<SEC-DOCUMENT>0001213900-25-123588.txt : 20251219
<SEC-HEADER>0001213900-25-123588.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20251219104410
ACCESSION NUMBER:		0001213900-25-123588
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251219
DATE AS OF CHANGE:		20251219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTELIS NETWORKS INC
		CENTRAL INDEX KEY:			0001141284
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				522160309
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-292119
		FILM NUMBER:		251585920

	BUSINESS ADDRESS:	
		STREET 1:		4039 CLIPPER COURT
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		510-545-1040

	MAIL ADDRESS:	
		STREET 1:		4039 CLIPPER COURT
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>ea0270218-424b4_actelis.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="text-align: left; width: 32%"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 67%; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule 424(b)(4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration No. 333-292119</B></FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,352,500&nbsp;Shares of Common Stock</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,250,000 Common Warrants to Purchase up to
6,250,000 Shares of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,897,500 Pre-Funded Warrants to Purchase up
to 1,897,500 Shares of Common Stock </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></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"><B>437,500 Placement Agent Warrants to Purchase
up to 437,500 Shares of Common Stock </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></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"><B>8,585,000 Shares of Common Stock Issuable Upon
Exercise of the Common Warrants, Pre-funded</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants and Placement Agent Warrants</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; text-indent: 0.5in">We are offering in a best-efforts offering 4,352,500 shares of our
common stock, par value $0.0001 per share&nbsp;of Actelis Networks, Inc., a Delaware Company (&ldquo;Actelis&rdquo;, the &ldquo;Company&rdquo;,
&ldquo;our company&rdquo;, &ldquo;we&rdquo; or &ldquo;us&rdquo;), together with up to 6,250,000 common warrants, or the common warrants,
to purchase up to 6,250,000 shares of common stock, at a combined public offering price of $0.80 per share of common stock and accompanying
common warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also offering to those
purchasers whose purchase of our shares of common stock in this offering would otherwise result in such purchaser, together with its affiliates
and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares
of common stock immediately following the consummation of this offering, the opportunity, in lieu of purchasing shares of common stock,
purchase 1,897,500 pre-funded warrants to purchase up to 1,897,500 shares of common stock. Each pre-funded warrant will be immediately
exercisable for one share at any time at the option of the holder until such pre-funded warrant is exercised in full, provided that the
holder will be prohibited from exercising pre-funded warrants for shares of common stock if, as a result of such exercise, the holder,
together with its affiliates and certain related parties, would own more than 4.99% (or, at the election of the purchaser, 9.99%) of the
total number of shares of common stock then issued and outstanding. The combined purchase price of each pre-funded warrant and common
warrant is $0.7999 (which is equal to the combined public offering price per share and common warrant to be sold in this offering minus
$0.0001, the exercise price per share of each pre-funded warrant). For each pre-funded warrant we sell, the number of shares of common
stock we are offering will be decreased on a one-for-one basis. The pre-funded warrants will be sold together with common warrants in
a fixed combination, with each pre-funded warrant to purchase one share accompanied by a common warrant, each warrant to purchase one
share of common stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each common warrant will have an exercise price of $0.80 per share,
will be exercisable immediately upon issuance. The common warrants will expire on the five-year anniversary of the date of issuance. Because
we will issue one common warrant for each share and for each pre-funded warrant sold in this offering, the number of common warrants sold
in this offering will not change as a result of a change in the mix of shares of common stock and pre-funded warrants sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also registering the
shares of common stock issuable from time to time upon the exercise of the pre-funded warrants, common warrants and placement agent warrants
offered hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shares of common stock are listed on The Nasdaq Capital Market
under the symbol &ldquo;ASNS&rdquo;. On December 17, 2025, the closing price of our shares of common stock was $1.10 per share. There
is no established public trading market for the common warrants and pre-funded warrants and we do not expect a market to develop. Without
an active trading market, the liquidity of those warrants will be limited. In addition, we do not intend to list the common warrants or
pre-funded warrants on The Nasdaq Capital Market, any other national securities exchange or any other trading system.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The public offering price
per share will be determined at the time of pricing, and may be at a discount to the then current market price. The recent market price
used throughout this prospectus may not be indicative of the final offering price. The final public offering price will be a fixed price
determined through negotiation between us and investors based upon a number of factors, including our history and our prospects, the
state of the industry in which we operate, our recent operating results, and the general condition of the securities markets at the time
of this offering.</P>

<P STYLE="font: 7pt 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">This prospectus gives effect
to a 10-for-1 reverse share split of our issued and outstanding shares of common stock (the &ldquo;Reverse Split&rdquo;), which was effected
on November 18, 2025. Except where otherwise indicated, other than in the historical financial statements and related notes incorporated
by reference into this prospectus, all share and per share data in this prospectus have been retroactively restated to reflect the Reverse
Split.</P>

<P STYLE="font: 7pt 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">This offering will terminate
on December 31, 2025, unless we decide to terminate the offering (which we may do at
any time in our discretion) prior to that date. We will have one closing for all the securities purchased in this offering. The combined
public offering price per share (or pre-funded warrant) and accompanying common warrant will be fixed for the duration of this offering.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have engaged&nbsp;H.C.
Wainwright &amp; Co., LLC (the &ldquo;Placement Agent&rdquo;) to act as our exclusive placement agent in connection with this offering.
The Placement Agent has agreed to use its reasonable best efforts to arrange for the sale of the securities offered by this prospectus.
The Placement Agent is not purchasing or selling any of the securities we are offering and the Placement Agent is not required to arrange
the purchase or sale of any specific number of securities or dollar amount. We have agreed to pay to the Placement Agent the placement
agent fees set forth in the table, which assumes that we sell all of the securities offered by this prospectus. There is no minimum offering
requirement as a condition of closing of this offering. Because there is no minimum offering amount required as a condition to closing
this offering, we may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received
by us. We will bear all costs associated with the offering and investors in this offering will not receive a refund in the event that
we do not sell an amount of securities sufficient to pursue our business goals described in this prospectus. In addition, because there
is no escrow account and no minimum offering amount, investors could be in a position where they have invested in our company, but we
are unable to fulfill all of our contemplated objectives due to a lack of interest in this offering. Further, any proceeds from the sale
of securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able to use such funds
to effectively implement our business plan. See &ldquo;<I>Plan of Distribution</I>&rdquo; on page 34 of this prospectus for more information
regarding these arrangements.</P>


<P STYLE="font: 7pt 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">We are an &ldquo;emerging
growth company&rdquo; as defined under U.S. federal securities laws and, as such, have elected to comply with reduced public company
reporting requirements. This prospectus complies with the requirements that apply to an issuer that is an emerging growth company.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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>&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">Per Share and<BR> Accompanying<BR> Common<BR> Warrant</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">Per<BR> Pre-Funded<BR> Warrant&nbsp;and<BR> Accompanying<BR> Common<BR> Warrant</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">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Combined public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.80</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.7999</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">4,999,810.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Placement agent fees (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,000</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">Proceeds to us, before expenses (2) (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.744</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.7439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,649,810.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed to pay the Placement Agent cash fee equal to 7.0% of the gross proceeds raised in this offering. We have also agreed to pay the Placement Agent for certain of its offering-related expenses, including a management fee of 1.0% of the gross proceeds raised in this offering, and reimburse the Placement Agent for its non-accountable expenses in the amount of $25,000, its legal fees and expenses and other out-of-pocket expenses in an amount up to $100,000, and its clearing expenses in the amount of up to $15,950. In addition, we have agreed to issue to the Placement Agent or its designees, warrants (the &ldquo;Placement Agent Warrants&rdquo;) to purchase up to a number of shares of common stock equal to 7.0% of the aggregate number of our shares of common stock and pre-funded warrants being offered, at an exercise price equal to 125% of the combined public offering price per share of common stock and accompanying common warrant. See &ldquo;<I>Plan of Distribution</I>&rdquo; for additional information and a description of the compensation payable to the Placement Agent.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-size: 10pt">The total expenses of this offering payable by us, excluding the placement agent fees, will be approximately $540,950. Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this offering, the actual public offering amount, Placement Agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Does not include proceeds from the cash exercise of the pre-funded warrants or common warrants. </FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves a high degree of risk. You should review carefully the risks and uncertainties described in the section titled &ldquo;Risk Factors&rdquo;
beginning on page 10 of this prospectus, and under similar headings in any amendments or supplements to this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed upon the accuracy
or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to deliver the securities to the purchasers in the offering
on or about&nbsp;December 19, 2025, subject to satisfaction of certain conditions</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>H.C. Wainwright &amp;
Co.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus dated December 17, 2025</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"><B></B></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated by reference herein contain certain &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities
Litigation Reform Act&nbsp;of&nbsp;1995, Section&nbsp;27A of the Securities Act&nbsp;of&nbsp;1933, as amended (the &ldquo;Securities
Act&rdquo;), and Section&nbsp;21E of the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended (the Exchange&nbsp;Act&rdquo;). These
forward-looking statements include, but are not limited to, statements regarding the Company&rsquo;s and the Company&rsquo;s management
team&rsquo;s expectations, hopes, beliefs, intentions or strategies regarding the future, including statements regarding our future results
of operations or financial condition, business strategy and plans, and objectives of management for future operations. In addition, any
statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo;
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this prospectus may include, for example, statements about:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></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 history of losses and need
for additional capital to fund our operations and our ability to obtain additional capital on acceptable terms, or at all;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 ability to protect our intellectual
property and continue to innovate;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 success in retaining or
recruiting, or changes required in, our officers, key employees or directors;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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">the potential insufficiency
of our disclosure controls and procedures to detect errors or acts of fraud;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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">the accuracy of our estimates
regarding expenses, future revenues, and capital requirements;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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">the success of competing products
or technologies that are or may become available;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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">the success of competing products
or technologies that may become available;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 ability to grow the business
due to the uncertainty resulting from the COVID-19 pandemic or any future pandemic;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 ability to comply with complex
and increasing regulations by governmental authorities;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 ability to regain and maintain
compliance with continued listing requirements of the Nasdaq Capital Market;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 ability to continue as a
going concern;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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">statements as to the impact
of the political and security situation in Israel on our business, including due to the number of armed conflicts between Israel and
Hamas (an Islamist militia and political group in the Gaza Strip), Hezbollah (an Islamist militia and political group in Lebanon) and
Iran;</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 public securities&rsquo;
potential liquidity and trading; and</FONT></TD>
</TR></TABLE>
<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: 0.5in"></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 expectations regarding the
period during which we qualify as an emerging growth company under the JOBS Act.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking statements
contained in this prospectus and in any document incorporated by reference are based on current expectations, forecasts and beliefs concerning
future developments and their potential effects on us. There can be no assurance that future developments affecting we will be those
that we have anticipated. These forward-looking statements involve a number of risks, uncertainties, some of which are beyond our control,
or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described or incorporated by reference
under the heading &ldquo;Risk Factors&rdquo; below.&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"></P>

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<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">Should one or more of these
risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. It is not possible to predict or identify all such risks. Accordingly, forward-looking
statements in this prospectus and in any document incorporated herein by reference should not be relied upon as representing our views
as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be required under applicable securities laws.</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">These forward-looking statements
are based on information available as of the date of this prospectus, and current expectations, forecasts and assumptions, and involve
a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our
views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable
securities laws.</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">You should read this prospectus
and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus
is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify
all of our forward-looking statements by these cautionary statements.</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">In addition, statements that
&ldquo;we believe&rdquo; and similar statements reflect our beliefs and opinions on the relevant subject. Those statements are based
upon information available to us as of the date of this prospectus and while we believe such information forms a reasonable basis for
such statements, such information may be limited or incomplete, and such statements should not be read to indicate that we have conducted
an exhaustive inquiry into, or review of, all potentially available relevant information. Those statements are inherently uncertain,
and investors are cautioned not to unduly rely upon those statements.&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></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; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Page</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#a_001">About This Prospectus</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center">ii</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_002">Prospectus Summary</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_003">Risk Factors</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_004">Use of Proceeds</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_005">Capitalization</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">18</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_007">Market Information for Securities and Dividend Policy</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">20</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_008">Description of Share Capital</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21</TD></TR>


<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 90%"><A HREF="#a_010">Description of Securities Offered</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">31</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 90%"><A HREF="#a_009">Certain Material U.S. Federal Income Tax Consequences</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">26</TD></TR>


<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 90%"><A HREF="#a_011">Plan of Distribution</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">34</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_012">Legal Matters</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_013">Experts</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#a_015">Incorporation of Certain Information by Reference</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#a_014">Where You Can Find More Information</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  </TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context indicates
otherwise, references in this prospectus to &ldquo;Actelis&rdquo;, &ldquo;we&rdquo;, &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;the
Company&rdquo;, &ldquo;our company&rdquo; and similar terms refer to Actelis Networks, Inc., a Delaware corporation. Actelis has a wholly-owned
subsidiary, Actelis Networks Israel, Ltd, an Israeli company (&ldquo;Actelis Israel&rdquo;).</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">We and the Placement Agent
have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by
reference in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We
take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This
prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. The information contained in or incorporated by reference in this prospectus is accurate only as of its date regardless of the
time of delivery of this prospectus or of any sale of common stock.</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">To the extent there is a
conflict between the information contained in this prospectus, on the one hand, and the information contained in any document incorporated
by reference filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) before the date of this prospectus, on the
other hand, you should rely on the information in this prospectus. If any statement in a document incorporated by reference is inconsistent
with a statement in another document incorporated by reference having a later date, the statement in the document having the later date
modifies or supersedes the earlier statement.</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">Neither we nor the Placement
Agent have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action
for that purpose is required, other than in the United States. Persons who come into possession of this prospectus and any free writing
prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to this
offering and the distribution of this prospectus and any free writing prospectus applicable to that jurisdiction.&nbsp;We will not make
an offer to sell these common stock in any jurisdiction where the offer or sale is not permitted.</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">This prospectus contains
market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information.
Although we believe that these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have
not independently verified this information. Although we are not aware of any misstatements regarding the market and industry data presented
or incorporated by reference in this prospectus, these estimates involve risks and uncertainties and are subject to change based on various
factors, including those discussed under the heading &ldquo;Risk Factors&rdquo; and any related free writing prospectus. These and other
factors could cause our future performance to differ materially from our assumptions and estimates. See &ldquo;Special Note Regarding
Forward-Looking Statements.&rdquo; Accordingly, investors should not place undue reliance on this information.</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">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 &ldquo;Where You Can Find More Information.&rdquo;</P>

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


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
information contained elsewhere in this prospectus. Because this is only a summary, it does not contain all of the information that may
be important to you. You should read this entire prospectus and should consider, among other things, the matters set forth under &ldquo;Risk
Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and our consolidated
financial statements and related notes thereto appearing elsewhere in this prospectus before making your investment decision. This prospectus
contains forward-looking statements and information relating to Actelis Networks, Inc. See &ldquo;Cautionary Note Regarding Forward-Looking
Statements.&rdquo;</I></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; text-indent: 0.5in">Actelis Networks, Inc. (&ldquo;Actelis,&rdquo;
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;the Company,&rdquo; &ldquo;our company&rdquo;) is a market leader in cyber-hardened,
rapid-deployment networking solutions for wide-area IoT applications including federal, state and local government, intelligent traffic
systems (&ldquo;ITS&rdquo;), military, utility, rail, telecom and campus applications. Our unique portfolio of hybrid fiber, environmentally
hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks
the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment.</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">Our networking solutions
use a combination of newly deployed fiber infrastructure and existing copper and coaxial lines which our patented technology can upgrade
to Fiber-grade to jointly create what we believe to be a highly cost-effective, secure, and quick-to-deploy network. Our patent protected
hybrid fiber networking solutions deliver excellent communication over fiber to locations that may be easy to reach with new fiber. However,
for locations that are difficult, or too costly to reach with fiber, we can upgrade existing copper lines to deliver cyber-hardened,
high-speed connectivity without needing to replace the existing copper infrastructure with new fiber. We believe that such hybrid fiber
copper networking solution has distinct advantages in most real-life installations, while providing significant budget savings and accelerating
deployment of modern IoT networks, as based on our experience, most IoT projects have challenging, hard to reach with fiber locations
which may explode such projects&rsquo; timeline and budgets. We believe that our solutions can provide connectivity over either fiber
or copper with speeds of up to multi-Gigabit communication, while supporting Fiber-grade reliability and quality.</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">A primary focus of ours is
to provide our customers with a cyber-secure network solution. We currently offer Triple-Shield protection of data delivered with coding,
scrambling and encryption of the network traffic. We also provide secure, encrypted access to our network management software, and are
working to further enhance system-level and device-level software protection. We are also working to introduce additional capabilities
for network-wide cyber protection software as an additional SW and license-based services.</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">When high speed, long reach,
reliable and secure connectivity is required, network operators usually resort to using wireline communication over physical communication
lines such as fiber, coax, and copper, rather than wireless communication that is more limited in performance, reliability, reach and
security. However, new fiber wireline infrastructure is costly to deploy, involves lengthy civil works to install, and, based on our
internal calculations, often accounts for more than 50% of total cost of ownership (ToC) and time to deploy wide-area IoT projects.</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">Providing new fiber connectivity
to hard-to-reach locations is especially costly and time-consuming, often requiring permits for boring, trenching, and right-of-way,
sometimes done over many miles. Connecting such hard-to-reach locations may cause significant delays and budget overruns in IoT projects.
Our solutions aim to solve these challenges by instantly enhancing performance of such existing copper and coax infrastructure to fiber-grade
performance, through the use of advanced signal processing and unique, patented network architecture, without the need to run new fiber
to hard-to-reach locations; thus, effectively accelerating deployment of many IoT projects, as we estimate, sometimes from many months
to only days. The result for the network owner is a hybrid network that optimizes the use of both new Fiber (where available) as well
as upgraded, fiber-grade copper and coax that is now modernized, digitized and cyber-hardened. This unique hybrid network approach is
making IoT projects often significantly more affordable, fast to deploy and predictable to plan and budget.</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">In addition, our solutions
can also provide power over existing copper and coax lines to remotely power up network elements and IoT components connected to them
(like cameras, small cell and Wi-Fi base stations sensors etc.). Connecting power lines to millions of IoT locations can be costly and
very time consuming as well (similar to data connectivity, for the same reason &mdash; need for civil works). By offering the ability
to combine power delivery over the same existing copper and coax lines that we use for high-speed data, we believe our solutions are
solving yet another important challenge in connecting hard-to-reach locations. We believe that combining communication and power over
the same existing lines is particularly important to help connect many fifth generation, or 5G, small cells and Wi-Fi base stations,
as high cost of connectivity and power is often slowing their deployment.</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"></P></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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">Since our inception, our
business was focused on serving telecommunication service providers, also known as Telcos, to provide connectivity for enterprises and
residential customers. Our products and solutions have been deployed with more than 100 telecommunication service providers worldwide,
in enterprise, residential and mobile base station connectivity applications. In recent years, as we have further developed our technology
and introduced additional products, we turned our focus on serving the wide-area IoT, federal and DoD markets, as well as multi-dwelling
units, and introduced, in 2024, our cyber-aware networking solutions for IoT markets as well.</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"><B>Recent Developments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>July 2025 Private Placement</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2025, we entered
into a securities purchase agreement (the &ldquo;Purchase Agreement&rdquo;) with certain accredited investors (the &ldquo;Investors&rdquo;),
pursuant to which we agreed to issue and sell to the Investors in a private placement (the &ldquo;July 2025 Private Placement&rdquo; or
the &ldquo;Offering&rdquo;) (a) 162,602 shares of Common Stock, (b) Series A-3 warrants to purchase up to 162,602 shares of Common Stock,
and (c) Series A-4 Warrants to purchase up to 325,204 shares of Common Stock, for a purchase price of $6.15 per share and related Common
Warrants, for a total aggregate gross proceeds of approximately $1 million. The July 2025 Private Placement closed on July 2, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A-3 Warrants have
an exercise price of $6.15 per share, are exercisable commencing on the effective date of shareholder approval (the &ldquo;Shareholder
Approval Date&rdquo;) of the issuance of the shares issuable upon exercise of the Common Warrants (&ldquo;Shareholder Approval&rdquo;)
and expire five years following the Shareholder Approval Date. On November 7, 2025, the Shareholder Approval was obtained in a special
meeting of our shareholders, resulting in the Shareholder Approval Date being such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A-4 Warrants have
an exercise price of $6.15 per share, are exercisable commencing on the Shareholder Approval Date and expire eighteen months following
the Shareholder Approval Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the Common
Warrants, the Selling Stockholders may not exercise the warrants to the extent such exercise would cause the Investor, together with
its affiliates and attribution parties, to beneficially own a number of shares of common stock which would exceed 4.99% (or, at such
Investor&rsquo;s option upon issuance, 9.99%), of the Company&rsquo;s then outstanding Common Stock following such exercise, excluding
for purposes of such determination shares of Common Stock issuable upon exercise of such warrants which have not been exercised.</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">H.C. Wainwright &amp; Co.,
LLC acted as the Placement Agent for the issuance and sale of the Securities. The Company has agreed to pay an aggregate cash fee equal
to 7.0% of the gross proceeds received by the Company from the Offering and $35,000 for accountable expenses to the placement agent. The
Company also agreed to issue to the Placement Agent, or its designees, Placement Agent Warrants to purchase up to 7.0% of the aggregate
number of the shares of Common Stock sold to the Investors (or warrants to purchase up to 11,382 shares of Common Stock) at an exercise
price per share of $7.688 which will be exercisable commencing on the Shareholder Approval Date and a have term of five years after the
Shareholder Approval Date (the &ldquo;July 2025 Placement Agent Warrants,&rdquo; and collectively with the Common Warrants, the &ldquo;July
2025 Warrants&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The July 2025 Placement Agent
Warrants and the shares of Common Stock issuable upon exercise thereof, will be issued in reliance on the exemption from registration
provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and in reliance on similar exemptions
under applicable state laws.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Nasdaq Listing Compliance</I></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">On August 25, 2023, we received
a notification letter from the Listing Qualifications Staff (the &ldquo;Staff&rdquo;) of Nasdaq indicating that we are not in compliance
with Nasdaq Listing Rule 5550(b)(1) due to our failure to maintain a minimum of $2,500,000 in shareholders&rsquo; equity (the &ldquo;Minimum
Shareholders&rsquo; Equity Requirement&rdquo;) or any alternatives to such requirement. In order to maintain our listing on the Nasdaq
Capital Market, we submitted a plan of compliance addressing how we intended to regain compliance. On March 27, 2024, we received a delist
determination letter from Nasdaq advising us that the Staff had determined to delist our securities from Nasdaq due to non-compliance
with the Minimum Shareholders&rsquo; Equity Requirement, unless we timely request a hearing before the Nasdaq Hearings Panel (the &ldquo;Panel&rdquo;).
We timely requested a hearing before the Panel.</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"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 27, 2024, we received
formal written notice from Nasdaq confirming that we have evidenced compliance with all applicable criteria for continued listing on Nasdaq
as set forth in Nasdaq Listing Rule 5550, including the Minimum Shareholders&rsquo; Equity Requirement. In accordance with Nasdaq Listing
Rule 5815(d)(4)(B), we remained subject to a panel monitor for equity compliance through August 27, 2025.</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">On May 12, 2025, Nasdaq notified
us (the &ldquo;Notification Letter&rdquo;) that we were not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires our Common
Stock to maintain a minimum bid price of $1.00 per share (the &ldquo;Bid Price Rule&rdquo;). The Notification Letter had no immediate
effect on the listing or trading of our Common Stock on Nasdaq and, at this time, the Common Stock will continue to trade on Nasdaq under
the symbol &ldquo;ASNS&rdquo;. The Notification Letter provided that we have 180 calendar days, or until November 10, 2025, to regain
compliance with the Bid Price Rule.</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">On August 19, 2025, we received
written notice from Nasdaq stating&nbsp;that, due to the Company&rsquo;s non-compliance with the Minimum Shareholders&rsquo; Equity Requirement
as of June 30, 2025, and because, pursuant to Listing Rule 5815(d)(4)(B), the Company remained subject to a mandatory hearing panel monitor
through August 27, 2025, the Company&rsquo;s securities were subject to delisting from Nasdaq unless the Company timely requests a hearing
before the Nasdaq Hearing Panel (the &ldquo;Panel&rdquo;). The Company has its hearing with the Panel on September 30, 2025.</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">At the hearing,
the Company presented its plan to evidence compliance with the Equity Rule and all other applicable criteria for continued listing on
The Nasdaq Capital Market, and requested to remain listed subject to its plan to regain compliance.</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">On October 28, 2025, we received
a listing decision from Nasdaq notifying us that the Panel determined that the Company evidenced compliance with the Shareholders&rsquo;
Equity Requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Panel also granted the
Company&rsquo;s request for continued listing on The Nasdaq Capital Market, pursuant to an exception through December 5, 2025, to regain
compliance with the bid price requirement set forth in Nasdaq Listing Rule 5550(a)(1). In order to evidence compliance with the bid price
requirement, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10, but generally not more than
20, consecutive business days. On November 7, 2025, we held a special meeting of shareholders where our shareholders approved, among other
things, the Reverse Split. The Reverse Split was effected on November 18, 2025.</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; background-color: white">On
December 3, 2025, the Company received formal notice from Nasdaq that the Company has regained compliance with the Bid Price Rule and
evidenced compliance with all other applicable criteria for continued listing on Nasdaq. Accordingly, the previously disclosed listing
matter has been closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company will remain subject to a one-year &ldquo;Panel Monitor&rdquo;, as contemplated by Nasdaq Listing Rule 5815(d)(4)(A), through December
5, 2026. If during that period the Company fails to satisfy any of the criteria for continued listing on Nasdaq, the Staff may not grant
the Company additional time to regain compliance. Rather, Nasdaq will issue a delist determination, which the Company may address by requesting
a new hearing before the Nasdaq Hearings Panel.</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"><I>September 2025 Warrant
Inducement</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; text-indent: 0.5in">On September 2, 2025, we entered
into an inducement agreement (the &ldquo;Inducement Letter&rdquo;) with a certain holder (the &ldquo;Holder&rdquo;) of certain of the
Company&rsquo;s existing warrants to purchase an aggregate of 427,020 shares of the Company&rsquo;s common stock, consisting of (i) 127,119
warrants issued on December 20, 2023 with an expiration date of June 20, 2029 at an exercise price of $11.8 per share (ii) 99,967 warrants
issued on June 6, 2024 with an expiration date of December 6, 2029 at an exercise price of $20.0 per share and (iii) 199,934 warrants
issued on July 2, 2024 with an expiration date of July 2, 2026 at an exercise price of $17.5 per share (the &ldquo;Existing Warrants&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></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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">Pursuant to the Inducement
Letter, the Holder agreed to exercise for cash the Existing Warrants to purchase an aggregate of 427,020 shares of the Company&rsquo;s
common stock at a reduced exercise price of $3.7 per share in consideration of the Company&rsquo;s agreement to issue new common stock
purchase warrants (the &ldquo;New Warrants&rdquo;), as descried below, to purchase up to an aggregate of 640,530 shares of the Company&rsquo;s
common stock (the &ldquo;New Warrant Shares&rdquo;) at an exercise price of $3.7 per share. The Company received aggregate gross proceeds
of approximately $1.6 million from the exercise of the Existing Warrants by the Holder, before deducting financial advisory fees and other
offering expenses payable by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rodman &amp; Renshaw LLC and
H.C. Wainwright &amp; Co., LLC (&ldquo;Wainwright&rdquo;) acted as financial advisors to the Company in connection with the transactions
contemplated by the Inducement Letter. Pursuant to an engagement letter with Wainwright, the Company has agreed to pay the financial advisors
a cash fee equal to 7.0% of the aggregate gross proceeds received from the Holder&rsquo;s exercise of the Existing Warrants, as well as
a management fee equal to 1.0% of the gross proceeds from the exercise of the Existing Warrants and $25,000 paid for non-accountable expenses.
The Company has also agreed to issue to the financial advisors or their designees warrants (the &ldquo;Inducement Placement Agent Warrants&rdquo;)
to purchase up to 29,891 shares of common stock (representing 7.0% of the Existing Warrants being exercised), which will have the same
terms as the New Warrants having a term of five years of Stockholder Approval (as defined below) except the Inducement Placement Agent
Warrants will have an exercise price equal to $4.625 per share (125% of the exercise price of the Existing Warrants).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Warrants have an exercise
price equal to $3.7 per share. The New Warrants will be exercisable from the effective date (the &ldquo;Warrant Stockholder Approval Date&rdquo;)
of shareholder approval (&ldquo;Stockholder Approval&rdquo;), until (i) the five-year anniversary of such date for 340,629 of the New
Warrants and (ii) the twenty-four-month anniversary of such date for 299,901 of the New Warrants. The exercise price and number of New
Warrant Shares issuable upon exercise of the New Warrants is subject to appropriate adjustment in the event of stock dividends, stock
splits, subsequent rights offerings, pro rata distributions, reorganizations, or similar events affecting the Company&rsquo;s common stock
and the exercise price. On November 7, 2025, the Warrant Stockholder Approval was obtained in a special meeting of our shareholder, resulting
in the Warrant Stockholder Approval Date being such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The closing of the transactions
contemplated pursuant to the Inducement Letter occurred on September 3, 2025.</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">Provided that the Inducement
Letter prohibited the Company from entering into an agreement to effect any issuance by the Company involving a variable rate transaction,
the Holder agreed to waive such prohibition with respect to the transactions contemplated by the ELOC Purchase Agreement as described
below, and signed an amendment to the Inducement Letter on October 9, 2025. Pursuant to such amendment, the Company issued to the Holder
10,000 warrants to purchase shares of common stock of the Company on similar terms as the Series A-1 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>Equity Line of Credit Agreement </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; text-indent: 0.5in">On September 27, 2025, we
entered into a common stock purchase agreement (the &ldquo;Common Stock Purchase Agreement&rdquo;), with an effective date of October
1, 2025, and a related registration rights agreement (the &ldquo;White Lion RRA&rdquo;) with White Lion Capital, LLC, a Nevada limited
liability company (&ldquo;White Lion&rdquo;). Pursuant to the Common Stock Purchase Agreement, the Company has the right, but not the
obligation to require White Lion to purchase, from time to time, up to $30,000,000 in aggregate gross purchase price (the &ldquo;Commitment
Amount&rdquo;) of newly issued shares of the Company&rsquo;s Common Stock, subject to certain limitations and conditions set forth in
the Common Stock 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; text-indent: 0.5in">The Company is obligated under
the Common Stock Purchase Agreement and the White Lion RRA to file a registration statement (the &ldquo;Resale Registration Statement&rdquo;)
with the SEC to register the Common Stock under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), for the resale
by White Lion of shares of Common Stock that the Company may issue to White Lion under the Common Stock Purchase Agreement and to register
the Commitment Shares (as defined below) within five business days of the date of the Common Stock 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; text-indent: 0.5in">The maximum number of shares
issuable under the Common Stock Purchase Agreement is subject to the Exchange Cap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has agreed to
call a special meeting of its shareholders (the &ldquo;Special Meeting&rdquo;) to obtain shareholder approval for the issuance of Common
Stock under the Common Stock beyond the Exchange Cap (&ldquo;Shareholder Approval&rdquo;) within 120 days of October 1, 2025. If the Company
fails to call the Special Meeting within this timeframe, it shall pay liquidated damages to White Lion, as more fully described in the
Common Stock Purchase Agreement. In the event Shareholder Approval is not obtained at the Special Meeting, the Company is obligated to
call an additional Special Meeting every ninety (90) days thereafter, for a total period of 360 days, until Shareholder Approval is 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"></P></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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">As consideration for White
Lion&rsquo;s irrevocable commitment to purchase the Company&rsquo;s Common Stock up to the Commitment Amount, the Company agreed to issue
shares of Common Stock to White Lion (the &ldquo;Commitment Shares&rdquo;) equal to $750,000 (the &ldquo;Commitment Fee Amount&rdquo;)
divided by the lowest traded price of the Company&rsquo;s common stock during the 30 business days prior to the issuance of the Commitment
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">If at any point during the
term of the Common Stock Purchase Agreement the Company fails to be listed on the Nasdaq Capital Market, the Commitment Fee Amount will
increase to $1,000,000 if remedied within six months or less, to $1,250,000 if remedied after six months but before twelve months, and
$1,500,000 if not remedied within twelve months (the &ldquo;Delisting Penalty Provision&rdquo;). The Delisting Penalty Provision shall
automatically be waived on the date that is six (6) months after the later of (A) the date on which Shareholder Approval is Obtained and
(B) the date on which the Resale Registration Statement has been declared effective by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the satisfaction
of certain customary conditions including, without limitation, the effectiveness of a registration statement registering the shares issuable
pursuant to the Common Stock Purchase Agreement, the Company&rsquo;s right to sell shares to White Lion will commence on October 1, 2025
and extend until October 1, 2028, unless the Company has exercised its right in full to sell shares to White Lion under the Common Stock
Purchase Agreement prior to such date (the period beginning on the effective date and ending on the earlier of such dates, the &ldquo;Commitment
Period&rdquo;). During such term, subject to the terms and conditions of the Common Stock Purchase Agreement, the Company shall notify
(such notice, a &ldquo;Purchase Notice&rdquo;) White Lion when the Company exercises its right to sell shares (the effective date of such
notice, a &ldquo;Notice Date&rdquo;). The Purchase Notice may be a Regular Purchase Notice or a Rapid Purchase Notice, each as described
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares sold
pursuant to any such notice may not exceed 40% of the Average Daily Trading Volume for the common stock traded on Nasdaq immediately preceding
receipt of the applicable Purchase Notice, and can be increased at any time at the sole discretion of White Lion, up to 9.99% of the outstanding
shares of the Company.</P>

<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: justify; text-indent: 0.5in">Under a Regular Purchase Notice,
the purchase price to be paid by White Lion for any such shares will equal 97.5% multiplied by the lower of the (i) lowest daily VWAP
of the Common Stock during the Regular Purchase Valuation Period (as such term is defined in the Common Stock Purchase Agreement) or (ii)
the closing price of the Common Stock one business day prior to the delivery of the Regular Purchase Notice.</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">Under a Rapid Purchase Notice,
the purchase price to be paid by White Lion for any such shares will equal (i) the lowest traded price of the Common Stock on the Rapid
Purchase Notice Date with respect to Rapid Purchase Price Option 1; or (ii) 99% multiplied by the lowest traded price of the Common Stock
two hours following written confirmation of the acceptance of the Rapid Purchase Notice by White Lion with respect to Rapid Purchase Price
Option 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may terminate
the Common Stock Purchase Agreement at any time, which shall be effected by written notice being sent by the Company to White Lion. In
addition, the Common Stock Purchase Agreement shall automatically terminate on the earlier of (i) the end of the Commitment Period or
(ii) the date that, pursuant to or within the meaning of any bankruptcy law, the Company commences a voluntary case or any person commences
a proceeding against the Company, a custodian is appointed for the Company or for all or substantially all of its property or the Company
makes a general assignment for the benefit of its creditors. Certain provisions of the Common Stock Purchase Agreement survive termination,
as described more fully in the text of the agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the execution of the Common
Stock Purchase Agreement, the Company entered into the White Lion RRA with White Lion in which the Company has agreed to register the
shares of Common Stock purchased by White Lion under the Common Stock Purchase Agreement with the SEC for resale within 30 days of the
execution date of the White Lion RRA. The White Lion RRA also contains usual and customary damages provisions for failure to have the
registration statement declared effective by the SEC within the time periods specified therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock Purchase
Agreement and the White Lion RRA contain customary representations, warranties, conditions and indemnification obligations of the parties.
The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific
dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting
parties.</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></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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>Private Placement</I></B></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; text-indent: 0.5in; background-color: white">Concurrently on September 27, 2025, the Company entered into a securities
purchase agreement (the &ldquo;PIPE Purchase Agreement&rdquo;) with White Lion, pursuant to which the Company agreed to issue and sell
to White Lion in a private placement (the &ldquo;Offering&rdquo;) (i) 87,177 shares (the &ldquo;Shares&rdquo;) of Common Stock, and (ii)
pre-funded warrants to purchase up to 312,823 shares of Common Stock (the &ldquo;ELOC Pre-Funded Warrants&rdquo;) for a purchase price
of $2.125 per share of Common Stock and $2.124 per Pre-Funded Warrant, for a total aggregate gross proceeds of approximately $850,000.
The Offering closed on September 29, 2025.</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; text-indent: 0.5in; background-color: white">The Company had a right to redeem 48,826 of the shares of Common Stock
at a redemption price of $0.001 per share. The Company and White Lion have agreed that, in lieu of such redemption, on October 20, 2025,
the Company reduced the number shares issuable pursuant upon exercise of the ELOC Pre-Funded Warrants by 48,826 shares, to 263,997.</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; text-indent: 0.5in; background-color: white">The ELOC Pre-Funded Warrants are immediately exercisable at an exercise
price of $0. 001 per share of Common Stock and will not expire until exercised in full. However, the Company may not issue a number of
shares of Common Stock pursuant to exercise of the ELOC Pre-Funded Warrants in an amount that will not exceed the Exchange Cap when combined
with the number of Shares issued in the Offering, before shareholder approval for further issuance beyond the Exchange Cap is obtained.
The Company intends to obtain such shareholder approval concurrently with the Shareholder Approval required for the issuance of shares
of Common Stock under the Common Stock Purchase Agreement beyond the Exchange Cap.</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; text-indent: 0.5in; background-color: white">The obligation to file the Resale Registration Statement described
above also covers the registration of the shares of Common Stock and shares underlying the ELOC Pre-Funded Warrants issued pursuant to
the PIPE Purchase Agreement. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in Delaware
in 1998. We completed our initial public offering on May 17, 2022, and our common stock is currently listed on the Nasdaq Capital Market
under the symbol &ldquo;ASNS.&rdquo; Our principal executive offices are located at 710 Lakeway Drive, Suite 200, Sunnyvale, CA 94085,
and our telephone number is (510)-545-1040. The information contained on our website and available through our website is not incorporated
by reference into and should not be considered a part of this prospectus, and the reference to our website in this prospectus is an inactive
textual reference only.</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">This prospectus contains
trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for
convenience, trademarks and trade names referred to in this prospectus may appear without the &reg; or &trade; symbols, but such references
are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its
rights to these trademarks and trade names. We do not intend our use or display of other companies&rsquo; trade names, trademarks or
service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. <B>&nbsp;</B></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"><B>Implications of Being a Smaller Reporting
Company and Emerging Growth Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &ldquo;smaller reporting
company&rdquo; as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure
obligations, including, among other things, providing only two years of audited financial statements and reduced disclosure obligations
regarding executive compensation. We will remain a smaller reporting company until the last day of any fiscal year for so long as either
(1) the market value of our common stock held by non-affiliates does not equal or exceed $250 million as of the prior June 30th, or (2)
our annual revenues did not equal or exceed $100 million during such completed fiscal year and the market value of our common stock held
by non-affiliates did not equal or exceed $700 million as of the prior June 30th. To the extent we take advantage of any reduced disclosure
obligations, it may make the comparison of our financial statements with other public companies difficult or impossible.</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"></P></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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">We are an &ldquo;emerging
growth company,&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). As an emerging growth
company, we are exempt from certain requirements related to executive compensation, including the requirements to hold a nonbinding advisory
vote on executive compensation and to provide information relating to the ratio of total compensation of our Chief Executive Officer
to the median of the annual total compensation of all of our employees, each as required by the Investor Protection and Securities Reform
Act of 2010, which is part of the Dodd-Frank Act.</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">Section 102(b)(1) of the
JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private
companies (that is, those that have not had a registration statement under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the
new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period
and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have
elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard. This may make comparison of our financial statements with those of another public
company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.</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">We may remain an &ldquo;emerging
growth company&rdquo; until as late as December&nbsp;31, 2027, the fiscal year-end following the fifth anniversary of the completion
of our IPO, though we may cease to be an &ldquo;emerging growth company&rdquo; earlier under certain circumstances, including if (1)&nbsp;we
have more than $1.07&nbsp;billion in annual net revenues in any fiscal year, (2)&nbsp;we become a &ldquo;large accelerated filer,&rdquo;
with at least $700&nbsp;million of equity securities held by non-affiliates as of the end of the second quarter of that fiscal year or
(3)&nbsp;we issue more than $1.0&nbsp;billion of non-convertible debt over a three-year period. References herein to &ldquo;emerging
growth company&rdquo; are to its meaning under the Securities Act, as modified by the JOBS Act.</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"></P></DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><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: center"><B>THE OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 29%; text-align: justify"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-size: 10pt">Actelis Networks Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><FONT STYLE="font-size: 10pt">Common stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4,352,500 shares of common stock on a best-efforts basis based on a
public offering price of $0.80 per share and accompanying common warrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Common stock outstanding prior to this offering</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">2,043,392 shares of common stock.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Common stock outstanding after this offering</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">6,395,892 shares of common stock (assuming no exercise of the common
warrants and placement agent warrants).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">Pre-funded warrants</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">We are also offering to those purchasers whose purchase of our shares
in this offering would otherwise result in such purchaser, together with its affiliates and certain related parties, beneficially owning
more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding shares immediately following the consummation of this
offering, the opportunity, in lieu of purchasing shares, to purchase 1,897,500 pre-funded warrants to purchase up to 1,897,500 shares
of common stock. Each pre-funded warrant will be immediately exercisable for one share at any time at the option of the holder until such
pre-funded warrant is exercised in full, provided that the holder will be prohibited from exercising pre-funded warrants for shares if,
as a result of such exercise, the holder, together with its affiliates and certain related parties, would own more than 4.99% (or, at
the election of the purchaser, 9.99%) of the total number of shares then issued and outstanding. The purchase price of each pre-funded
warrant and accompanying common warrant is $0.7999 (which is equal to the combined public offering price per share and common warrant
to be sold in this offering minus $0.0001, the exercise price per share of each pre-funded warrant). For each pre-funded warrant we sell,
the number of shares we are offering will be decreased on a one-for-one basis. This offering also relates to the shares issuable upon
exercise of any pre-funded warrants sold in this offering. See &ldquo;<I>Description of Securities We Are Offering</I>&rdquo; for more
information.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">Common Warrants</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Up to 6,250,000 common warrants. Each share and each pre-funded warrant
will be sold together with a common warrant. Each common warrant will have an exercise price of $0.80 per share. The common warrants will
be exercisable immediately upon issuance. The common warrants will expire on the 5<SUP>th</SUP> anniversary of the date of issuance. Because
we will issue one common warrant for each share and for each pre-funded warrant sold in this offering, the number of common warrants sold
in this offering will not change as a result of a change in the mix of shares and pre-funded warrants sold. This offering also relates
to the shares issuable upon exercise of any common warrants sold in this offering. See &ldquo;<I>Description of Securities We Are Offering</I>&rdquo;
for more information.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Reverse Share Split</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">On November 18, 2025, we completed the Reverse Split of our outstanding
shares of common stock, at a ratio of 10-for-1. Except where otherwise indicated, other than in the historical financial statements and
related notes incorporated by reference into this prospectus, all share and per share data in this prospectus have been retroactively
restated to reflect the Reverse Split.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds of the offering will be approximately
$4.46&nbsp;million, after deducting the placement agent fees and estimated offering expenses payable by us. However, this is a best efforts
offering with no minimum number of securities or amount of proceeds as a condition to closing, and we may not sell all or any of these
securities offered pursuant to this prospectus; as a result, we may receive significantly less in net proceeds.</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 currently intend to use the net proceeds from this offering for
general corporate purposes. Pending such uses, we intend to invest the net proceeds in bank deposits. We have not determined the amount
of net proceeds to be used specifically for such purposes. As a result, our management will have broad discretion in the application of
the net proceeds of this offering. See &ldquo;<I>Use of Proceeds</I>&rdquo; for additional information.</P></TD></TR>
</TABLE>

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

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

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; width: 29%"><FONT STYLE="font-size: 10pt">Nasdaq ticker symbol</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%">Our shares of common stock are listed on the Nasdaq under the symbol
&ldquo;ASNS&rdquo;. There is no established public trading market for the common warrants and pre-funded warrants being offered and we
do not expect a market to develop. Without an active trading market, the liquidity of those warrants will be limited. In addition, we
do not intend to list the pre-funded warrants or the common warrants on The Nasdaq Capital Market, any other national securities exchange
or any other trading system.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><FONT STYLE="font-size: 10pt">Best efforts offering</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We have agreed to offer and sell the securities offered hereby to the
    purchasers through the Placement Agent. The Placement Agent is not required to buy or sell any specific number or dollar amount of
    the securities offered hereby, but it will use its reasonable best efforts to solicit offers to purchase the securities offered by
    this prospectus. See &ldquo;Plan of Distribution&rdquo; on page 34 of this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Before investing in our securities, you should carefully read and consider
    the information set forth in &ldquo;Risk Factors&rdquo; beginning on page 10.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of the common stock to be outstanding immediately after
this offering as shown above assumes that all of the common stock offered hereby are sold and is based on 2,043,392 shares of common stock
issued and outstanding as of December 17, 2025. This number excludes:</P>

<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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: 0.5in"></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">731 common stock purchase warrants issued to investors in August 2016
with an exercise price of $102.7 per share;</FONT></TD>
</TR></TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">2,949 common stock purchase warrants issued to investors in May 2022 with an exercise price of $500.0 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">6,613 common stock purchase warrants issued the Placement Agent in connection with an offering of securities in May 2023 with an exercise price of $46.3 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">8,898 common stock purchase warrants issued to the Placement Agent in December 2023 with an exercise price of $14.8 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; 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">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; 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">6,998 common stock purchase warrants issued to the Placement Agent in June 2024 with an exercise price of $34.4 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">&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">6,998 common stock purchase warrants issued to the Placement Agent in July 2024 with an exercise price of $25.0 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">&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">4,059 shares of common stock issuable upon exercise of outstanding share options under our equity incentive plan, at a weighted average exercise price of $36.3;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">&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">162,602 shares of common stock issuable upon exercise of the Series A-3 Warrants with an exercise price of $6.15 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">325,204 shares of common stock issuable upon exercise of the Series A-4 Warrants with an exercise price of $6.15 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">11,382 shares of common stock issuable upon exercise of the July 2025 Placement Agent Warrants with an exercise price of $7.7 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">640,530 shares of common stock issuable upon exercise of the New Warrants with an exercise price of $ 3.7 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">29,891 shares of common stock issuable upon exercise of the Inducement Placement Agent Warrants with an exercise price of $4.6 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">40,370 shares of common stock issuable upon exercise of the ELOC Pre-Funded
Warrants;</P></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">174,307 shares of common stock underlying outstanding restricted stock units;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">14,186 common stock purchase warrants issued to financial institution with an exercise price of $10.6 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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 number of shares of Common Stock that may be issued or transferred pursuant to awards under the 2025 Plan (the &ldquo;Plan Share Limit&rdquo;) will be 16,680</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated, all information in
this prospectus assumes or gives effect to:&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">no exercise of the options or settlement of the RSUs under the 2015 Employee Incentive Plan;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">no sale of any pre-funded warrants in this offering, which, if sold, would reduce the number of shares of common stock that we are offering on a one-for-one basis;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font-size: 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">no exercise of the common warrants; </FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 6pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><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">no exercise of the placement agent warrants; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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 Reverse Split effected on November 18, 2025.</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Investing in our securities
involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other
information contained in this prospectus before deciding to invest in our securities. If any of the events or developments described
below were to occur, our business, prospects, operating results and financial condition could suffer materially, the trading price of
our common stock could decline, and you could lose all or part of your investment. The risks and uncertainties described below are not
the only ones we face. We also update risk factors from time to time in our periodic reports on&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/744452/000114420419018217/tv518228_10-ka.htm">Forms
10-K</A>,&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/744452/000114420419039521/tv526857_10q.htm">10-Q</A>&nbsp;and&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/744452/000114420419041661/tv528207_8k.htm">8-K</A>&nbsp;which
will be incorporated by reference in this prospectus. Additional risks and uncertainties not presently known to us or that we currently
believe to be immaterial may also adversely affect our business.</I></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>Risks Related to Our Business</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><I>We have a history of net losses, may incur
substantial net losses in the future, and may not achieve or sustain profitability or growth in future periods. If we cannot achieve
and sustain profitability, our business, financial condition, and operating results will be adversely affected.</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; text-indent: 0.5in">We have incurred net losses in recent&nbsp;years, and we may not achieve
or maintain profitability in the future. We experienced a net loss of $5.7 million and $2.6 million for the nine months ended September&nbsp;30,
2025 and September&nbsp; 30, 2024, respectively. As a result, we had an accumulated deficit of $50 million as of September&nbsp;30, 2025.
We cannot predict when or whether we will reach or maintain profitability.</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">We may also increase our
operating expenses in the future as we continue to invest for our future growth, including expanding our research and development function
to drive further development of our platform, expanding our sales and marketing activities, developing the functionality to expand into
adjacent markets, and reaching customers in new geographic locations, which will negatively affect our operating results if our total
revenues do not increase. In addition to the anticipated costs to grow our business, we also expect to incur significant additional legal,
accounting, and other expenses as a newly public company. These efforts and additional expenses may be more costly than we expect, and
we cannot guarantee that we will be able to increase our revenues to offset our operating expenses. Any failure to increase our revenues
or to manage our costs as we invest in our business would prevent us from achieving or maintaining profitability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our shares of
common stock could be delisted from the Nasdaq Capital Market if we fail to regain compliance with the Nasdaq&rsquo;s stockholders&rsquo;
equity continued listing standards. Our ability to publicly or privately sell equity securities and the liquidity of our shares of common
stock could be adversely affected if we are delisted from the Nasdaq Capital Market.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 25, 2023, we received
a notification letter from the Listing Qualifications Staff (the &ldquo;Staff&rdquo;) of the Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;)
indicating that we are not in compliance with Nasdaq Listing Rule 5550(b)(1) due to our failure to comply with the Minimum Shareholders&rsquo;
Equity Requirement or any alternatives to such requirement. In order to maintain our listing on the Nasdaq Capital Market, we submitted
a plan of compliance addressing how we intended to regain compliance. On March 27, 2024, we received a delist determination letter from
Nasdaq advising us that the Staff had determined to delist our securities from Nasdaq due to non-compliance with the Minimum Shareholders&rsquo;
Equity Requirement, unless we timely request a hearing before the Nasdaq Hearings Panel (the &ldquo;Panel&rdquo;). We timely requested
a hearing before the Panel.</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">On August 27, 2024, we received formal written notice from Nasdaq confirming that we have evidenced compliance
with all applicable criteria for continued listing on Nasdaq as set forth in Nasdaq Listing Rule 5550, including the Minimum Shareholders&rsquo;
Equity Requirement. In accordance with Nasdaq Listing Rule 5815(d)(4)(B), we remained subject to a panel monitor for equity compliance
through August 27, 2025.</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">On May 12, 2025, Nasdaq notified
us (the &ldquo;Notification Letter&rdquo;) that we were not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires our Common
Stock to maintain a minimum bid price of $1.00 per share (the &ldquo;Bid Price Rule&rdquo;). The Notification Letter had no immediate
effect on the listing or trading of our Common Stock on Nasdaq and, at this time, the Common Stock will continue to trade on Nasdaq under
the symbol &ldquo;ASNS&rdquo;. The Notification Letter provided that we have 180 calendar days, or until November 10, 2025, to regain
compliance with the Bid Price Rule.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 19, 2025, we received written notice
from Nasdaq stating&nbsp;that, due to the Company&rsquo;s non-compliance with the Minimum Shareholders&rsquo; Equity Requirement as of
June 30, 2025, and because, pursuant to Listing Rule 5815(d)(4)(B), the Company remained subject to a mandatory hearing panel monitor
through August 27, 2025, the Company&rsquo;s securities were subject to delisting from Nasdaq unless the Company timely requests a hearing
before the Panel. The Company has its hearing with the Panel on September 30, 2025.</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"></P>

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<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">At the hearing, the Company
presented its plan to evidence compliance with the Equity Rule and all other applicable criteria for continued listing on The Nasdaq Capital
Market, and requested to remain listed subject to its plan to regain compliance.</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">On October 28, 2025, we received
a listing decision from Nasdaq notifying us that the Panel determined that the Company evidenced compliance with the Shareholders&rsquo;
Equity Requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Panel also granted the
Company&rsquo;s request for continued listing on The Nasdaq Capital Market, pursuant to an exception through December 5, 2025, to regain
compliance with the bid price requirement set forth in Nasdaq Listing Rule 5550(a)(1). In order to evidence compliance with the bid price
requirement, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10, but generally not more than
20, consecutive business days. On November 7, 2025, we held a special meeting of shareholders where our shareholders approved, among other
things, the Reverse Split. The Reverse Split was effected on November 18, 2025.</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; background-color: white">On
December 3, 2025, the Company received formal notice from Nasdaq that the Company has regained compliance with the Bid Price Rule and
evidenced compliance with all other applicable criteria for continued listing on Nasdaq. Accordingly, the previously disclosed listing
matter has been closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will remain subject
to a one-year &ldquo;Panel Monitor&rdquo;, as contemplated by Nasdaq Listing Rule 5815(d)(4)(A), through December 5, 2026. If during that
period the Company fails to satisfy any of the criteria for continued listing on Nasdaq, the Staff may not grant the Company additional
time to regain compliance. Rather, Nasdaq will issue a delist determination, which the Company may address by requesting a new hearing
before the Nasdaq Hearings Panel.</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">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 shares
of common stock on Nasdaq. If we fail to satisfy the continued listing requirements of Nasdaq, such as minimum stockholders&rsquo; equity
requirements or minimum bid price requirements, Nasdaq may take steps to delist our shares of common stock. Such a delisting would have
a negative effect on the price of our shares of common stock, impair the ability to sell or purchase our shares of common stock when persons
wish to do so, and any delisting materially adversely affect our ability to raise capital or pursue strategic restructuring, refinancing
or other transactions on acceptable terms, or at all. Delisting from Nasdaq could also have other negative results, including the potential
loss of institutional investor interest and fewer business development opportunities, as well as a limited amount of news and analyst
coverage of us. Delisting could also result in a determination that our shares of common stock are a &ldquo;penny stock,&rdquo; which
would require brokers trading in our shares of common stock to adhere to more stringent rules, possibly resulting in a reduced level of
trading activity in the secondary market for our shares of common stock. In the event of a delisting, we would attempt to take actions
to restore our compliance with Nasdaq&rsquo;s listing requirements, but we can provide no assurance that any such action taken by us would
allow our shares of common stock to become listed again, stabilize the market price or improve the liquidity of our securities, prevent
our shares of common stock from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq&rsquo;s
listing requirements.</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"></P>

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<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"><B>Risks Related to Managing Our Business Operations
in Israel</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><I>Conditions in the Middle East and in Israel,
where our research and development facilities are located, may harm our operations.</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; text-indent: 0.5in">Our office where we conduct
our research and development, operations, sales outside the Americas, and administration activities, is located in Israel. Many of our
employees are residents of Israel. Most of our officers and directors are residents of Israel. Since the establishment of the State of
Israel in 1948, a number of armed conflicts have taken place between Israel and its neighboring countries, and between Israel and the
Hamas (an Islamist militia and political group in the Gaza Strip), Hezbollah (an Islamist militia and political group in Lebanon), and
Iran.</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">In October 2023, Hamas terrorists
infiltrated Israel&rsquo;s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas
also launched extensive rocket attacks on Israeli population and industrial centers located along Israel&rsquo;s border with the Gaza
Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths, injuries and kidnapping of civilians
and soldiers. Following the attack, Israel&rsquo;s security cabinet declared war against Hamas and a military campaign against these
terrorist organizations commenced in parallel to their continued rocket and terror attacks. On January 19, 2025, a temporary ceasefire
went into effect. On March 18, 2025 the&nbsp;ceasefire&nbsp;ended with the resumption of the war between Israel and&nbsp;Hamas.</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">In addition, since the commencement
of these events, there have been continued hostilities along Israel&rsquo;s northern border with Lebanon (with the Hezbollah terror organization)
and on other fronts from various extremist groups in region, such as the Houthis in Yemen and various rebel militia groups in Syria and
Iraq. In October 2024, Israel began limited ground operations against Hezbollah in Lebanon, and in November 2024, a ceasefire was brokered
between Israel and Hezbollah. In addition, Iran recently launched direct attacks on Israel involving hundreds of drones and missiles
and has threatened to continue to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have
a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and
various rebel militia groups in Syria and Iraq. These situations may potentially escalate in the future to more violent events which
may affect Israel and us. Additionally, Yemeni rebel group, the Houthis, launched series of attacks on global shipping routes in the
Red Sea, causing disruptions of supply chain. Such clashes may escalate in the future into a greater regional conflict.</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">As of the date of this prospectus,
we have not been impacted by any absences of personnel at our service providers or counterparties located in Israel. Military service
call ups that result in absences of personnel from us for an extended period of time may materially and adversely affect our business,
prospects, financial condition and results of operations. As of the date of this prospectus, we currently have 38 full-time employees,
with 33 employees located in Israel and 5 employee located outside of Israel.</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"></P>

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<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"><FONT STYLE="font-size: 10pt">Since
the war broke out on October 7, 2023, our operations have not been adversely affected by this situation, and we have not experienced
any material disruptions to our operations. We have the ability, if necessary, to shift our manufacturing from Israel to other countries
where we have business partners, and we have not had customers in Israel in the last year. However, the intensity and duration of Israel&rsquo;s
current war is difficult to predict at this stage, as are such war&rsquo;s economic implications on the Company&rsquo;s business and
operations and on Israel&rsquo;s economy in general. If the ceasefires declared collapse or a new war commences or hostilities expand
to other fronts, our operations may be adversely affected.</FONT>&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">Our commercial insurance
does not cover losses that may occur as a result of events associated with the security situation in the Middle East. Although the Israeli
government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot
assure you that this government coverage will be maintained. Any losses or damages incurred by us could have a material adverse effect
on our business. Any armed conflicts or political instability in the region would likely negatively affect business conditions and could
harm our results of operations.&nbsp;To-date, we have received Israeli government war related support funding of approximately $100,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The continued political instability
and hostilities between Israel and its neighbors and any future armed conflict, terrorist activity or political instability in the region
could adversely affect our operations in Israel and adversely affect the market price of our shares of common stock. In addition, several
organizations and countries may restrict doing business with Israel and Israeli companies have been and are today subjected to economic
boycotts. The interruption or curtailment of trade between Israel and its present trading partners could adversely affect our business,
financial condition and results of operations.</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">Finally, political conditions
within Israel may affect our operations. Israel has held five general elections between 2019 and 2022, and prior to October 2023, the
Israeli government pursued extensive changes to Israel&rsquo;s judicial system, which sparked extensive political debate and unrest.
Actual or perceived political instability in Israel or any negative changes in the political environment, may individually or in the
aggregate adversely affect the Israeli economy and, in turn, our business, financial condition, results of operations and growth prospects.&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"><B>Risks Relating to this Offering</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><I>The best efforts structure of this offering
may have an adverse effect on our business plan.</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; text-indent: 0.5in">The Placement Agent has agreed
to use its reasonable best efforts to solicit offers to purchase the securities in this offering. The Placement Agent has no obligation
to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities.
There is no required minimum number of securities that must be sold as a condition to completion of this offering. Because there is no
minimum offering amount required as a condition to the closing of this offering, the actual offering amount, placement agent fees and
proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth above. We may sell fewer
than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us, and investors in this
offering will not receive a refund in the event that we do not sell an amount of securities sufficient to support our continued operations,
including our near-term continued operations. Thus, we may not raise the amount of capital we believe is required for our operations
in the short-term and may need to raise additional funds, which may not be available or available on terms acceptable to us. The success
of this offering will impact our ability to use the proceeds to execute our business plan. We may have insufficient capital to implement
our business plan, potentially resulting in greater operating losses unless we are able to raise the required capital from alternative
sources. There is no assurance that alternative capital, if needed, would be available on terms acceptable to us, or at all.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This offering is being made on a best efforts
basis and we may sell fewer than all of the securities offered hereby and may receive significantly less in net proceeds from this offering,
which will provide us only limited working capital.</I></B></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">This offering is being made on a best efforts basis and we may sell
fewer than all of the securities offered hereby and may receive significantly less in net proceeds from this offering. Based on our current
business plans, which we cannot guarantee will be achieved, and assuming that we neither use our ELOC Purchase Agreement nor our At The
Market Offering Agreement, (i) assuming that we receive net proceeds of approximately $4.46 million from this offering, we believe that
the net proceeds from this offering together with our existing cash and cash equivalents, will meet our capital needs through the end
of the second quarter of 2027.</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>Our management team will have immediate
and broad discretion over the use of the net proceeds from this offering and may not use them effectively.</I></B></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">We currently intend to use
the net proceeds of this offering for continued development of our pipeline products, as well as the advancement of new programs, business
development activities, and general corporate purposes. See &ldquo;Use of Proceeds.&rdquo; However, our management will have broad discretion
in the application of the net proceeds. Our shareholders may not agree with the manner in which our management chooses to allocate the
net proceeds from this offering. The failure by our management to apply these funds effectively could have a material adverse effect
on our business, financial condition and results of operation. Pending their use, we may invest the net proceeds from this offering in
a manner that does not produce income. The decisions made by our management may not result in positive returns on your investment and
you will not have an opportunity to evaluate the economic, financial or other information upon which our management bases its decisions.</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>Purchasers who purchase our securities
in this offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit
of a 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; text-indent: 0.5in">In addition to rights and
remedies available to all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities
purchase agreement will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract
provides those investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including:
(i) timely delivery of shares; (ii) agreement to not enter into variable rate financings for one (1) year from closing, subject to certain
exceptions; (iii) agreement to not enter into any financings for thirty (30) days from closing; and (iv) indemnification for breach of
contract.</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>Common stock representing a substantial
percentage of our outstanding shares may be sold in this offering, which could cause the price of our common stock</I>&nbsp;to&nbsp;<I>decline</I>.</B></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">We may sell in this offering
up to&nbsp;1,639,344 common stock, or approximately 94 % of our outstanding common stock, prior to this offering, as of&nbsp;December
9, 2025. This sale and any future sales of a substantial number of common stock in the public market, or the perception that such sales
may occur, could materially adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of
those common stock or the availability of those common stock for sale will have on the market price of our common stock.</P>

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

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

<!-- Field: Page; Sequence: 20 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of our common stock may be volatile,
and the value of our common stock may decline.</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; text-indent: 35.45pt">We cannot predict the prices
at which our common stock will trade. The price of our common stock may not bear any relation to any established criteria of the value
of our business and prospects. In addition, the trading price of our common stock is likely to be volatile and could be subject to fluctuations
in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your
investment in our common stock as you might be unable to sell your shares at or above the price you paid. Factors that could cause fluctuations
in the trading price of our common stock include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">actual or anticipated fluctuations in our financial condition
or results of operations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">variance in the projected timeline for regulatory approvals
of our product candidates from expectations of securities analysts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">changes in laws or regulations applicable to our business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">announcements by us or our competitors of significant business
developments;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">significant data breaches, disruptions to or other incidents
involving our company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">conditions or developments affecting the biotechnology industry;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">future sales of common stock by us or our shareholders, as
well as the anticipation of lock-up releases;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">changes in senior management or key personnel;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the trading volume of our securities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">changes in the anticipated future size and growth rate of
our markets;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">publication of research reports or news stories about us,
our competitors or our industry, or positive or negative recommendations or withdrawal of research coverage by securities analysts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">general economic and market conditions; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">other events or factors, including those resulting from war,
incidents of terrorism, global pandemics or responses to those events.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Broad market and industry
fluctuations, as well as general economic, political, regulatory and market conditions, may also negatively impact the market price of
our common stock. In the past, companies that have experienced volatility in the market price of their securities have been subject to
securities class action litigation. We may be the target of this type of litigation in the future, which could result in substantial
expenses and divert our management&rsquo;s attention.</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>There is no public market for the common
warrants being offered or pre-funded warrants in this offering.</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; text-indent: 0.5in">There is no established public
trading market for the common warrants being offered or the pre-funded warrants, and we do not expect a market to develop. In addition,
we do not intend to apply to list the pre-funded warrants or common warrants on any national securities exchange or other nationally recognized
trading system. Without an active market, the liquidity of the pre-funded warrants and common warrants will be limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The common warrants and the pre-funded warrants
are speculative in nature.</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; text-indent: 0.5in">The common warrants and the
pre-funded warrants offered hereby do not confer any rights of share ownership on their holders, such as voting rights or the right to
receive dividends, but rather merely represent the right to acquire shares at a fixed price. Specifically, commencing on the date of issuance,
holders of the pre-funded warrants may acquire the shares issuable upon exercise of such warrants at an exercise price of $0.0001 per
share. Moreover, following this offering, the market value of the pre-funded warrants is uncertain and there can be no assurance that
the market value of the pre-funded warrants will equal or exceed the public offering price for the pre-funded warrants.</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 common warrants may not have any value.</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; text-indent: 0.5in">Each common warrant has
an exercise price per share equal to $0.80. The common warrants will expire on the five-year anniversary of the date of issuance. In
the event the market price per our share does not exceed the exercise price of the common warrants during the period when the
warrants are exercisable, the common warrants may not have any value.</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"><B><I>Holders of the pre-funded warrants and common
warrants offered hereby will have no rights as shareholders with respect to the shares underlying those warrants until such holders exercise
their warrants and acquire our shares, except as otherwise provided in the common warrants.</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; text-indent: 0.5in">Until holders of the pre-funded
warrants and common warrants acquire our shares upon exercise thereof, such holders will have no rights with respect to the shares underlying
such warrants, except to the extent that holders of such warrants will have certain rights to participate in distributions or dividends
paid on our shares as set forth in the warrants. Upon exercise of the pre-funded warrants and common warrants, the holders will be entitled
to exercise the rights of a shareholder only as to matters for which the record date occurs after the exercise date.</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>Because we have no current plans to pay
cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell Actelis common
stock for a price greater than that which you paid for it.</I></B></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">We will likely retain future
earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay any cash dividends for the foreseeable
future. Any decision to declare and pay dividends as a public company in the future will be made at the discretion of our board of directors
and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions,
funds lawfully available therefor and other factors that our board of directors may deem relevant. In addition, our ability to pay dividends
may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur. As a result, you may not
receive any return on an investment in our common stock unless you sell our common stock for a price greater than that which you paid
for it.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming no issuance of pre-funded
warrants in connection with this offering, we estimate the net proceeds of the offering will be approximately $4.46&nbsp;million, after
deducting the Placement Agent&rsquo;s fees and estimated offering expenses payable by us. However, this is a best efforts offering with
no minimum number of securities or amount of proceeds as a condition to closing, and we may not sell all or any of these securities offered
pursuant to this prospectus; as a result, we may receive significantly less in net proceeds. We cannot predict when or if the pre-funded
warrants, the common warrants and the Placement Agent Warrants will be exercised, or if they will be exercised for cash. It is possible
that the common warrants and the Placement Agent Warrants may expire and may never be exercised.</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">We currently intend to use
the net proceeds from this offering for general corporate purposes. Accordingly, we retain broad discretion over the use of the net proceeds
from the sale of our common stock and accompanying common warrants (or pre-funded warrants and common warrants, if applicable), pursuant
to this prospectus. The precise amount and timing of the application of such proceeds will depend upon our liquidity needs and the availability
and cost of other capital over which we have little or no control.</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">Pending the use of the net
proceeds from this offering as described above, we intend to invest the net proceeds in a variety of capital preservation investments,
short and intermediate term, interest-bearing, investment-grade instruments, U.S. government securities and highly rated corporate debt
securities, although our investment policy may change following the date of this prospectus supplement. It is possible that, pending their
use, we may invest the net proceeds in a way that does not yield a favorable, or any, return for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.65pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>CAPITALIZATION</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; text-indent: 0.5in">The following table sets forth
our capitalization as of September 30, 2025 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0.5in"></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">on an actual basis;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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"></FONT>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">on a pro forma basis to reflect (i) the issuance of 21,000 shares of
common stock pursuant to the ELOC Purchase Agreement and (ii) the exercise of 223,627 pre-funded warrants (the &ldquo;Pro Forma Adjustments&rdquo;)&nbsp;</P>


<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">on an as adjusted basis to give further effect to reflect the sale
by us of 4,352,500 shares common stock and accompanying common warrants offered by means of this prospectus at a public offering price
of $0.80 per share and accompanying common warrant and of 1,897,500 pre-funded warrants and accompanying common warrants offered by means
of this prospectus at a public offering price of $0.7999 per pre-funded warrant and accompanying common warrant, and after deducting the
Placement Agent&rsquo;s fees and estimated offering expenses payable by us, and without giving effect to the exercise of the common warrants
issued in this offering, as if such issuance and sale had occurred on September 30, 2025.</P></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The as adjusted information
below is illustrative only and our capitalization following the completion of this offering is subject to various adjustments. The pro
forma as adjusted amounts shown below are unaudited and represent management&rsquo;s estimate. The information in this table should be
read in conjunction with and is qualified by reference to the financial statements and notes thereto and other financial information contained
in this prospectus.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 30, 2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">(U.S. dollars in thousands)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Actual</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pro Forma</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pro Forma As Adjusted</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,454</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,510</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">5,969</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; text-indent: -9pt; padding-left: 9pt">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">Common stock, $0.0001 par value: 30,000,000 shares authorized; 1,746,735 and 762,316 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</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; text-indent: -9pt; padding-left: 9pt">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,803</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,803</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,803</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Total shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above table is based on
1,746,735 shares outstanding as of September 30, 2025 and excludes as of that date:&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">731 common stock purchase warrants issued to investors in August 2016 with an exercise price of $102.7 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">2,949 common stock purchase warrants issued to investors in May 2022 with an exercise price of $500.0 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">6,613 common stock purchase warrants issued the Placement Agent in connection with an offering of securities in May 2023 with an exercise price of $46.3 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">127,119 common stock purchase warrants issued to an investor in connection with an offering of securities in December 2023 with an exercise price of $11.8 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">8,899 common stock purchase warrants issued to the Placement Agent in December 2023 with an exercise price of $14.8 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">99,967 common stock purchase warrants issued to investors in June 2024 with an exercise price of $20.0 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">6,998 common stock purchase warrants issued to the Placement Agent in June 2024 with an exercise price of $34.4 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">199,934 common stock purchase warrants issued to an investor in connection with a warrant inducement agreement entered into in July 2024 with an exercise price of $17.5 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">6,998 common stock purchase warrants issued to the Placement Agent in July 2024 with an exercise price of $25.0 per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">4,059 shares of common stock issuable upon exercise of outstanding share options under our equity incentive plan, at a weighted average exercise price of $43.6;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">174,307 shares of common stock underlying outstanding restricted stock units; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">14,186 common stock purchase warrants issued to bank with an exercise price of $10.6 per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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 number of shares of Common Stock that may be issued or transferred pursuant to awards under the 2025 Plan (the &ldquo;Plan Share Limit&rdquo;) will be&nbsp;16,680.</FONT></TD></TR>
  </TABLE>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>MARKET INFORMATION FOR SECURITIES AND DIVIDEND
POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Information</B></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; text-indent: 0.5in">Our common shares are currently
listed on Nasdaq under the symbols &ldquo;ASNS.&rdquo; As of &nbsp;&nbsp;December 17, 2025, we had outstanding shares of common stock
outstanding, including treasury shares, no outstanding shares of preferred stock, and approximately 52&nbsp;holders of record of our outstanding
shares of common stock. A significant number of shares of our common stock are held in either nominee name or street name brokerage accounts,
and consequently, we are unable to determine the total number of beneficial owners of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividend Policy</B></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; text-indent: 0.5in">To date, we have not paid
cash dividends on our common stock and do not plan to pay such dividends in the foreseeable future. Our Board will determine our future
dividend policy on the basis of many factors, including results of operations, capital requirements, and general business conditions.
Dividends, under the Delaware General Corporation Law, may only be paid from our net profits or surplus. To date, we have not had a fiscal
year with net profits and, subject to a valuation by the Board of the present value of the Company&rsquo;s assets, do not have surplus.&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>DESCRIPTION OF SHARE CAPITAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following description
is intended as a summary of our certificate of incorporation, as amended (&ldquo;Charter&rdquo;) and our amended and restated bylaws
(&ldquo;Bylaws&rdquo;). Because the following is only a summary, it does not contain all of the information that may be important to
you. For a complete description, you should refer to our Charter and Bylaws.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling stockholders
may, from time to time, sell, transfer, or otherwise dispose of any or all of their shares of common stock or interests in shares of
common stock on any stock exchange, market, or trading facility on which the shares are traded or in private transactions at fixed prices,
at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the
time of sale, or at negotiated prices. This prospectus provides you with a general description of the common stock the selling stockholders
may offer.</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>Authorized Capital Stock</B></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">Our Charter authorizes us
to issue up to 42,803,774&nbsp;shares consisting of 30,000,000&nbsp;shares of common stock with a par value of $0.0001 per share, 2,803,774&nbsp;shares
of non-voting&nbsp;common stock with a par value of $0.0001 per share and 10,000,000&nbsp;shares of preferred stock with a par value of
$0.0001 per share. As of September 30, 2025, there were 52 holders of record of our common stock.</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>Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of our common
stock have the following rights, preferences and privileges:</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>Voting Rights</I></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">Each holder of common stock
is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. Any action at a meeting
at which a quorum is present will be decided by a majority of the voting power present in person or represented by proxy, except in the
case of any election of directors, which will be decided by a plurality of votes cast. There is no cumulative voting.</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>Dividend Rights</I></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">Holders of our common stock
are entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for payment, subject
to the rights of holders, if any, of any class of stock having preference over the common stock. Any decision to pay dividends on our
common stock will be at the discretion of our board of directors. Our board of directors may or may not determine to declare dividends
in the future. See &ldquo;Dividend Policy.&rdquo; The board&rsquo;s determination to issue dividends will depend upon our profitability
and financial condition any contractual restrictions, restrictions imposed by applicable law and the SEC, and other factors that our
board of directors deems relevant.</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>Liquidation Rights</I></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">In the event of a voluntary
or involuntary liquidation, dissolution or winding up of the Company, the holders of our common stock will be entitled to share ratably
on the basis of the number of shares held in any of the assets available for distribution after we have paid in full, or provided for
payment of, all of our debts and after the holders of all outstanding series of any class of stock have preference over the common stock,
if any, have received their liquidation preferences in full.</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>Other Rights and Preferences</I></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">Upon the closing of this
offering, holders of our common stock will have no pre-emptive, conversion, subscription or other rights, and there are no redemption
or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock
are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may
designate in the future. Upon the closing of this offering, shares of our common stock are not convertible into shares of any other class
of capital stock, nor are they subject to any redemption or sinking fund provisions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fully paid and nonassessable</I></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">All of our outstanding shares
of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.</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>Preferred stock</B></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">We are authorized to issue
up to 10,000,000&nbsp;shares of preferred stock. Our Charter authorizes the board to issue these shares in one or more series, to determine
the designations and the powers, preferences and relative, participating, optional or other special rights and the qualifications, limitations
and restrictions thereof, including the dividend rights, conversion or exchange rights, voting rights (including the number of votes
per share), redemption rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series.
Our board of directors could, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of common stock and which could have the effect of making it more difficult for a third
party to acquire, or of discouraging a third party from attempting to acquire, a majority of our outstanding voting stock. Upon the closing
of this offering, no shares of preferred stock will be outstanding.</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>Charter and Bylaw Provisions</B></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>Charter and Bylaw Provisions</I></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">Our Charter and our Bylaws
to be effective upon the closing of this offering, include a number of provisions that could deter hostile takeovers or delay or prevent
changes in control of our management team, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Board of Directors vacancies. </I>Our Charter to be effective upon
    the closing of this offering, provides that vacancies on the board of directors may be filled only by the affirmative vote of a majority
    of the directors then in office, irrespective of whether there is a quorum, or by a sole remaining director. Additionally, the number
    of directors to serve on our board of directors is fixed solely and exclusively by resolution duly adopted by our board of directors.
    This would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors
    by filling the resulting vacancies with its own nominees. This makes it more difficult to change the composition of our board of
    directors but promotes continuity of management.</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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Classified Board of Directors. </I>In accordance with our Charter,
    as it will be in effect following the effectiveness of the registration statement of which this prospectus forms a part, our board
    of directors will be divided into three classes with staggered three-year&nbsp;terms. At each annual general meeting of stockholders,
    the successors to directors whose terms then expire will be elected to serve from the time of election and qualification until the
    third annual meeting following election. Our directors will be divided among the three classes. We expect that any additional directorships
    resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible,
    each class will consist of one-third&nbsp;of the directors. The division of our board of directors into three classes with staggered
    three-year&nbsp;terms may delay or prevent a change of our management or a change in control.</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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Special Meetings of Stockholders. </I>Our Bylaws to be effective
    upon the closing of this offering, provides that special meetings of our stockholders may be called by the board of directors acting
    pursuant to a resolution approved by the affirmative vote of a majority of the directors then in office, and special meetings of
    stockholders may not be called by any other person or persons.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>No Cumulative Voting. </I>The DGCL provides that stockholders are
    not entitled to the right to cumulate votes in the election of directors unless the corporation&rsquo;s certificate of incorporation
    provides otherwise. Our Charter does not provide for cumulative voting.</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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Amendment of Charter and Bylaw Provisions. </I>Any amendment of
    our Charter requires the affirmative vote of the majority of the outstanding shares of capital stock entitled to vote on such amendment,
    and the affirmative vote of the majority of the outstanding shares of each class entitled to vote thereon as a class, except that
    the provision in the Charter regarding the staggered board may not be repealed or amended without the vote of the holders of not
    less than 80% of the Company&rsquo;s voting stock, voting as a single class. Amendments to our Bylaws may be executed pursuant to
    a resolution by the Board of Directors pursuant to an affirmative vote of a majority of the directors then in office, or by the affirmative
    vote of at least 75% of the outstanding shares of capital stock entitled to vote.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt"><I>&#9679;</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Delaware Business Combination Statute. </I>The Company is subject
    to the &ldquo;business combination&rdquo; provisions of Section&nbsp;203 of the DGCL.&nbsp;In general, Section&nbsp;203 prohibits
    a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three&nbsp;years
    following the date such person becomes an interested stockholder, unless the business combination or the transaction in which such
    person becomes an interested stockholder is approved in a prescribed manner. Generally, a &ldquo;business combination&rdquo; includes
    a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an
    &ldquo;interested stockholder&rdquo; is a person that, together with affiliates and associates, owns, or within three&nbsp;years
    prior to the determination of interested stockholder status did own, 15% or more of a corporation&rsquo;s voting stock. The existence
    of this provision may have an anti-takeover effect with respect to transactions not approved in advance by our Board of Directors,
    and the anti-takeover effect includes discouraging attempts that might result in a premium over the market price for the shares of
    our common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Exclusive Forum. </I>Unless we consent in writing to the selection
    of an alternative forum, the Court of Chancery of the State of Delaware is the sole and exclusive forum for (i)&nbsp;any derivative
    action or proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our
    current or former directors, officers, stockholder or other employees to us or our stockholders, (iii)&nbsp;any action asserting
    a claim against the Corporation or any current or former director, officer, stockholder, employee or agent of the Corporation arising
    pursuant to any provision of the DGCL, our Charter or our Bylaws, (iv)&nbsp;any action to interpret, apply, enforce or determine
    the validity of the Company&rsquo;s Charter or Bylaws, (v)&nbsp;any action asserting a claim against us governed by the internal
    affairs doctrine or (vi)&nbsp;any action asserting an &ldquo;internal corporate claim&rdquo; as that term is defined in Section&nbsp;115
    of the General Corporation Law. The federal district courts of the United&nbsp;States of America shall be the exclusive forum for
    the resolution of any complaint, claim or proceeding asserting a cause of action arising under the Exchange&nbsp;Act or the Securities
    Act. Furthermore, Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits
    brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Stockholders cannot
    waive compliance with the federal securities laws and the rules and regulations thereunder. Any person or entity purchasing or otherwise
    acquiring or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provision
    in our Charter. This choice of forum provision may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that
    it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against
    us and our directors, officers and other employees.</FONT></TD></TR>
  </TABLE>
<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>Anti-Takeover&nbsp;Provisions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of the DGCL,
our Charter and our Bylaws may have the effect of delaying, deferring or discouraging another person from acquiring control of our company.
These provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part, to
encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased
protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging
a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">Our Charter established a
classified board of directors, divided in three classes with staggered three-year&nbsp;terms. Under the classified board of directors
structure, only one class of directors would be elected at each annual meeting of our stockholders, with the other classes continuing
for the remainder for their respective three-year&nbsp;terms. Under the classified board of directors structure: (i)&nbsp;directors in
Class&nbsp;I, consisting of Gideon Marks and Julie Kunstler, are to stand for election at the Annual Meeting to be held in 2026; (ii)&nbsp;directors
in Class&nbsp;II, consisting of Niel Ransom, are to stand for election at the annual meeting of stockholders to be held in 2027; and
(iii)&nbsp;directors in Class&nbsp;III, consisting of Tuvia Barlev, are to stand for election at the annual meeting of stockholders to
be held in 2028.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Limitations on Liability, Indemnification
of officers and directors and insurance</B></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">Our Charter and Bylaws contain
provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by the DGCL.&nbsp;Consequently,
our directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors,
except liability for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any breach of the director&rsquo;s duty of loyalty to us or our stockholders;</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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any act or omission not in good faith or that involves intentional
    misconduct or a knowing violation of law;</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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">unlawful payments of dividends or unlawful stock repurchases, or redemptions
    as provided in Section&nbsp;174 of the DGCL; or</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;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any transaction from which the director derived an improper personal
    benefit.</FONT></TD></TR>
  </TABLE>
<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>Listing</B></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">Our common stock is listed
on the Nasdaq Capital Market under the symbol &ldquo;ASNS&rdquo;.</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>Transfer Agent and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our common stock will be VStock Transfer, LLC.&nbsp;The transfer agent and registrar&rsquo;s address is 18 Lafayette Place, Woodmere,
NY&nbsp;11598.</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>Exclusive Forum</B></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">Our Charter provides that,
unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for any stockholder for (a)&nbsp;any derivative action or proceeding brought on our behalf, (b)&nbsp;any action asserting
a claim of breach of a fiduciary duty owed by, or other wrongdoing by, any current or former director, officer, stockholder, employee
or agent of the Company to the Company or the Company&rsquo;s stockholders, (c)&nbsp;any action asserting a claim against the Corporation
or any current or former director, officer, stockholder, employee or agent of the Corporation arising pursuant to any provision of the
DGCL or the Company&rsquo;s Charter or Bylaws, (d)&nbsp;any action to interpret, apply, enforce or determine the validity of the Company&rsquo;s
Charter or Bylaws, or (e)&nbsp;any action asserting a claim governed by the internal affairs doctrine or (f)&nbsp;any action asserting
an &ldquo;internal corporate claim&rdquo; as that term is defined in Section&nbsp;115 of the General Corporation Law. The federal district
courts of the United&nbsp;States of America shall be the exclusive forum for the resolution of any complaint, claim or proceeding asserting
a cause of action arising under the Exchange&nbsp;Act or the Securities Act. Furthermore, Section&nbsp;22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder.</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">Stockholders cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. Any person or entity purchasing or otherwise acquiring
or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provision in our
Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The choice-of-forum&nbsp;provision
may limit a stockholder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or
its directors, officers or other employees, and may result in increased costs to a stockholder who has to bring a claim in a forum that
is not convenient to the stockholder, which may discourage such lawsuits. Although under Section&nbsp;115 of the DGCL exclusive forum
provisions may be included in a company&rsquo;s certificate of incorporation, the enforceability of similar forum provisions in other
companies&rsquo; certificates or incorporation or bylaws has been challenged in legal proceedings, and it is possible that a court could
find these types of provisions to be inapplicable or unenforceable. If a court were to find the exclusive forum provision of our Charter
inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs
associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition
and results of operations and result in a diversion of the time and resources of our management and board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Takeover&nbsp;Provisions of the DGCL
and Charter Provisions</B></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">Certain provisions of the
DGCL and certain provisions included in our Charter and Bylaws summarized below may be deemed to have an anti-takeover&nbsp;effect and
may delay, deter, or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including
attempts that might result in a premium being paid over the market price for the shares held by stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Removal of Directors</I></B></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">Our Bylaws provide that stockholders
may only remove a director with or without cause by a vote of no less than a majority of the shares present in person or by proxy at
the meeting and entitled to vote, voting together as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amendments to Charter</I></B></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">Certain sections of our Charter
require the affirmative vote of the holders of a majority of the voting power of the then outstanding shares of capital stock of the
Company entitled to vote, voting together as a single class, except that the provision in the Charter regarding the staggered board may
not be repealed or amended without the vote of the holders of not less than 80% of the Company&rsquo;s voting stock, voting as a single
class.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors is
divided into three classes, with regular three-year&nbsp;staggered terms. This classification system increases the difficulty of replacing
a majority of the directors and may tend to discourage a third-party&nbsp;from making a tender offer or otherwise attempting to gain
control of the Company. In addition, under Delaware law, the Certificate and the By-Laws, the Company&rsquo;s directors may be removed
from office by the stockholders only for cause and only in the manner provided for in the Certificate. These factors may maintain the
incumbency of the board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amendments to Bylaws</I></B></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">Our Charter limits the abilities
of the directors and stockholders to amend our Bylaws in certain circumstances. In particular, the Bylaws may be amended only by the
vote of a majority of all of the directors then in office, or by the affirmative vote of the stockholders holding at least 75% of the
outstanding shares of capital stock entitled to vote in accordance with the provisions of the Charter, Bylaws, and the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Cumulative Voting</I></B></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">Our Charter does not provide
for cumulative voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Special Meetings of Stockholders</I></B></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">Our Bylaws provide that,
except as otherwise required by law, special meetings of the stockholders may be called only by an officer at the request of a majority
of our board of directors, by our Chief Executive Officer or President or by the holders of not less than 25% of the holders of stock
entitled to vote at the meeting.</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>Stockholders Agreement</B></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">We are party to the Amended
and Restated Stockholders Agreement, dated February 2, 2016 (the &ldquo;Stockholders Agreement&rdquo;), pursuant to which certain holders
of our common stock have the right to demand that we file a registration statement or request that their common stock be covered by a
registration statement that we are otherwise filing. All rights under the Stockholders Agreement will terminate upon the closing of this
offering.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the purchase, ownership and
disposition of our common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax
effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or foreign tax
laws are not addressed herein. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions,
and published rulings and administrative pronouncements of the U.S. Internal Revenue Service, or the IRS, in effect as of the date of
this offering. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may
be applied retroactively in a manner that could adversely affect a non-U.S. holder of our common stock. We have not sought and will not
seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary
position regarding the tax consequences of the purchase, ownership and disposition of our common 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; text-indent: 0.5in">This discussion is limited
to non-U.S. holders that hold our common stock as a &ldquo;capital asset&rdquo; within the meaning of Section 1221 of the Code (generally,
property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a non-U.S. holder&rsquo;s
particular circumstances, including the impact of the alternative minimum tax or the unearned income Medicare contribution tax. In addition,
it does not address consequences relevant to holders subject to particular rules, including, without limitation:</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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">U.S. expatriates and certain former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons holding our common stock as part of a hedge, straddle or other risk reduction strategy or as part
of a conversion transaction or other integrated investment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">banks, insurance companies, and other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities or currencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons that hold more than 5% of our common stock, directly or indirectly;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;controlled foreign corporations,&rdquo; &ldquo;passive foreign investment companies,&rdquo; and
corporations that accumulate earnings to avoid U.S. federal income tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">corporations organized outside of the United States, any state thereof or the District of Columbia that
are nonetheless treated as U.S. taxpayers for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes
(and investors therein);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">tax-exempt organizations or governmental organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons deemed to sell our common stock under the constructive sale provisions of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons for whom our common stock constitutes &ldquo;qualified small business stock&rdquo; within the
meaning of Section 1202 of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons who hold or receive our common stock pursuant to the exercise of any employee stock option or
otherwise as compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">qualified foreign pension funds as defined in Section 897(l)(2) of the Code and entities all of the interests
of which are held by qualified foreign pension funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons whose &ldquo;functional currency&rdquo; is not the U.S. dollar;</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">persons subject to special tax accounting rules as a result of any item of gross income with respect to
our common stock being taken into account in an applicable financial statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">tax-qualified retirement plans.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership (or other
entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner
(or person or entity treated as a partner) in the partnership will depend on the status of the partner, the activities of the partnership
and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and the partners in such partnerships
should consult their tax advisors regarding the U.S. federal income tax consequences to them.</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">THIS DISCUSSION IS FOR INFORMATION
PURPOSES ONLY AND IS NOT INTENDED AS LEGAL OR TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION
OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION
OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION
OR UNDER ANY APPLICABLE INCOME TAX TREATY.</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>Definition of a Non-U.S. Holder</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; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;non-U.S. holder&rdquo; is any beneficial owner of our common stock that is neither a &ldquo;U.S. person,&rdquo; nor an entity
or arrangement treated as a partnership for U.S. federal income tax purposes regardless of its place of organization or formation. A
U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:</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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United States;</TD>
</TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a corporation or other entity created or organized under the
laws of the United States, any state thereof, or the District of Columbia and treated as a corporation for U.S. federal income tax purposes;</TD>
</TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S. federal
income tax regardless of its source; or</TD>
</TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a trust that (1) is subject to the primary supervision of
a U.S. court and which has one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) who have the authority to
control all substantial decisions of the trust, or (2) has a valid election in effect under applicable Treasury Regulations to be treated
as a U.S. person.</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; text-indent: 0.5in">An individual non-U.S. citizen
may, in some cases, be deemed to be a resident alien (as opposed to a nonresident alien) by virtue of being present in the United States
for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current
calendar year. Generally, for this purpose, all the days present in the current year, one-third of the days present in the immediately
preceding year, and one-sixth of the days present in the second preceding year, are counted.</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">Resident aliens are generally
subject to U.S. federal income tax as if they were U.S. citizens. Individuals who are uncertain of their status as resident or nonresident
aliens for U.S. federal income tax purposes are urged to consult their tax advisors regarding the U.S. federal income tax consequences
of the ownership or disposition of our common 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"><B>Distributions</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; text-indent: 0.5in">As described in the section
titled &ldquo;Dividend Policy,&rdquo; we do not anticipate declaring or paying distributions to holders of our common stock in the foreseeable
future. However, if we do make distributions on our common stock, such distributions of cash or property on our common stock will constitute
dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined
under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will first constitute
a return of capital and be applied against and reduce a non-U.S. holder&rsquo;s adjusted tax basis in its common stock, but not below
zero. Any excess will be treated as capital gain and will be treated as described below under &ldquo;&mdash; Sale or Other Disposition
of common stock.&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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
below on effectively connected income, backup withholding and foreign accounts, dividends paid to a non-U.S. holder of our common stock
that are not effectively connected with the non-U.S. holder&rsquo;s conduct of a trade or business within the United States will be subject
to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable
income tax treaty).</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">Non-U.S. holders may be entitled
to a reduction in or an exemption from withholding on dividends as a result of either (a) an applicable income tax treaty or (b) the
non-U.S. holder holding our common stock in connection with the conduct of a trade or business within the United States and dividends
being effectively connected with that trade or business. To claim such a reduction in or exemption from withholding, the non-U.S. holder
must provide the applicable withholding agent with a properly executed (a) IRS Form W-8BEN or W-8BEN-E (or other applicable documentation)
claiming an exemption from or reduction of the withholding tax under the benefit of an income tax treaty between the United States and
the country in which the non-U.S. holder resides or is established, or (b) IRS Form W-8ECI stating that the dividends are not subject
to withholding tax because they are effectively connected with the conduct by the non-U.S. holder of a trade or business within the United
States, as may be applicable. These certifications must be provided to the applicable withholding agent prior to the payment of dividends
and must be updated periodically. If a non-U.S. holder holds stock through a financial institution or other agent acting on the holder&rsquo;s
behalf, the holder will be required to provide appropriate documentation to such agent. The holder&rsquo;s agent will then be required
to provide certification to us or our paying agent, either directly or through other intermediaries. Non-U.S. holders that do not timely
provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income
tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.</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">Subject to the discussions
below regarding backup withholding and the FATCA, if dividends paid to a non-U.S. holder are effectively connected with the non-U.S.
holder&rsquo;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S.
holder maintains a permanent establishment in the United States to which such dividends are attributable), then, although exempt from
U.S. federal withholding tax (provided the non-U.S. holder provides appropriate certification, as described above), the non-U.S. holder
will be subject to U.S. federal income tax on such dividends on a net income basis at the regular U.S. federal income tax rates. In addition,
a non-U.S. holder that is a corporation may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable
income tax treaty) on its effectively connected earnings and profits for the taxable year that are attributable to such dividends, as
adjusted for certain items. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable
income tax treaty.</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>Sale or Other Disposition of 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; text-indent: 0.5in">Subject to the discussions
below on backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized
upon the sale or other disposition of our common stock (including a redemption, but only if the redemption would be treated as a sale
or exchange rather than as a distribution for U.S. federal income tax purposes) unless:</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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the gain is effectively connected with the non-U.S. holder&rsquo;s
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains
a permanent establishment in the United States to which such gain is attributable);</TD>
</TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the non-U.S. holder is a nonresident alien individual present
in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or</TD>
</TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our common stock constitute U.S. real property interests,
or the USRPIs, by reason of our status as a U.S. real property holding corporation, or the USRPHC, for U.S. federal income tax purposes.</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; text-indent: 0.5in">Gain described in the first bullet point above
will generally be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates. A non-U.S. holder
that is a foreign corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable
income tax treaty) on its effectively connected earnings and profits, as adjusted for certain items, which will include such effectively
connected gain.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. holder described
in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable
income tax treaty) on any gain derived from the disposition, which may be offset by certain U.S. source capital losses of the non-U.S.
holder (even though the individual is not considered a resident of the United States) provided the non-U.S. holder has timely filed U.S.
federal income tax returns with respect to such losses.</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">With respect to the third
bullet point above, we would be a USRPHC if our USRPIs comprise (by fair market value) at least 50 percent of our business assets. We
believe we are not currently and do not anticipate becoming a USRPHC. Because the determination of whether we are a USRPHC depends on
the fair market value of our USRPIs relative to the fair market value of our other business assets and our non-U.S. real property interests,
however, there can be no assurance we are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC,
gain arising from the sale or other taxable disposition by a non-U.S. holder of our common stock will not be subject to U.S. federal
income tax if our common stock is &ldquo;regularly traded,&rdquo; as defined by applicable Treasury Regulations, on an established securities
market, and such non-U.S. holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year
period ending on the date of the sale or other taxable disposition or the non-U.S. holder&rsquo;s holding period. There can be no assurance
that our common stock will continue to qualify as regularly traded on an established securities market. If any gain on your disposition
is taxable because we are a United States real property holding corporation and your ownership of our common stock exceeds 5%, you will
be taxed on such disposition generally in the manner as gain that is effectively connected with the conduct of a U.S. trade or business
(subject to the provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply.</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">Non-U.S. holders should consult
their tax advisors regarding potentially applicable income tax treaties that may provide for different 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"><B>Information Reporting and Backup Withholding</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; text-indent: 0.5in">Subject to the discussion
below on FATCA, a non-U.S. holder will not be subject to backup withholding with respect to distributions on our common stock we make
to the non-U.S. holder, provided the applicable withholding agent does not have actual knowledge or reason to know such holder is a U.S.
person and the holder certifies its non-U.S. status, such as by providing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or other applicable
certification. However, information returns generally will be filed with the IRS in connection with any distributions (including deemed
distributions) made on our common stock to the non-U.S. holder, regardless of whether any tax was actually withheld. Such information
returns generally include the amount of any such dividends, the name and address of the recipient, and the amount, if any, of tax withheld.
A similar report is sent to the holder to whom any such dividends are paid. Copies of these information returns may also be made available
under the provisions of a specific treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or
is established.</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">Information reporting and
backup withholding may apply to the proceeds of a sale or other taxable disposition of our common stock within the United States, and
information reporting may (although backup withholding generally will not) apply to the proceeds of a sale or other taxable disposition
of our common stock outside the United States conducted through certain U.S.-related financial intermediaries, in each case, unless the
beneficial owner certifies under penalty of perjury that it is a non-U.S. holder on IRS Form W-8BEN or W-8BEN-E, or other applicable
form (and the payor does not have actual knowledge or reason to know that the beneficial owner is a U.S. person) or such owner otherwise
establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker generally
will not be subject to backup withholding or information reporting.</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">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S.
holder&rsquo;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Withholding Tax on Payments Made
to Foreign Accounts</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; text-indent: 0.5in">Withholding taxes may be
imposed under Sections 1471 to 1474 of the Code and applicable Treasury Regulations (commonly referred to as the Foreign Account Tax
Compliance Act, or FATCA), on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities.
Specifically, a 30% withholding tax may be imposed on dividends paid on our common stock, or (subject to the proposed Treasury Regulations
discussed below) gross proceeds from the sale or other disposition of our common stock paid to a &ldquo;foreign financial institution&rdquo;
or a &ldquo;non-financial foreign entity&rdquo; (each as defined in the Code) (including, in some cases, when such foreign financial
institution or non-financial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain
diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any &ldquo;substantial United
States owners&rdquo; (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or
(3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee
is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement
with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain &ldquo;specified
United States persons&rdquo; or &ldquo;United States-owned foreign entities&rdquo; (each as defined in the Code), annually report certain
information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other
account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States
governing FATCA may be subject to different 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; text-indent: 0.5in">The withholding provisions
under FATCA generally apply to payments of dividends paid on our common stock. Further, current provisions of the Code and Treasury Regulations
treat gross proceeds from the sale or other disposition of common stock as subject to FATCA withholding after December 31, 2018. However,
recently proposed Treasury Regulations, if finalized in their present form, would eliminate FATCA withholding on payments of gross proceeds
from a sale or other disposition of our common stock. In its preamble to such proposed regulations, the U.S. Treasury Department stated
that taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Prospective investors
should consult their tax advisors regarding the potential application of FATCA.</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">EACH PROSPECTIVE INVESTOR
SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR COMMON STOCK, INCLUDING
THE CONSEQUENCES OF ANY RECENT OR PROPOSED CHANGE IN APPLICABLE LAW.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>DESCRIPTION OF SECURITIES OFFERED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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; text-indent: 0.5in">The material terms and provisions
of our common stock are described under the caption &ldquo;Description of Share Capital&rdquo; in this prospectus.</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></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pre-Funded Warrants</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; text-indent: 0.5in"><I>The following summary of
certain terms and provisions of the pre-funded warrants that are being offered hereby is not complete and is subject to, and qualified
in its entirety by, the provisions of the pre-funded warrants, the form of which is filed as an exhibit to the registration statement
of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of the pre-funded
warrant for a complete description of the terms and conditions of the pre-funded warrants.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Duration, Exercise Price
and Form</I>. Each pre-funded warrant offered hereby will have an initial exercise price per share equal to $0.0001. The pre-funded warrants
will be immediately exercisable and may be exercised at any time until the pre-funded warrants are exercised in full. The exercise price
and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock
splits, reorganizations or similar events affecting our common stock and the exercise price. The pre-funded warrants will be issued separately
from the accompanying common warrants and may be transferred separately immediately thereafter. The pre-funded warrants will be issued
in certificated form only.</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"><I>Exercisability</I>. The
pre-funded warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of
a cashless exercise as discussed below). Purchasers of the pre-funded warrants in this offering may elect to deliver their exercise notice
following the pricing of the offering and prior to the issuance of the pre-funded warrants at closing to have their pre-funded warrants
exercised immediately upon issuance and receive shares of common stock underlying the pre-funded warrants upon closing of this offering.
A holder (together with its affiliates) may not exercise any portion of the pre-funded warrants to the extent that the holder would own
more than 4.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo; prior notice from
the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s pre-funded
warrants up to 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such
percentage ownership is determined in accordance with the terms of the pre-funded warrants. Purchasers of pre-funded warrants in this
offering may also elect prior to the issuance of the pre-funded warrants to have the initial exercise limitation set at 9.99% of our outstanding
common stock.</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"><I>Fractional Shares</I>.
No fractional shares of common stock will be issued in connection with the exercise of a pre-funded warrant. In lieu of fractional shares,
we will either round up to the nearest whole number or pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the exercise 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"><I>Cashless Exercise</I>.
If, at the time a holder exercises its pre-funded warrant, in lieu of making the cash payment otherwise contemplated to be made to us
upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole
or in part) the net number of shares of common stock determined according to a formula set forth in the pre-funded warrants.</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"><I>Transferability</I>. Subject
to applicable laws, a pre-funded warrant may be transferred at the option of the holder upon surrender of the pre-funded warrant to us
together with the appropriate instruments of transfer.</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"><I>Exchange Listing</I>. There
is no trading market available for the pre-funded warrants on any securities exchange or nationally recognized trading system. We do not
intend to list the pre-funded warrants on any securities exchange or nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><I>Right as a Stockholder</I>.
Except as otherwise provided in the pre-funded warrants or by virtue of such holder&rsquo;s ownership of shares of our common stock, the
holders of the pre-funded warrants do not have the rights or privileges of holders of our common stock, including any voting rights, until
they exercise their Pre-Funded Warrants.</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"><I>Fundamental Transaction</I>.
In the event of a fundamental transaction, as described in the pre-funded warrants and generally including any reorganization, recapitalization
or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets,
our consolidation or merger with or into another person, the acquisition of 50% or more of our outstanding common stock, or any person
or group becoming the beneficial owner of 50% or more of the voting power represented by our outstanding common stock, the holders of
the pre-funded warrants will be entitled to receive upon exercise of the pre-funded warrants the kind and amount of securities, cash or
other property that the holders would have received had they exercised the pre-funded warrants immediately prior to such fundamental transaction.&thinsp;</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"></P>

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<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"><B>Common Warrants</B></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; text-indent: 0.5in"><I>The following summary of
certain terms and provisions of the common warrants that are being offered hereby is not complete and is subject to, and qualified in
its entirety by, the provisions of the common warrants, the form of which is filed as an exhibit to the registration statement of which
this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of the common warrants
for a complete description of the terms and conditions of the common warrants.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Duration, Exercise Price
and Form</I>. Each common warrant offered hereby will have an initial exercise price
per share equal to $0.80. The common warrants will be exercisable immediately upon issuance. The common warrants will expire on the five-year
anniversary of the date of issuance. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate
adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise
price. The common warrants will be issued separately from the common stock or pre-funded warrants, as applicable, and will be held separately
immediately thereafter. One common warrant, each to purchase one share of our common stock, will be issued for every share of common stock
or pre-funded warrant purchased in this offering. The common warrants will be issued in certificated form only.</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"><I>Exercisability</I>. The
common warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice
accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless
exercise as discussed below). A holder (together with its affiliates) may not exercise any portion of the common warrants to the extent
that the holder would own more than 4.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days&rsquo;
prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&rsquo;s
common warrant up to 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as
such percentage ownership is determined in accordance with the terms of the common warrant. No common warrants exercisable for a fractional
share will be issued in this offering.</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"><I>Cashless Exercise</I>.
If, at the time a holder exercises its common warrant, a registration statement registering the issuance of the shares of common stock
underlying the common warrant under the Securities Act is not then effective or available and an exemption from registration under the
Securities Act is not available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be
made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either
in whole or in part) the net number of shares of common stock determined according to a formula set forth in the common warrants.</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"></P>

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<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"><I>Fractional Shares</I>.
No fractional shares of common stock will be issued upon the exercise of the common warrant. In lieu of fractional shares, we will either
round up to the nearest whole number or pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the exercise 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"><I>Transferability</I>. Subject
to applicable laws, a common warrant may be transferred at the option of the holder upon surrender of the common warrants to us together
with the appropriate instrument of transfer.</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"><I>Exchange Listing</I>. There
is no established public trading market for the common warrants, and we do not expect a market to develop. In addition, we do not intend
to list the common warrants on any securities exchange or nationally recognized trading system. Without an active trading market, the
liquidity of the common warrants will be limited.</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"><I>Right as a Stockholder</I>.
Except as otherwise provided in the common warrants or by virtue of such holder&rsquo;s ownership of shares of our common stock, the holders
of the common warrants do not have the rights or privileges of holders of our common stock, including any voting rights, until they exercise
their common warrants.</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"><I>Fundamental Transaction</I>.
In the event of a fundamental transaction, as described in the form of common warrants, and generally including any reorganization, recapitalization
or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets,
our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person
or group becoming the beneficial owner of more than 50% of the voting power represented by our outstanding common stock, the holders of
the common warrants will be entitled to receive upon exercise of the common warrants the kind and amount of securities, cash or other
property that the holders would have received had they exercised the common warrants immediately prior to such fundamental transaction.
In addition, in certain circumstances, upon a fundamental transaction, the holder of a common warrant will have the right to require us
to repurchase its common warrants at the Black-Scholes value; provided, however, that, if the fundamental transaction is not within our
control, including not approved by our board of directors, then the holder will only be entitled to receive the same type or form of consideration
(and in the same proportion), at the Black-Scholes value of the unexercised portion of common warrant that is being offered and paid to
the holders of our common stock in connection with the fundamental transaction.&thinsp;</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"><B>Placement Agent Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
of certain terms and provisions of the Placement Agent warrants is not complete and is subject to, and qualified in its entirety by,
the form of Placement Agent warrant, which has been filed as an exhibit to the registration statement of which this prospectus is a part.
Prospective investors should carefully review the terms and provisions set forth in the form of Placement Agent warrant.</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; text-indent: 0.5in">We have agreed to issue to
the Placement Agent, or its designees, up to 437,500 warrants to purchase up to&nbsp;437,500 common stock (which represents 7.0% of the
aggregate number of common stock issued in this offering and issuable upon the exercise of the warrants and pre-funded warrants issued
in this offering) with an exercise price of $1.00 per share (representing 125% of the public offering price per share) and exercisable
for five&nbsp;years from the date of the commencement of sales in this offering. The Placement Agent warrants issued in this offering
will otherwise have substantially the same terms as the common warrants. The Placement Agent warrants and underlying common stock are
registered on the registration statement of which this prospectus is a part.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have engaged H.C. Wainwright
&amp; Co., LLC to act as our exclusive Placement Agent to solicit offers to purchase the securities offered pursuant to this prospectus
on a reasonable best efforts basis. The engagement agreement does not give rise to any commitment by the Placement Agent to purchase
any of our securities, and the Placement Agent will have no authority to bind us by virtue of the engagement agreement. The Placement
Agent is not purchasing or selling any of the securities offered by us under this prospectus, nor is it required to arrange for the purchase
or sale of any specific number or dollar amount of securities, other than to use its &ldquo;reasonable best efforts&rdquo; to arrange
for the sale of such securities by us. Therefore, we may not sell all of the securities being offered. The terms of this offering were
subject to market conditions and negotiations between us, the Placement Agent and prospective investors. This is a best efforts offering
and there is no minimum offering amount required as a condition to the closing of this offering. Because there is no minimum offering
amount required as a condition to closing this offering, we may sell fewer than all of the securities offered hereby, which may significantly
reduce the amount of proceeds received by us. The Placement Agent does not guarantee that it will be able to raise new capital in any
prospective offering. The Placement Agent may engage sub-agents or selected dealers to assist with the offering.</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">Investors purchasing securities
offered hereby will have the option to execute a securities purchase agreement with us. In addition to rights and remedies available to
all purchasers in this offering under federal securities and state law, the purchasers which enter into a securities purchase agreement
will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract is material to
larger purchasers in this offering as a means to enforce (i) a covenant to not enter into variable rate financings for a period of one
year following the closing of the offering, subject to certain exceptions, and (ii)&nbsp; a covenant to not enter into any equity financings
for&nbsp;30 days from closing of the offering, subject to certain exceptions. The nature of the representations, warranties and covenants
in the securities purchase agreements shall include:</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: 0.5in"></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">standard issuer representations
and warranties on matters such as organization, qualification, authorization, no conflict, no governmental filings required, current
in SEC filings, no litigation, labor or other compliance issues, environmental, intellectual property and title matters and compliance
with various laws such as the Foreign Corrupt Practices Act; and</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></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">covenants regarding matters such as registration of warrant shares,
no integration with other offerings, no stockholder rights plans, no material nonpublic information, use of proceeds, indemnification
of purchasers, reservation and listing of shares of common stock, no subsequent equity sales for&nbsp;30 days, subject to certain exceptions,
and an agreement to not enter into variable rate financings for one (1) year from closing, subject to certain exceptions.</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; text-indent: 0.5in">The securities will be offered
at a fixed price and are expected to be issued in a single closing. We expect this offering to be completed not later than two business
days following the commencement of this offering, which will be the date that we enter into a securities purchase agreement to sell the
securities offered hereby. We expect to close the offering on or before&nbsp;December 19, 2025. We will deliver all securities to be issued
in connection with this offering delivery versus payment/receipt versus payment upon receipt of investor funds received by us. Accordingly,
neither we nor the Placement Agent have made any arrangements to place investor funds in an escrow account or trust account since the
Placement Agent will not receive investor funds in connection with the sale of the securities offered hereunder.</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">We expect to deliver the securities being offered pursuant to this
prospectus on or about December 19, 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees and Expenses</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; text-indent: 0.5in">The following table shows
the per share and total placement agent fees we will pay in connection with the sale of the securities in this offering.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per Share and<BR> Accompanying<BR> Common Warrant</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per<BR> Pre-Funded<BR> Warrant and<BR> Accompanying<BR> Common Warrant</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left">Combined public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">0.7999</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">4,999,810.25</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Placement agent fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.056</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.056</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">350,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds to us, before expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.744</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.7439</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,649,810.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay the
Placement Agent a cash fee equal to 7.0% of the aggregate gross proceeds raised in this offering and a management fee equal to 1.0% of
the gross proceeds raised in this offering. In addition, we have agreed to reimburse the Placement Agent $25,000 for its non-accountable
expenses and up to $100,000 for legal fees and out-of-pocket expenses and for its clearing expenses in the amount of up to $15,950. We
estimate the total offering expenses of this offering that will be payable by us, excluding the Placement Agent fees and expenses, will
be approximately $540,950.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we have agreed
to issue to the Placement Agent, or its designees, up to 437,500 warrants to purchase up to 437,500 common stock (which represents 7.0%
of the aggregate number of common stock issued in this offering and issuable upon the exercise of the pre-funded warrants issued in this
offering) with an exercise price of $1.00 per share (representing 125% of the public offering price per share) and exercisable for five&nbsp;years
from the date of the commencement of sales in this offering. The Placement Agent warrants and underlying common stock are registered on
the registration statement of which this prospectus is a part. The form of the Placement Agent warrant was included as an exhibit to this
registration statement of which this prospectus forms a part.</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>Right of First Refusal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have granted the Placement
Agent a right of first refusal for a period of 12 months following the closing of this offering to act as exclusive financial advisor,
sole book-running manager, sole underwriter, sole placement agent or sole agent for each and every future debt financing or refinancing
and public or private equity or debt offering by us or any of our successors or subsidiaries.</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>Tail</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; text-indent: 0.5in">We have also agreed to pay
the Placement Agent a tail fee equal to the cash and warrant compensation in this offering, if any investor, who was contacted or introduced
to us by the Placement Agent during the term of its engagement, provides us with capital in any public or private offering or other financing
or capital raising transaction during the 12-month period following expiration or termination of our engagement of the Placement Agent.</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>Lock-up Agreements</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; text-indent: 0.5in">We and our subsidiary have
agreed with the Placement Agent to be subject to a lock-up period of 30 days following the date of closing of the offering pursuant to
this prospectus. Each of our officers and directors have agreed with the Placement Agent to be subject to a lock-up period of 60 days
following the date of closing of the offering pursuant to this prospectus. This means that, during the applicable lock-up period, we and
such persons may not offer for sale, contract to sell, sell, distribute, grant any option, right or warrant to purchase, pledge, hypothecate
or otherwise dispose of, directly or indirectly, any of our shares of common stock or any securities convertible into, or exercisable
or exchangeable for, shares of common stock, subject to customary exceptions. The Placement Agent may waive the terms of these lock-up
agreements in its sole discretion and without notice. In addition, we have agreed to not issue any securities that are subject to a price
reset based on the trading prices of our common stock or upon a specified or contingent event in the future, or enter into any agreement
to issue securities at a future determined price for a period of one year following the closing date of this offering, subject to certain
exceptions. The Placement Agent may waive this prohibition in its sole discretion and without notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulation M</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; text-indent: 0.5in">The Placement Agent may be
deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any
profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or
commissions under the Securities Act. As an underwriter, the Placement Agent would be required to comply with the requirements of the
Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and
regulations may limit the timing of purchases and sales of our securities by the Placement Agent acting as principal. Under these rules
and regulations, the Placement Agent (i) may not engage in any stabilization activity in connection with our securities and (ii) may
not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted
under the Exchange Act, until it has completed its participation in the distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification</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; text-indent: 0.5in">We have agreed to indemnify
the Placement Agent against certain liabilities, including certain liabilities arising under the Securities Act, or to contribute to
payments that the Placement Agent may be required to make for these liabilities.</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>Determination of Offering Price</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; text-indent: 0.5in">The actual offering price
of the securities we are offering has been negotiated between us and the investors in the offering based on the trading of our common
stock prior to the offering, among other things. Other factors considered in determining the public offering price of the securities
we are offering include our history and our prospects, the state of the industry in which we operate, our recent operating results, the
general condition of the securities markets at the time of this offering, and such other factors as were deemed relevant.</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>Electronic Offer, Sale and Distribution of
Securities</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; text-indent: 0.5in">A prospectus in electronic
format may be made available on the websites maintained by the Placement Agent, if any, participating in this offering and the Placement
Agent may distribute prospectuses electronically. Other than the prospectus in electronic format, the information on these websites is
not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by
us or the Placement Agent, and should not be relied upon by investors.</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"><B>Other Relationships</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Placement
Agent or its affiliates have in the past or may in the future provide in the future, various advisory, investment and commercial banking
and other services to us in the ordinary course of business, for which they have received and may continue to receive customary fees and
commissions. However, except as disclosed in this prospectus, we have no present arrangements with the Placement Agent for any further
services. The Placement Agent also acted as our exclusive placement agent in connection with the July 2025 Private Placement and acts
as our exclusive sales agent in connection with our at-the-market offering facility, for which it received compensation.</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"><B>Listing</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-indent: 0.5in">Our common stock is currently listed on the Nasdaq
Capital Market under the symbols &ldquo;ASNS.&rdquo;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the shares
of the common stock offered by this prospectus will be passed upon for us by Pearl Cohen Zedek Latzer Baratz LLP, New York, NY. Certain
legal matters in connection with this offering relating to U.S. law will be passed upon for us by Greenberg Traurig, LLP, New&nbsp;York,
NY. The Placement Agent is being represented by Ellenoff Grossman &amp; Schole LLP, New York, New York, in connection with this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements incorporated
in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2024 have been so incorporated in reliance
on the report (which contains an explanatory paragraph relating to the Company&rsquo;s ability to continue as a going concern as described
in Note 1b to the financial statements) of Kesselman &amp; Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers
International Limited, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and
accounting.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed a registration
statement on Form&nbsp;S-1 with the SEC under the Securities Act&nbsp;with respect to the securities offered in this prospectus. This
prospectus, which is filed as part of a registration statement, does not contain all of the information set forth in the registration
statement, some portions of which have been omitted in accordance with the SEC&rsquo;s rules and regulations. Statements made in this
prospectus as to the contents of any contract, agreement or other document referred to in this prospectus are not necessarily complete
and are qualified in their entirety by reference to each such contract, agreement or other document that is filed as an exhibit to the
registration statement.</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">You can read our SEC filings,
including the registration statement, over the internet at the SEC&rsquo;s website. Upon completion of this offering, we will be subject
to the information reporting requirements of the Exchange&nbsp;Act, and we will file reports, proxy statements and other information
with the SEC.&nbsp;The SEC&rsquo;s website contains reports, proxy and information statements and other information regarding registrants
that file electronically with the SEC.&nbsp;The address of that site is <I>http://www.sec.gov</I>.</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">We also maintain a website
at <I>www.actelis.com</I>, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically
filed with, or furnished to, the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>However, the information
contained in or accessible through our website is not part of this prospectus or the registration statement of which this prospectus
forms a part, and investors should not rely on such information in making a decision to purchase our common stock in this offering.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this prospectus. This means that we can disclose important information to you by referring you to
another document filed separately with the SEC. The information that we incorporate by reference is considered to be part of this prospectus.
Because we are incorporating by reference our future filings with the SEC, this prospectus is continually updated and those future filings
may modify or supersede some or all of the information included or incorporated in this prospectus. This means that you must look at
all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus or in any document previously
incorporated by reference have been modified or superseded.</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">This prospectus incorporates
by reference the documents listed below that have been previously filed with the SEC:</P>

<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: 0.5in"></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 Annual Report on&nbsp;<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1141284/000101376225001251/ea0234571-10k_actelis.htm">Form 10-K</A>&nbsp;for the fiscal year ended December 31, 2024, filed with the SEC on March 24, 2025;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&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">our Quarterly Reports on&nbsp;Form 10-Q&nbsp;for the quarter ended March 31, 2025 filed with the SEC on </FONT><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1141284/000121390025042679/ea0241162-10q_actelis.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2025</FONT></A>, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the quarter ended June 30, 2025 filed with the SEC on </FONT><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1141284/000121390025076747/ea0252117-10q_actelis.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 14, 2025</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and for the quarter ended September 30, 2025 filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025110375/ea0265008-10q_actelis.htm">November 14, 2025</A>;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our Current Reports on Form 8-K filed with the SEC on &nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390025009695/ea022973301-8k_actelis.htm">February
                                                                                      4, 2025</A>&nbsp;(as amended on&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025013541/ea0230930-8ka1_actelis.htm">February
                                                                                      13, 2025</A>);&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025013574/ea0230983-8k_actelis.htm">February
                                                                                      13, 2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025020293/ea0232994-8k_actelis.htm">March 4,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000101376225003599/ea0236027-8k_actelis.htm">March 28,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025027237/ea023654901-8k_actelis.htm">April 1,
                                                                                      2025</A>;&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390025042665/ea0241810-8k_actelis.htm">May 13,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025042695/ea0241879-8k_actelis.htm">May 13,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025046475/ea024307301-8k_actelis.htm">May 21,
                                                                                      2025</A>,&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025054496/ea0245614-8k_actelis.htm">June 16,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025061358/ea0247801-8k_actelis.htm">July 3,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025072335/ea0252023-8k_actelis.htm">August 6,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025073973/ea0252611-8k_actelis.htm">August 11,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025075676/ea0253032-8k_actelis.htm">August 13,
                                                                                      2025</A>;&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390025076756/ea0253291-8k_actelis.htm">August 14,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025079179/ea0254154-8k_actelis.htm">August 21,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025080370/ea0254418-8k_actelis.htm">August 25,
                                                                                      2025</A>;&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390025082972/ea0255463-8k_actelis.htm">September 2,
                                                                                      2025</A>;&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025084029/ea0255758-8k_actelis.htm">September 3,
                                                                                      2025</A>;&nbsp; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025084298/ea0255925-8k_actelis.htm">September 4,
                                                                                      2025</A>; <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1141284/000121390025089006/ea0257896-8k_actelis.htm">September 18,
                                                                                      2025</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025094380/ea0259600-8k_actelis.htm">October 1, 2025</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025095449/ea0259804-8k_actelis.htm">October
                                                                                      2, 2025</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025104399/ea026318401-8k_actelisnet.htm">October 31,
                                                                                      2025</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025107623/ea0264365-8k_actelisnet.htm">November 7,
                                                                                      2025</A>; <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025110371/ea0265395-8k_actelis.htm">November 14, 2025 </A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025110404/ea0265433-8k_actelis.htm">November
                                                                                      14, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1141284/000121390025119457/ea0268777-8k_actelis.htm">December 9,
                                                                                      2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390025121691/ea0269696-8k_actelis.htm">December 15, 2025</A>.</TD>
</TR></TABLE>
<P STYLE="margin: 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the description of our common stock, which is contained in
the registration statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1141284/000121390022023871/ea159353-8a12b_actelis.htm">Form
8-A</A>&nbsp;filed with the SEC on May 4, 2022 (File No. 001-41375).</TD>
</TR></TABLE>

<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; text-indent: 0.5in">We also incorporate by reference all future documents
(excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) we file with the SEC pursuant to Sections 13(a), 13(c),
14 or 15(d) of the Securities Exchange Act, subsequent to the date of this prospectus and prior to the termination of the offering.</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; text-indent: 0.5in">You should rely only on the information incorporated
by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. Any statement
contained in a document incorporated by reference into this prospectus will be deemed to be modified or superseded for the purposes of
this prospectus to the extent that a later statement contained in this prospectus or in any other document incorporated by reference
into this prospectus modifies or supersedes the earlier statement. Any statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute a part of this prospectus. You should not assume that the information in this prospectus
is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information about us contained
in this prospectus should be read together with the information in the documents incorporated by reference. You may request a copy of
any or all of these filings, at no cost, by writing or telephoning us at Yoav Efron, Chief Financial Officer and Deputy Chief Executive
Officer, 710 Lakeway Drive, Suite 200, Sunnyvale, CA 94085 USA, telephone number +1-510-545-1045 or by emailing us at yoave@actelis.com</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Actelis Networks, Inc.</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"><B>4,352,500&nbsp;Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6,250,000 Common Warrants to Purchase up to
6,250,000 Shares of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,897,500 Pre-Funded Warrants to Purchase up
to 1,897,500 Shares of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>437,500 Placement Agent Warrants to Purchase
up to 437,500 Shares of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8,585,000 Shares of Common Stock Issuable Upon
Exercise of the Common Warrants, Pre-funded&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 17, 2025</P>

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


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

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