;*.)(
M8FIE-7$5J>%G3A6G6P>*PL.>JIRC&G/$0C&LTH2YU2E-T[Q4U%SC?TSX=?";
MQE\4?[8_X1*U@N?["_L_^T/.EECV?VG]N^R;?+AFW;O[/N<[MN-HQG)P5_8G
M_P &E'_!/SPW^U7X"_;?^(OQ!L[8^&]'\7_ CP5X5O+NR%U'-K>F:-\4]=\7
M6T+-PCVMAXE\'2S*.JWD)/:BOECWSB_^#R_]BB^^%'[:OPK_ &TO#ND2)X'_
M &I/ -IX1\9:C;P*+:T^,?PALK712M[)'\L,WB/X;2^$9=.$BK)?3>%_$4RE
MS;3,/XU*_P!L#_@KY_P3O\,_\%._V$OB[^S'J+:=IWCVXLX_'7P.\5ZB@\GP
MC\9_",%Y<^#K^><*\EMI&N"YU#P;XGFB229/"WB;69+>)[I+?;_BZ?$CX=>.
M/A#\0/&GPK^)GAG5?!GQ"^'?B?6_!GC7PGKELUIJ_A[Q/X<U"XTK6=(OX&)"
M7%E?6TT+,C/#*%$L$DD+I(P!_:=_P9"JK?M-_MT*RAE;X#?#165@"K*?B!J0
M*L#D$$$@@C!'!K^;W_@LI^Q+XD_8"_X*-_M,? /5-)N=/\(R>/=8^(_P=OY8
M62TU[X.?$;4KWQ+X%O-/F)9+I='L[J?PAJTL;%8?$GAG6[)L/:N!_0[_ ,&7
M/B[1/A]\:O\ @HIX]\33RVOAOP1^S#X1\7>(;J"WENIK;1/#?BS7=9U6>&UA
M#37,L5A97$D=O$IEF=!'&"S 5^M?[1?C_P#X(T?\'3GP2TOP;X.^.]I^S5^V
MQ\,7UZ'X+/\ &"P\/^#OBYIBW<\>[P]?>')]??1OC!\+?%-P++4+K1_!/B[4
M?$/A74&75(1HE\^I:;K0!_F;45^\W[4'_!M5_P %@/V9O$FIZ9'^ROXB^/WA
M:UEN#I7C_P#9PNK?XJ:1KEE%,\<5U%X9TTV_Q%TN66-5E:QUOP;I]P@8^6)H
MP)F^;_ 7_!#C_@KQ\1]7AT;P]_P3Q_:BL;F::.$7?C;X::M\-M%C:1_+W3>(
M/B&OA?1(4C()F=]0 A3#R;5*D@'@7_!-7PQXB\9?\%$/V%O#?A2UNKS7]2_:
M[_9V_L^*SC:2X0VGQ9\)WUS=*J?-Y=C9VMQ>SMP(X+>21B%4D?VT_P#![?\
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M.-(D2*)$CCC18XXXU")&B *B(B@*J*H"JJ@!0   !1698ZOXS_\ @YK_ ."
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=B *B(B@*J*H"JJ@!0   !110 ^BBB@ HHHH _]D!

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