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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on June 28, 2023</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; text-indent: 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No.: </B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>WASHINGTON,
DC 20549</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
S-8</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>THE
SECURITIES ACT OF 1933</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>CPI
AEROSTRUCTURES, INC.</B>&nbsp;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York </B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11-2520310</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (State or other jurisdiction of </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91
Heartland Boulevard</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Edgewood,
New York 11717</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices) (Zip Code)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CPI
AEROSTRUCTURES, INC. 2016 LONG-TERM INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
title of the plan)</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>91
Heartland Boulevard</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Edgewood,
New York 11717</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
and address of agent for service)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(631)
586-5200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Telephone
number, including area code, of agent for service)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>with
a copy to</I>:</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>405
Lexington Avenue, 44<SUP>th</SUP> floor</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, New York 10174</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744; </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer &#9746; </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company&nbsp;&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company &#9744;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In
accordance with the provisions of Rule 462 promulgated under the Securities Act of 1933, as amended, the Registration Statement
will become effective upon filing with the Securities and Exchange Commission.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the 2023 annual meeting of shareholders of CPI aerostructures, Inc. (the &ldquo;Company&rdquo;), the Company&rsquo;s shareholders
approved a further amendment to the CPI Aerostructures, Inc. 2016 Long-Term Incentive Plan (the &ldquo;Plan&rdquo;) which, among
other things, increased the number of shares of the Company&rsquo;s common stock, par value $.001 per share, available for issuance
under the Plan from 1,400,000 to 2,200,000 shares. This Registration Statement on Form S-8 relates to the additional 800,000 shares
of common stock available for issuance under the Plan. The Company hereby incorporates by reference into this Registration Statement
the contents of the prior registration statements on Form S-8 relating to the Plan, filed with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) on August 1, 2016 (File No. 333-212837) and April 27, 2021 (File No. 333-255551).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Registration Statement also includes a prospectus (the &ldquo;Reoffer Prospectus&rdquo;) prepared in accordance with General Instruction
C of Form S-8 and in accordance with the requirements of Part I of Form S-3. The Reoffer Prospectus may be used for the reoffer
and resale of up to 208,702 shares of common stock on a continuous or delayed basis that are &ldquo;restricted securities&rdquo;
and may be deemed &ldquo;control securities&rdquo; within the meaning of Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), and the rules and regulations promulgated thereunder, that were previously issued to directors and an executive officer
of the Company identified as &ldquo;Selling Shareholders&rdquo; in the Reoffer Prospectus. <B>The shares included in the Reoffer
Prospectus represent shares of common stock issued to the Selling Shareholders pursuant to equity awards granted to the Selling
Shareholders under the Plan and do not represent a present intention to sell any or all such shares. </B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information required by this Part I is omitted from this registration statement in accordance with rules and regulations under
the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;), and the Note to Part I of Form S-8. The documents containing
the information specified in this Part I will be sent or given to employees, officers, directors, or others as specified by Rule
428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference herein pursuant to Item 3 of Part&nbsp;II
of this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
document constitutes a prospectus covering securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>that
have been registered under the Securities Act of 1933, as amended.</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Up
to 208,702 Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
Stock, par value $.001 per share</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus (the &ldquo;Reoffer Prospectus&rdquo;) relates to resales of shares of common stock, par value $.001 per share, of
CPI Aerostructures, Inc., a New York corporation (the &ldquo;Company&rdquo;), which may be offered from time to time by the selling
shareholders described in this Reoffer Prospectus (collectively, the &ldquo;Selling Shareholders&rdquo;). This Reoffer Prospectus
covers 208,702 shares of common stock issued in connection with stock-based awards granted under the CPI Aerostructures, Inc.
2016 Long-Term Incentive Plan (the &ldquo;Plan&rdquo;). We are not offering any shares of common stock and will not receive any
proceeds from the sale of shares of common stock by the Selling Shareholders pursuant to this Reoffer Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders may from time to time sell, transfer, or otherwise dispose of any or all of the shares of common stock covered
by this Reoffer Prospectus on any stock exchange, market or trading facility on which the shares are traded or in private transactions
at fixed prices, at market prices prevailing 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. We do not know if, when or in what amount the Selling Shareholders
may offer the shares for sale. The Selling Shareholders may sell any, all, or none of the shares offered by this Reoffer Prospectus.
See &ldquo;Plan of Distribution&rdquo; beginning on page 5 for more information about how the Selling Shareholders may sell or
dispose of the shares of common stock covered by this Reoffer Prospectus. The Selling Shareholders will bear all sales commissions
and similar expenses. We will bear all expenses of registration incurred in connection with this offering, including any other
expenses incurred by us in connection with the registration and offering that are not borne by the Selling Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of common stock were issued pursuant to restricted stock units or as restricted stock granted to Selling Shareholders under the
Plan constitute &ldquo;restricted securities&rdquo; and may be &ldquo;control securities&rdquo; under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) before their sale under this Reoffer Prospectus. This Reoffer Prospectus has been
prepared for the purpose of registering the shares of common stock under the Securities Act to allow for future sales by Selling
Shareholders on a continuous or delayed basis to the public without restriction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is traded on the NYSE American stock exchange under the symbol &ldquo;CVU.&rdquo; On June 23, 2023, the closing sale price of a share of our common stock as reported was $3.80.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>An
investment in the securities offered in this Reoffer Prospectus involves a high degree of risk and should be considered only by
investors who can afford to sustain a loss of their entire investment. See &ldquo;Risk Factors&rdquo; on page 3.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Neither
the Securities and Exchange Commission nor any such authority has approved or disapproved these securities or determined whether
this Reoffer Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this Reoffer Prospectus is June 28, 2023</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a001">About this Reoffer Prospectus</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a002">Prospectus Summary</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a003">The Company</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a004">Where You Can Find More Information</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a005">Documents Incorporated By Reference</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a006">Cautionary Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a007">Risk Factors</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a008">Determination of Offering Price</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a009">Use of Proceeds</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a010">Selling Shareholders</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a011">Plan of Distribution</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a012">Legal Matters</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#cpis8a013">Experts</A></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font: 10pt Times New Roman, Times, Serif; padding-right: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>You
should rely only on the information provided in this Reoffer Prospectus, as well as the information incorporated by reference
into this Reoffer Prospectus and any applicable prospectus supplement. Neither we nor the Selling Shareholders have authorized
anyone to provide you with different information. Neither we nor the Selling Shareholders are making an offer of these securities
in any jurisdiction where the offer is not permitted. You should not assume that the information in this Reoffer Prospectus, any
applicable prospectus supplement, or any documents incorporated by reference is accurate as of any date other than the date of
the applicable document. Since the respective dates of this Reoffer Prospectus and the documents incorporated by reference into
this Reoffer prospectus, our business, financial condition, results of operations, and prospects may have changed.</B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a001"></A>ABOUT
THIS REOFFER PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Reoffer Prospectus contains important information you should know before investing, including important information about the
Company and the securities being offered. You should carefully read this Reoffer Prospectus, as well as the additional information
contained in the documents described under &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Documents Incorporated
By Reference&rdquo; in this Reoffer Prospectus, and in particular the periodic and current reporting documents we file with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo; or &ldquo;Commission&rdquo;). We have not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. This Reoffer Prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not assume that the information in this Reoffer Prospectus or any documents we incorporate by reference herein or therein
is accurate as of any date other than the date on the front of those documents. Our business, financial condition, results of
operations, and prospects may have changed since those dates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B><A NAME="cpis8a002"></A>PROSPECTUS
SUMMARY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Reoffer Prospectus is part of the Registration Statement on Form S-8 that we file herein with the Commission. We have provided
to you in this Reoffer Prospectus a general description of the Selling Shareholders and the distribution of the shares of common
stock provided for herein. To the extent there is a conflict between the information contained in this Reoffer Prospectus and
any of our subsequent filings with the Commission, the information in the document having the later date shall modify or supersede
the earlier statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted by the rules and regulations of the Commission, the Registration Statement of which this Reoffer Prospectus forms part
includes additional information not contained in this Reoffer Prospectus. You may read the Registration Statement and the other
reports we file with the Commission at the Commission&rsquo;s website or at the Commission&rsquo;s offices described above under
the heading &ldquo;Documents Incorporated by Reference&rdquo; if necessary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a003"></A>THE
COMPANY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are engaged in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial
and defense markets. We also have a strong and growing presence in the aerosystems sector of the market, with our production of
various reconnaissance pod structures and fuel panel systems. Within the global aerostructure and aerosystem supply chain, we
are either a Tier 1 supplier to aircraft original equipment manufacturers or a Tier 2 subcontractor to major Tier 1 manufacturers.
We also are a prime contractor to the United States Department of Defense, primarily the United States Air Force. In conjunction
with our assembly operations, we provide engineering, program management, supply chain management and kitting, and maintenance,
repair and overhaul services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 91 Heartland Blvd., Edgewood, New York 11717. Our telephone number is (631) 586-5200.&nbsp;Our
website address is <U>www.cpiaero.com</U>. Information contained on our website or connected thereto does not constitute part
of, and is not incorporated by reference into, this Reoffer Prospectus or the registration statement of which it forms a part.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a004"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual, quarterly, and current reports, proxy statements, and other documents with the Commission under the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). The Commission maintains a website that contains reports, proxy and
information statements, and other information regarding issuers, including the Company, that file electronically with the Commission.
You may obtain copies of the Registration Statement and its exhibits and the other documents that we file with the Commission
at <U>www.sec.gov</U>. Our common stock is traded on the NYSE American stock exchange under the symbol &ldquo;CVU&rdquo;.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form S-8 under the Securities Act with respect to the securities offered under
this Reoffer Prospectus. This Reoffer Prospectus does not contain all of the information set forth in the registration statement
and the attached exhibits. Statements contained in this Reoffer Prospectus as to the contents of any contract or other document
are not necessarily complete, and in each instance, reference is made to the copy of the contract or document filed as an exhibit
to the registration statement, each statement being qualified in all respects by such reference and the exhibits and schedules
thereto. For further information regarding us and the securities offered under this Reoffer Prospectus, you are referred to the
registration statement and the attached exhibits, which may be obtained from the SEC on its website or at its principal office
in Washington, D.C. upon payment of the fees prescribed by the SEC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also make these documents available on the investor relations portion of our website at <U>https://investors.cpiaero.com/overview/default.aspx</U>.
Our website and the information contained or connected to our website is not incorporated by reference in this Reoffer Prospectus,
and you should not consider it part of this Reoffer Prospectus. Our principal executive offices are located at 91 Heartland Blvd.,
Edgewood, New York 11717. Our telephone number is (631) 586-5200.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a005"></A>DOCUMENTS
INCORPORATED BY REFERENCE</B>&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents that the Company has previously filed with the SEC are incorporated by reference in this Reoffer Prospectus:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Annual
                                         Report on Form 10-K (&ldquo;Annual Report&rdquo;) for the year ended December 31, 2022
                                         (filed on April 14, 2023);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Quarterly
                                         Report on Form 10-Q for the quarter ended March 31, 2023 (filed on May 15, 2023);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Current
                                         Reports on Form 8-K filed on February 3, 2023, February 24, 2023, March 14, 2023, March
                                         23, 2023, April 14, 2023; May 15, 2023 and June 16, 2023;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Definitive
                                         Proxy Statement on Schedule 14A, filed on May 1, 2023;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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
                                         description of common stock contained in Exhibit 4.1 to the Annual Report and any amendment
                                         or report filed for the purpose of updating that description.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of
1934, as amended (&ldquo;Exchange Act&rdquo;), prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold (excluding any reports or portions
thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included with such items),
will be deemed to be incorporated by reference in this Reoffer Prospectus and to be a part of this Reoffer Prospectus from the
respective date of filing. Any statement contained in a document incorporated by reference in this Reoffer Prospectus will be
modified or superseded for all purposes to the extent that a statement contained in this Reoffer Prospectus or in any other subsequently
filed document which is incorporated by reference modifies or replaces the statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or amended, to constitute a part of this registration statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may request copies of these documents, at no cost to you, by writing or telephoning us at the below address. Exhibits to the filings,
however, will not be sent, however, unless those exhibits have specifically been incorporated by reference in this Reoffer Prospectus:
CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717. Our telephone number is (631) 586-5200.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a006"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
used in this Reoffer Prospectus and in future filings by us with the SEC, the words or phrases &ldquo;will likely result,&rdquo;
&ldquo;management expects&rdquo; or &ldquo;we expect,&rdquo; &ldquo;will continue,&rdquo; &ldquo;is anticipated,&rdquo; &ldquo;estimated&rdquo;
or similar expressions are intended to identify &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each
of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual
results to differ materially from historical earnings and those presently anticipated or projected. The risks are included in
Part I, Item 1A &ndash; Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022 filed on April 14,
2023. We have no obligation to publicly release the result of any revisions which may be made to any forward-looking statements
to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a007"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our securities involves a high degree of risk. You should carefully consider the risks described under &ldquo;Risk
Factors&rdquo; in our Annual Report, together with all of the other information appearing in or incorporated by reference into
this Reoffer Prospectus, before making an investment decision. Our business, prospects, financial condition, or operating results
could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial.
The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or part of your
investment. The risks we have described also include forward-looking statements, and our actual results may differ substantially
from those discussed in these forward-looking statements. See &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a008"></A>DETERMINATION
OF OFFERING PRICE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders will determine at what price they may sell the offered shares, and such sales may be made at prevailing market
prices or at privately negotiated prices. See &ldquo;Plan of Distribution&rdquo; below for more information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a009"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock offered pursuant to this Reoffer Prospectus are being registered for the account of the Selling Shareholders
named in this Reoffer Prospectus. All proceeds from the sales of the common stock will go to the Selling Shareholders and we will
not receive any proceeds from the resale of the common stock by the Selling Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a010"></A>SELLING
SHAREHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth information concerning the resale of the shares by the Selling Shareholders. We will not receive any proceeds
from the resale of the shares by the Selling Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth, as of June 23, 2023 (the &ldquo;Determination Date&rdquo;),
(i) the name of each Selling Shareholder who is offering the resale of shares by this Reoffer Prospectus; (ii) the number of shares
(and the percentage, if 1% or more) of common stock beneficially owned (determined in the manner described in footnote (2) to
the table below) by each Selling Shareholder; (iii) the number of shares that each Selling Shareholder may offer for sale from
time to time pursuant to this Reoffer Prospectus, whether or not such Selling Shareholder has a present intention to do so; and
(iv) the number of shares (and the percentage, if 1% or more) of common stock each Selling Shareholder will own after the offering,
assuming they sell all of the shares offered. Unless otherwise indicated, beneficial ownership is direct and the Selling Shareholder
indicated has sole voting and investment power. The address for each Selling Shareholder listed in the table below is c/o CPI
Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders identified below may have sold, transferred, or otherwise disposed of some or all of their shares since the
date on which the information in the following table is presented in transactions exempt from or not subject to the registration
requirements of the Securities Act. Information concerning the Selling Shareholders may change from time to time and, if necessary,
we will amend or supplement this Reoffer Prospectus accordingly. The Selling Shareholders may sell any, all, or none of the shares
of common stock being offered for resale under this Reoffer Prospectus. The total number of shares that may be sold hereunder
will not exceed the number of shares offered hereby. Please read the section entitled &ldquo;Plan of Distribution&rdquo; in this
Reoffer Prospectus.&nbsp;</FONT></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>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Selling Shareholder (1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of <BR> Common Stock<BR> Beneficially<BR> Owned Prior<BR> to this<BR> Offering (2)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of<BR> Common<BR> Stock<BR> Offered for<BR> Resale in this<BR> Offering (3)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of<BR> Common<BR> Stock<BR> Beneficially<BR> Owned After<BR> Resale in<BR> this Offering (4)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<BR> Common<BR> Stock<BR> Beneficially<BR> Owned After<BR> Resale in this<BR> Offering (2)(3)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -12pt; padding-left: 12pt">Carey Bond</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">126,058</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: 15%; text-align: right">36,264</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: 15%; text-align: right">89,794</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: 15%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Richard Caswell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Michael Faber</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Dorith Hakim</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Walter Paulick</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Eric Rosenfeld (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">819,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">788,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12.25pt; padding-left: 12.25pt">Terry Stinson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5%</TD><TD STYLE="text-align: left"></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
less than 1%.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         Selling Shareholder either currently serves as a director of the Company or has previously
                                         served as a director of the Company within the past three years. Ms. Hakim has also been
                                         the Company&rsquo;s chief executive officer and president since March 2022.(1) Each
                                         Selling Shareholder is currently serving or has previously served as a director of the
                                         Company within the past three years.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership and the percentage of common
                                                                                                                                            stock beneficially owned is computed on the basis of 12,596,080 shares of common stock outstanding as of the Determination Date and determined in accordance with the rules and regulations of the SEC.</font></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         number of shares of common stock offered for resale under this Reoffer Prospectus reflect
                                         all shares of common stock acquired by a Selling Shareholder pursuant to applicable award
                                         grants previously made irrespective of whether such grants are vested as of the Determination
                                         Date or will become vested within 60 days after the Determination Date. The Selling Shareholders
                                         may sell any, all, or none of the shares of common stock being offered for resale under
                                         this Reoffer Prospectus.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Selling Shareholders may sell any, all, or none of the shares of common stock being offered
                                         for resale under this Reoffer Prospectus. Assumes all of the shares of common stock being
                                         offered for resale under this Reoffer Prospectus are sold, that shares of common stockstock
                                         beneficially owned by such Selling Shareholder on the Determination Date but not being
                                         offered pursuant to this Reoffer Prospectus (if any) are not sold, and that no additional
                                         shares are purchased or otherwise acquired.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
309,410 shares of common stock owned individually and 510,270 shares of common stock held by Crescendo Partners II, L.P. Series L (&ldquo;Crescendo
Partners II&rdquo;). Mr. Rosenfeld is the senior managing member of the sole general partner of Crescendo Partners II. Mr. Rosenfeld
disclaims beneficial ownership of the shares held by Crescendo Partners II, except to the extent of his pecuniary interest therein.</font></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
Of Directors and Officers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
721 through 726, inclusive, of the Business Corporation Law of New York (&ldquo;BCL&rdquo;) authorizes New York corporations to
indemnify their officers and directors under certain circumstances against expenses and liabilities incurred in legal proceedings
involving such persons because of their being or having been officers or directors and to purchase and maintain insurance for
indemnification of such officers and directors. Section 402(b) of the BCL permits a corporation, by so providing in its certificate
of incorporation, to eliminate or limit directors&rsquo; personal liability to the corporation or its shareholders for damages
arising out of certain alleged breaches of their duties as directors. The BCL, however, provides that no such limitation of liability
may affect a director&rsquo;s liability with respect to any of the following: (1) acts or omissions made in bad faith or which
involved intentional misconduct or a knowing violation of law; (2) any transaction from which the director derived a financial
profit or other advantage to which he was not legally entitled; (3) the declaration of dividends or other distributions or purchase
or redemption of shares in violation of the BCL; or (4) the distribution of assets to shareholders after dissolution of the corporation
without paying or adequately providing for all known liabilities of the corporation or making loans to directors in violation
of the BCL.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s Certificate of Incorporation, as amended, provides that the personal liability of the directors of the Company
is eliminated to the fullest extent permitted by Section 402(b) of the BCL. In addition, the Company&rsquo;s Amended and Restated
Bylaws provide in substance that each director and officer shall be indemnified by the Company against reasonable expenses, including
attorney&rsquo;s fees, and any liabilities that he or she may incur in connection with any action to which he or she may be made
a party by reason of his or her being or having been a director or officer of the Company. The indemnification provided by the
Amended and Restated Bylaws is not deemed exclusive of or in any way to limit any other rights which any person seeking indemnification
may be entitled. The Company also has directors&rsquo; and officers&rsquo; liability insurance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into Indemnification Agreements with each of its executive officers and directors which provide
that the Company will indemnify and advance expenses to such officer or director to the fullest extent permitted by law and provides
the procedure for entitlement of indemnification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC
such indemnification is against public policy as expressed in the Act and is therefore unenforceable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a011"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock covered by this Reoffer Prospectus are being registered by the Company for the account of the Selling Shareholders.
The shares of common stock offered may be sold from time to time directly by or on behalf of each Selling Shareholder in one or
more transactions on NYSE American or any other stock exchange on which the common stock may be listed at the time of sale, in
privately negotiated transactions, or through a combination of such methods, at market prices prevailing at the time of sale,
at prices related to such prevailing market prices, at fixed prices (which may be changed), or at negotiated prices. The Selling
Shareholders may sell shares through one or more agents, brokers, or dealers or directly to purchasers. Such brokers or dealers
may receive compensation in the form of commissions, discounts, or concessions from the Selling Shareholders and/or purchasers
of the shares or both. Such compensation as to a particular broker or dealer may be in excess of customary commissions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with their sales, a Selling Shareholder and any participating broker or dealer may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act, and any commissions they receive and the proceeds of any sale of shares may be deemed
to be underwriting discounts and commissions under the Securities Act. We are bearing all costs relating to the registration of
the shares of common stock. Any commissions or other fees payable to brokers or dealers in connection with any sale of the shares
will be borne by the Selling Shareholders or other party selling such shares. Sales of the shares must be made by the Selling
Shareholders in compliance with all applicable state and federal securities laws and regulations, including the Securities Act.
In addition to any shares sold hereunder, Selling Shareholders may sell shares of common stock in compliance with Rule 144 under
the Securities Act. There is no assurance that the Selling Shareholders will sell all or a portion of the shares of common stock
offered hereby. The Selling Shareholders may agree to indemnify any broker, dealer, or agent that participates in transactions
involving sales of the shares against certain liabilities in connection with the offering of the shares arising under the Securities
Act. We have notified the Selling Shareholders of the need to deliver a copy of this Reoffer Prospectus in connection with any
sale of the shares of common stock.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares of common stock and activities of
the Selling Shareholders, which may limit the timing of purchases and sales of any of the shares of common stock by the Selling
Shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution
of the shares of common stock to engage in passive market-making activities with respect to the shares of common stock. Passive
market making involves transactions in which a market maker acts as both our underwriter and as a purchaser of shares of common
stock in the secondary market. All the foregoing may affect the marketability of the shares of common stock and the ability of
any person or entity to engage in market-making activities with respect to the shares of common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
sold under the Registration Statement of which this Reoffer Prospectus forms a part, the shares of common stock will be freely
tradable in the hands of persons other than our affiliates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a012"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the securities offered by this Reoffer Prospectus has been passed upon for us by Graubard Miller.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="cpis8a013"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of CPI Aerostructures, Inc. as of December 31, 2022 and 2021, and for the years then ended appearing
in the Annual Report on Form 10-K of CPI Aerostructures, Inc. for the year ended December 31, 2022, have been incorporated by
reference herein and in the registration statement in reliance upon the report of RSM US LLP, independent registered public accounting
firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
II</B><BR>
<B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation
                                         of Documents by Reference.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents that the Company has previously filed with the SEC are incorporated by reference in this registration statement:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Annual
                                         Report on Form 10-K (&ldquo;Annual Report&rdquo;) for the year ended December 31, 2022
                                         (filed on April 14, 2023);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Quarterly
                                         Report on Form 10-Q for the quarter ended March 31, 2023 (filed on May 15, 2023);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Current
                                         Reports on Form 8-K filed on February 3, 2023, February 24, 2023, March 14, 2023, March
                                         23, 2023, April 14, 2023; May 15, 2023 and June 16, 2023;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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">Definitive
                                         Proxy Statement on Schedule 14A, filed on May 1, 2023;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><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
                                         description of common stock contained in Exhibit 4.1 to the Annual Report and any amendment
                                         or report filed for the purpose of updating that description.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of
1934, as amended (&ldquo;Exchange Act&rdquo;), prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold (excluding any reports or portions
thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included with such items),
will be deemed to be incorporated by reference in this registration statement and to be a part of this registration statement
from the respective date of filing. Any statement contained in a document incorporated by reference in this registration statement
will be modified or superseded for all purposes to the extent that a statement contained in this registration statement or in
any other subsequently filed document which is incorporated by reference modifies or replaces the statement. Any such statement
so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this registration statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interests
                                         of Named Experts and Counsel.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          6.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
                                         of Directors and Officers.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
721 through 726, inclusive, of the Business Corporation Law of New York (&ldquo;BCL&rdquo;) authorizes New York corporations to
indemnify their officers and directors under certain circumstances against expenses and liabilities incurred in legal proceedings
involving such persons because of their being or having been officers or directors and to purchase and maintain insurance for
indemnification of such officers and directors. Section 402(b) of the BCL permits a corporation, by so providing in its certificate
of incorporation, to eliminate or limit directors&rsquo; personal liability to the corporation or its shareholders for damages
arising out of certain alleged breaches of their duties as directors. The BCL, however, provides that no such limitation of liability
may affect a director&rsquo;s liability with respect to any of the following: (1) acts or omissions made in bad faith or which
involved intentional misconduct or a knowing violation of law; (2) any transaction from which the director derived a financial
profit or other advantage to which he was not legally entitled; (3) the declaration of dividends or other distributions or purchase
or redemption of shares in violation of the BCL; or (4) the distribution of assets to shareholders after dissolution of the corporation
without paying or adequately providing for all known liabilities of the corporation or making loans to directors in violation
of the BCL.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s Certificate of Incorporation, as amended, provides that the personal liability of the directors of the Company
is eliminated to the fullest extent permitted by Section 402(b) of the BCL. In addition, the Company&rsquo;s Amended and Restated
Bylaws provide in substance that each director and officer shall be indemnified by the Company against reasonable expenses, including
attorney&rsquo;s fees, and any liabilities that he or she may incur in connection with any action to which he or she may be made
a party by reason of his or her being or having been a director or officer of the Company. The indemnification provided by the
Amended and Restated Bylaws is not deemed exclusive of or in any way to limit any other rights which any person seeking indemnification
may be entitled. The Company also has directors&rsquo; and officers&rsquo; liability insurance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into Indemnification Agreements with each of its executive officers and directors which provide
that the Company will indemnify and advance expenses to such officer or director to the fullest extent permitted by law and provides
the procedure for entitlement of indemnification.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          7.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exemption
                                         from Registration Claimed.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          8.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
the Exhibit Index, which is incorporated herein by reference.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
                          9.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertakings.</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         file, during any period in which offers or sales are being made, a post-effective amendment
                                         to this registration statement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         reflect in the prospectus any facts or events arising after the effective date of the
                                         registration statement (or the most recent post-effective amendment thereof) which, individually
                                         or in the aggregate, represent a fundamental change in the information set forth in the
                                         registration statement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         include any material information with respect to the plan of distribution not previously
                                         disclosed in the registration statement or any material change to such information in
                                         the registration statement;</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                         for the purpose of determining any liability under the Securities Act of 1933, each such
                                         post-effective amendment shall be deemed to be a new registration statement relating
                                         to the securities offered therein, and the offering of such securities at that time shall
                                         be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         remove from registration by means of a post-effective amendment any of the securities
                                         being registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in Edgewood, New York on this 28<sup>th</sup> day of June, 2023.</font></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">CPI AEROSTRUCTURES, INC.</FONT></TD>
</TR>                                                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                         DORITH HAKIM </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dorith
                                         Hakim</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
                                         Executive Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dorith Hakim, and each of them,
with full power to act without the other, such person&rsquo;s true and lawful attorneys-in-fact and agents, with full power of
substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign this registration
statement, any and all amendments thereto (including post-effective amendments), and any amendments thereto and to file the same,
with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act
and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ TERRY STINSON</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%"><font style="font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Terry Stinson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ CAREY BOND</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice Chairman of the Board of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Carey Bond</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Directors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ DORITH HAKIM</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Dorith Hakim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer) and</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ ANDREW L. DAVIS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Andrew L. Davis</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ MICHAEL FABER</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Michael Faber</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ RICHARD CASWELL</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 28, 2023</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Caswell</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 28, 2023</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard C. Rosenjack, Jr.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
INDEX</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
No. </B></FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">5.1</A></FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">Opinion of Graubard Miller</A> (filed herewith).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">23.1</A></FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">Consent of RSM US LLP</A> (filed herewith).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">Consent of Graubard Miller</A> (included in Exhibit 5.1).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
                                         of Attorney (included on the signature page hereto).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">99.1</A></FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">CPI Aerostructures, Inc. 2016 Long-Term Incentive Plan, as amended</A> (filed herewith).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex107.htm">107</A></FONT></TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex107.htm">Filing Fee Table</A> (filed herewith).</FONT></TD></TR></TABLE>

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[{"type": "S-8", "sequence": "1", "filename": "cpi-s8_062823.htm", "description": "INITIAL REGISTRATION STATEMENT", "secsgml_size_bytes": 148603}]
{"company-data": {"conformed-name": "CPI AEROSTRUCTURES INC", "cik": "0000889348", "assigned-sic": "3728", "irs-number": "112520310", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-272991", "film-number": "231053047"}, "business-address": {"street1": "200A EXECUTIVE DR", "city": "EDGEWOOD", "state": "NY", "zip": "11717", "phone": "5165865200"}, "mail-address": {"street1": "91 HEARTLAND BLVD", "city": "EDGEWOOD", "state": "NY", "zip": "11717"}}
As
filed with the Securities and Exchange Commission on June 28, 2023
Registration
No.:
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
CPI
AEROSTRUCTURES, INC.
(Exact
name of registrant as specified in its charter)
New York
11-2520310
(State or other jurisdiction of
(IRS Employer
incorporation or organization)
Identification No.)
91
Heartland Boulevard
Edgewood,
New York 11717
(Address
of Principal Executive Offices) (Zip Code)
CPI
AEROSTRUCTURES, INC. 2016 LONG-TERM INCENTIVE PLAN
(Full
title of the plan)
Dorith
Hakim
Chief
Executive Officer
CPI
Aerostructures, Inc.
91
Heartland Boulevard
Edgewood,
New York 11717
(Name
and address of agent for service)
(631)
586-5200
(Telephone
number, including area code, of agent for service)
with
a copy to
:
Paul
Lucido, Esq.
Graubard
Miller
The
Chrysler Building
405
Lexington Avenue, 44
th
floor
New
York, New York 10174
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☒
Smaller reporting company ☒
Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
In
accordance with the provisions of Rule 462 promulgated under the Securities Act of 1933, as amended, the Registration Statement
will become effective upon filing with the Securities and Exchange Commission.
EXPLANATORY
NOTE
At
the 2023 annual meeting of shareholders of CPI aerostructures, Inc. (the "Company"), the Company's shareholders
approved a further amendment to the CPI Aerostructures, Inc. 2016 Long-Term Incentive Plan (the "Plan") which, among
other things, increased the number of shares of the Company's common stock, par value $.001 per share, available for issuance
under the Plan from 1,400,000 to 2,200,000 shares. This Registration Statement on Form S-8 relates to the additional 800,000 shares
of common stock available for issuance under the Plan. The Company hereby incorporates by reference into this Registration Statement
the contents of the prior registration statements on Form S-8 relating to the Plan, filed with the Securities and Exchange Commission
(the "SEC") on August 1, 2016 (File No. 333-212837) and April 27, 2021 (File No. 333-255551).
This
Registration Statement also includes a prospectus (the "Reoffer Prospectus") prepared in accordance with General Instruction
C of Form S-8 and in accordance with the requirements of Part I of Form S-3. The Reoffer Prospectus may be used for the reoffer
and resale of up to 208,702 shares of common stock on a continuous or delayed basis that are "restricted securities"
and may be deemed "control securities" within the meaning of Securities Act of 1933, as amended (the "Securities
Act"), and the rules and regulations promulgated thereunder, that were previously issued to directors and an executive officer
of the Company identified as "Selling Shareholders" in the Reoffer Prospectus.
The shares included in the Reoffer
Prospectus represent shares of common stock issued to the Selling Shareholders pursuant to equity awards granted to the Selling
Shareholders under the Plan and do not represent a present intention to sell any or all such shares.
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The
information required by this Part I is omitted from this registration statement in accordance with rules and regulations under
the Securities Act of 1933, as amended ("Securities Act"), and the Note to Part I of Form S-8. The documents containing
the information specified in this Part I will be sent or given to employees, officers, directors, or others as specified by Rule
428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference herein pursuant to Item 3 of Part II
of this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
(
i
)
This
document constitutes a prospectus covering securities
that
have been registered under the Securities Act of 1933, as amended.
REOFFER
PROSPECTUS
CPI
AEROSTRUCTURES, INC
.
Up
to 208,702 Shares
Common
Stock, par value $.001 per share
This
prospectus (the "Reoffer Prospectus") relates to resales of shares of common stock, par value $.001 per share, of
CPI Aerostructures, Inc., a New York corporation (the "Company"), which may be offered from time to time by the selling
shareholders described in this Reoffer Prospectus (collectively, the "Selling Shareholders"). This Reoffer Prospectus
covers 208,702 shares of common stock issued in connection with stock-based awards granted under the CPI Aerostructures, Inc.
2016 Long-Term Incentive Plan (the "Plan"). We are not offering any shares of common stock and will not receive any
proceeds from the sale of shares of common stock by the Selling Shareholders pursuant to this Reoffer Prospectus.
The
Selling Shareholders may from time to time sell, transfer, or otherwise dispose of any or all of the shares of common stock covered
by this Reoffer Prospectus on any stock exchange, market or trading facility on which the shares are traded or in private transactions
at fixed prices, at market prices prevailing 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. We do not know if, when or in what amount the Selling Shareholders
may offer the shares for sale. The Selling Shareholders may sell any, all, or none of the shares offered by this Reoffer Prospectus.
See "Plan of Distribution" beginning on page 5 for more information about how the Selling Shareholders may sell or
dispose of the shares of common stock covered by this Reoffer Prospectus. The Selling Shareholders will bear all sales commissions
and similar expenses. We will bear all expenses of registration incurred in connection with this offering, including any other
expenses incurred by us in connection with the registration and offering that are not borne by the Selling Shareholders.
Shares
of common stock were issued pursuant to restricted stock units or as restricted stock granted to Selling Shareholders under the
Plan constitute "restricted securities" and may be "control securities" under the Securities Act of 1933,
as amended (the "Securities Act") before their sale under this Reoffer Prospectus. This Reoffer Prospectus has been
prepared for the purpose of registering the shares of common stock under the Securities Act to allow for future sales by Selling
Shareholders on a continuous or delayed basis to the public without restriction.
Our
common stock is traded on the NYSE American stock exchange under the symbol "CVU." On June 23, 2023, the closing sale price of a share of our common stock as reported was $3.80.
An
investment in the securities offered in this Reoffer Prospectus involves a high degree of risk and should be considered only by
investors who can afford to sustain a loss of their entire investment. See "Risk Factors" on page 3.
Neither
the Securities and Exchange Commission nor any such authority has approved or disapproved these securities or determined whether
this Reoffer Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this Reoffer Prospectus is June 28, 2023
TABLE
OF CONTENTS
Page
About this Reoffer Prospectus
1
Prospectus Summary
1
The Company
1
Where You Can Find More Information
1
Documents Incorporated By Reference
2
Cautionary Note Regarding Forward-Looking Statements
3
Risk Factors
3
Determination of Offering Price
3
Use of Proceeds
3
Selling Shareholders
3
Plan of Distribution
5
Legal Matters
6
Experts
6
You
should rely only on the information provided in this Reoffer Prospectus, as well as the information incorporated by reference
into this Reoffer Prospectus and any applicable prospectus supplement. Neither we nor the Selling Shareholders have authorized
anyone to provide you with different information. Neither we nor the Selling Shareholders are making an offer of these securities
in any jurisdiction where the offer is not permitted. You should not assume that the information in this Reoffer Prospectus, any
applicable prospectus supplement, or any documents incorporated by reference is accurate as of any date other than the date of
the applicable document. Since the respective dates of this Reoffer Prospectus and the documents incorporated by reference into
this Reoffer prospectus, our business, financial condition, results of operations, and prospects may have changed.
(
i
)
ABOUT
THIS REOFFER PROSPECTUS
This
Reoffer Prospectus contains important information you should know before investing, including important information about the
Company and the securities being offered. You should carefully read this Reoffer Prospectus, as well as the additional information
contained in the documents described under "Where You Can Find More Information" and "Documents Incorporated
By Reference" in this Reoffer Prospectus, and in particular the periodic and current reporting documents we file with the
Securities and Exchange Commission (the "SEC" or "Commission"). We have not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. This Reoffer Prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.
You
should not assume that the information in this Reoffer Prospectus or any documents we incorporate by reference herein or therein
is accurate as of any date other than the date on the front of those documents. Our business, financial condition, results of
operations, and prospects may have changed since those dates.
PROSPECTUS
SUMMARY
This
Reoffer Prospectus is part of the Registration Statement on Form S-8 that we file herein with the Commission. We have provided
to you in this Reoffer Prospectus a general description of the Selling Shareholders and the distribution of the shares of common
stock provided for herein. To the extent there is a conflict between the information contained in this Reoffer Prospectus and
any of our subsequent filings with the Commission, the information in the document having the later date shall modify or supersede
the earlier statement.
As
permitted by the rules and regulations of the Commission, the Registration Statement of which this Reoffer Prospectus forms part
includes additional information not contained in this Reoffer Prospectus. You may read the Registration Statement and the other
reports we file with the Commission at the Commission's website or at the Commission's offices described above under
the heading "Documents Incorporated by Reference" if necessary.
THE
COMPANY
We
are engaged in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial
and defense markets. We also have a strong and growing presence in the aerosystems sector of the market, with our production of
various reconnaissance pod structures and fuel panel systems. Within the global aerostructure and aerosystem supply chain, we
are either a Tier 1 supplier to aircraft original equipment manufacturers or a Tier 2 subcontractor to major Tier 1 manufacturers.
We also are a prime contractor to the United States Department of Defense, primarily the United States Air Force. In conjunction
with our assembly operations, we provide engineering, program management, supply chain management and kitting, and maintenance,
repair and overhaul services.
Our
principal executive offices are located at 91 Heartland Blvd., Edgewood, New York 11717. Our telephone number is (631) 586-5200. Our
website address is
www.cpiaero.com
. Information contained on our website or connected thereto does not constitute part
of, and is not incorporated by reference into, this Reoffer Prospectus or the registration statement of which it forms a part.
WHERE
YOU CAN FIND MORE INFORMATION
We
file annual, quarterly, and current reports, proxy statements, and other documents with the Commission under the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). The Commission maintains a website that contains reports, proxy and
information statements, and other information regarding issuers, including the Company, that file electronically with the Commission.
You may obtain copies of the Registration Statement and its exhibits and the other documents that we file with the Commission
at
www.sec.gov
. Our common stock is traded on the NYSE American stock exchange under the symbol "CVU".
We
have filed with the SEC a registration statement on Form S-8 under the Securities Act with respect to the securities offered under
this Reoffer Prospectus. This Reoffer Prospectus does not contain all of the information set forth in the registration statement
and the attached exhibits. Statements contained in this Reoffer Prospectus as to the contents of any contract or other document
are not necessarily complete, and in each instance, reference is made to the copy of the contract or document filed as an exhibit
to the registration statement, each statement being qualified in all respects by such reference and the exhibits and schedules
thereto. For further information regarding us and the securities offered under this Reoffer Prospectus, you are referred to the
registration statement and the attached exhibits, which may be obtained from the SEC on its website or at its principal office
in Washington, D.C. upon payment of the fees prescribed by the SEC.
We
also make these documents available on the investor relations portion of our website at
https://investors.cpiaero.com/overview/default.aspx
.
Our website and the information contained or connected to our website is not incorporated by reference in this Reoffer Prospectus,
and you should not consider it part of this Reoffer Prospectus. Our principal executive offices are located at 91 Heartland Blvd.,
Edgewood, New York 11717. Our telephone number is (631) 586-5200.
DOCUMENTS
INCORPORATED BY REFERENCE
The
following documents that the Company has previously filed with the SEC are incorporated by reference in this Reoffer Prospectus:
●
Annual
                                         Report on Form 10-K ("Annual Report") for the year ended December 31, 2022
                                         (filed on April 14, 2023);
●
Quarterly
                                         Report on Form 10-Q for the quarter ended March 31, 2023 (filed on May 15, 2023);
●
Current
                                         Reports on Form 8-K filed on February 3, 2023, February 24, 2023, March 14, 2023, March
                                         23, 2023, April 14, 2023; May 15, 2023 and June 16, 2023;
●
Definitive
                                         Proxy Statement on Schedule 14A, filed on May 1, 2023;
●
The
                                         description of common stock contained in Exhibit 4.1 to the Annual Report and any amendment
                                         or report filed for the purpose of updating that description.
All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of
1934, as amended ("Exchange Act"), prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold (excluding any reports or portions
thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included with such items),
will be deemed to be incorporated by reference in this Reoffer Prospectus and to be a part of this Reoffer Prospectus from the
respective date of filing. Any statement contained in a document incorporated by reference in this Reoffer Prospectus will be
modified or superseded for all purposes to the extent that a statement contained in this Reoffer Prospectus or in any other subsequently
filed document which is incorporated by reference modifies or replaces the statement. Any such statement so modified or superseded
shall not be deemed, except as so modified or amended, to constitute a part of this registration statement.
You
may request copies of these documents, at no cost to you, by writing or telephoning us at the below address. Exhibits to the filings,
however, will not be sent, however, unless those exhibits have specifically been incorporated by reference in this Reoffer Prospectus:
CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717. Our telephone number is (631) 586-5200.
-
2
-
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
When
used in this Reoffer Prospectus and in future filings by us with the SEC, the words or phrases "will likely result,"
"management expects" or "we expect," "will continue," "is anticipated," "estimated"
or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each
of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual
results to differ materially from historical earnings and those presently anticipated or projected. The risks are included in
Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022 filed on April 14,
2023. We have no obligation to publicly release the result of any revisions which may be made to any forward-looking statements
to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.
RISK
FACTORS
An
investment in our securities involves a high degree of risk. You should carefully consider the risks described under "Risk
Factors" in our Annual Report, together with all of the other information appearing in or incorporated by reference into
this Reoffer Prospectus, before making an investment decision. Our business, prospects, financial condition, or operating results
could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial.
The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or part of your
investment. The risks we have described also include forward-looking statements, and our actual results may differ substantially
from those discussed in these forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."
DETERMINATION
OF OFFERING PRICE
The
Selling Shareholders will determine at what price they may sell the offered shares, and such sales may be made at prevailing market
prices or at privately negotiated prices. See "Plan of Distribution" below for more information.
USE
OF PROCEEDS
The
shares of common stock offered pursuant to this Reoffer Prospectus are being registered for the account of the Selling Shareholders
named in this Reoffer Prospectus. All proceeds from the sales of the common stock will go to the Selling Shareholders and we will
not receive any proceeds from the resale of the common stock by the Selling Shareholders.
SELLING
SHAREHOLDERS
The
table below sets forth information concerning the resale of the shares by the Selling Shareholders. We will not receive any proceeds
from the resale of the shares by the Selling Shareholders.
The
table below sets forth, as of June 23, 2023 (the "Determination Date"),
(i) the name of each Selling Shareholder who is offering the resale of shares by this Reoffer Prospectus; (ii) the number of shares
(and the percentage, if 1% or more) of common stock beneficially owned (determined in the manner described in footnote (2) to
the table below) by each Selling Shareholder; (iii) the number of shares that each Selling Shareholder may offer for sale from
time to time pursuant to this Reoffer Prospectus, whether or not such Selling Shareholder has a present intention to do so; and
(iv) the number of shares (and the percentage, if 1% or more) of common stock each Selling Shareholder will own after the offering,
assuming they sell all of the shares offered. Unless otherwise indicated, beneficial ownership is direct and the Selling Shareholder
indicated has sole voting and investment power. The address for each Selling Shareholder listed in the table below is c/o CPI
Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717.
-
3
-
The
Selling Shareholders identified below may have sold, transferred, or otherwise disposed of some or all of their shares since the
date on which the information in the following table is presented in transactions exempt from or not subject to the registration
requirements of the Securities Act. Information concerning the Selling Shareholders may change from time to time and, if necessary,
we will amend or supplement this Reoffer Prospectus accordingly. The Selling Shareholders may sell any, all, or none of the shares
of common stock being offered for resale under this Reoffer Prospectus. The total number of shares that may be sold hereunder
will not exceed the number of shares offered hereby. Please read the section entitled "Plan of Distribution" in this
Reoffer Prospectus.
Selling Shareholder (1)
Shares of
Common Stock
Beneficially
Owned Prior
to this
Offering (2)
Shares of
Common
Stock
Offered for
Resale in this
Offering (3)
Shares of
Common
Stock
Beneficially
Owned After
Resale in
this Offering (4)
Percentage of
Common
Stock
Beneficially
Owned After
Resale in this
Offering (2)(3)
Carey Bond
126,058
36,264
89,794
*
Richard Caswell
87,211
30,770
56,441
*
Michael Faber
110,807
26,374
84,433
*
Dorith Hakim
50,000
18,588
31,412
*
Walter Paulick
101,657
21,979
79,678
*
Eric Rosenfeld (5)
819,680
30,770
788,910
6.3%
Terry Stinson
227,002
43,957
183,045
1.5%
*
Represents
less than 1%.
(1)
Each
                                         Selling Shareholder either currently serves as a director of the Company or has previously
                                         served as a director of the Company within the past three years. Ms. Hakim has also been
                                         the Company's chief executive officer and president since March 2022.(1) Each
                                         Selling Shareholder is currently serving or has previously served as a director of the
                                         Company within the past three years.
(2)
Beneficial ownership and the percentage of common
                                                                                                                                            stock beneficially owned is computed on the basis of 12,596,080 shares of common stock outstanding as of the Determination Date and determined in accordance with the rules and regulations of the SEC.
(3)
The
                                         number of shares of common stock offered for resale under this Reoffer Prospectus reflect
                                         all shares of common stock acquired by a Selling Shareholder pursuant to applicable award
                                         grants previously made irrespective of whether such grants are vested as of the Determination
                                         Date or will become vested within 60 days after the Determination Date. The Selling Shareholders
                                         may sell any, all, or none of the shares of common stock being offered for resale under
                                         this Reoffer Prospectus.
(4)
The
                                         Selling Shareholders may sell any, all, or none of the shares of common stock being offered
                                         for resale under this Reoffer Prospectus. Assumes all of the shares of common stock being
                                         offered for resale under this Reoffer Prospectus are sold, that shares of common stockstock
                                         beneficially owned by such Selling Shareholder on the Determination Date but not being
                                         offered pursuant to this Reoffer Prospectus (if any) are not sold, and that no additional
                                         shares are purchased or otherwise acquired.
(5)
Represents
309,410 shares of common stock owned individually and 510,270 shares of common stock held by Crescendo Partners II, L.P. Series L ("Crescendo
Partners II"). Mr. Rosenfeld is the senior managing member of the sole general partner of Crescendo Partners II. Mr. Rosenfeld
disclaims beneficial ownership of the shares held by Crescendo Partners II, except to the extent of his pecuniary interest therein.
Indemnification
Of Directors and Officers
Sections
721 through 726, inclusive, of the Business Corporation Law of New York ("BCL") authorizes New York corporations to
indemnify their officers and directors under certain circumstances against expenses and liabilities incurred in legal proceedings
involving such persons because of their being or having been officers or directors and to purchase and maintain insurance for
indemnification of such officers and directors. Section 402(b) of the BCL permits a corporation, by so providing in its certificate
of incorporation, to eliminate or limit directors' personal liability to the corporation or its shareholders for damages
arising out of certain alleged breaches of their duties as directors. The BCL, however, provides that no such limitation of liability
may affect a director's liability with respect to any of the following: (1) acts or omissions made in bad faith or which
involved intentional misconduct or a knowing violation of law; (2) any transaction from which the director derived a financial
profit or other advantage to which he was not legally entitled; (3) the declaration of dividends or other distributions or purchase
or redemption of shares in violation of the BCL; or (4) the distribution of assets to shareholders after dissolution of the corporation
without paying or adequately providing for all known liabilities of the corporation or making loans to directors in violation
of the BCL.
-
4
-
The
Company's Certificate of Incorporation, as amended, provides that the personal liability of the directors of the Company
is eliminated to the fullest extent permitted by Section 402(b) of the BCL. In addition, the Company's Amended and Restated
Bylaws provide in substance that each director and officer shall be indemnified by the Company against reasonable expenses, including
attorney's fees, and any liabilities that he or she may incur in connection with any action to which he or she may be made
a party by reason of his or her being or having been a director or officer of the Company. The indemnification provided by the
Amended and Restated Bylaws is not deemed exclusive of or in any way to limit any other rights which any person seeking indemnification
may be entitled. The Company also has directors' and officers' liability insurance.
In
addition, the Company has entered into Indemnification Agreements with each of its executive officers and directors which provide
that the Company will indemnify and advance expenses to such officer or director to the fullest extent permitted by law and provides
the procedure for entitlement of indemnification.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC
such indemnification is against public policy as expressed in the Act and is therefore unenforceable.
PLAN
OF DISTRIBUTION
The
shares of common stock covered by this Reoffer Prospectus are being registered by the Company for the account of the Selling Shareholders.
The shares of common stock offered may be sold from time to time directly by or on behalf of each Selling Shareholder in one or
more transactions on NYSE American or any other stock exchange on which the common stock may be listed at the time of sale, in
privately negotiated transactions, or through a combination of such methods, at market prices prevailing at the time of sale,
at prices related to such prevailing market prices, at fixed prices (which may be changed), or at negotiated prices. The Selling
Shareholders may sell shares through one or more agents, brokers, or dealers or directly to purchasers. Such brokers or dealers
may receive compensation in the form of commissions, discounts, or concessions from the Selling Shareholders and/or purchasers
of the shares or both. Such compensation as to a particular broker or dealer may be in excess of customary commissions.
In
connection with their sales, a Selling Shareholder and any participating broker or dealer may be deemed to be "underwriters"
within the meaning of the Securities Act, and any commissions they receive and the proceeds of any sale of shares may be deemed
to be underwriting discounts and commissions under the Securities Act. We are bearing all costs relating to the registration of
the shares of common stock. Any commissions or other fees payable to brokers or dealers in connection with any sale of the shares
will be borne by the Selling Shareholders or other party selling such shares. Sales of the shares must be made by the Selling
Shareholders in compliance with all applicable state and federal securities laws and regulations, including the Securities Act.
In addition to any shares sold hereunder, Selling Shareholders may sell shares of common stock in compliance with Rule 144 under
the Securities Act. There is no assurance that the Selling Shareholders will sell all or a portion of the shares of common stock
offered hereby. The Selling Shareholders may agree to indemnify any broker, dealer, or agent that participates in transactions
involving sales of the shares against certain liabilities in connection with the offering of the shares arising under the Securities
Act. We have notified the Selling Shareholders of the need to deliver a copy of this Reoffer Prospectus in connection with any
sale of the shares of common stock.
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5
-
The
anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares of common stock and activities of
the Selling Shareholders, which may limit the timing of purchases and sales of any of the shares of common stock by the Selling
Shareholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution
of the shares of common stock to engage in passive market-making activities with respect to the shares of common stock. Passive
market making involves transactions in which a market maker acts as both our underwriter and as a purchaser of shares of common
stock in the secondary market. All the foregoing may affect the marketability of the shares of common stock and the ability of
any person or entity to engage in market-making activities with respect to the shares of common stock.
Once
sold under the Registration Statement of which this Reoffer Prospectus forms a part, the shares of common stock will be freely
tradable in the hands of persons other than our affiliates.
LEGAL
MATTERS
The
validity of the securities offered by this Reoffer Prospectus has been passed upon for us by Graubard Miller.
EXPERTS
The
consolidated financial statements of CPI Aerostructures, Inc. as of December 31, 2022 and 2021, and for the years then ended appearing
in the Annual Report on Form 10-K of CPI Aerostructures, Inc. for the year ended December 31, 2022, have been incorporated by
reference herein and in the registration statement in reliance upon the report of RSM US LLP, independent registered public accounting
firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
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6
-
PART
II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item
                          3.
Incorporation
                                         of Documents by Reference.
The
following documents that the Company has previously filed with the SEC are incorporated by reference in this registration statement:
●
Annual
                                         Report on Form 10-K ("Annual Report") for the year ended December 31, 2022
                                         (filed on April 14, 2023);
●
Quarterly
                                         Report on Form 10-Q for the quarter ended March 31, 2023 (filed on May 15, 2023);
●
Current
                                         Reports on Form 8-K filed on February 3, 2023, February 24, 2023, March 14, 2023, March
                                         23, 2023, April 14, 2023; May 15, 2023 and June 16, 2023;
●
Definitive
                                         Proxy Statement on Schedule 14A, filed on May 1, 2023;
●
The
                                         description of common stock contained in Exhibit 4.1 to the Annual Report and any amendment
                                         or report filed for the purpose of updating that description.
All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of
1934, as amended ("Exchange Act"), prior to the filing of a post-effective amendment which indicates that all the
securities offered have been sold or which deregisters all securities then remaining unsold (excluding any reports or portions
thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included with such items),
will be deemed to be incorporated by reference in this registration statement and to be a part of this registration statement
from the respective date of filing. Any statement contained in a document incorporated by reference in this registration statement
will be modified or superseded for all purposes to the extent that a statement contained in this registration statement or in
any other subsequently filed document which is incorporated by reference modifies or replaces the statement. Any such statement
so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this registration statement.
Item
                          5.
Interests
                                         of Named Experts and Counsel.
Not
Applicable.
Item
                          6.
Indemnification
                                         of Directors and Officers.
Sections
721 through 726, inclusive, of the Business Corporation Law of New York ("BCL") authorizes New York corporations to
indemnify their officers and directors under certain circumstances against expenses and liabilities incurred in legal proceedings
involving such persons because of their being or having been officers or directors and to purchase and maintain insurance for
indemnification of such officers and directors. Section 402(b) of the BCL permits a corporation, by so providing in its certificate
of incorporation, to eliminate or limit directors' personal liability to the corporation or its shareholders for damages
arising out of certain alleged breaches of their duties as directors. The BCL, however, provides that no such limitation of liability
may affect a director's liability with respect to any of the following: (1) acts or omissions made in bad faith or which
involved intentional misconduct or a knowing violation of law; (2) any transaction from which the director derived a financial
profit or other advantage to which he was not legally entitled; (3) the declaration of dividends or other distributions or purchase
or redemption of shares in violation of the BCL; or (4) the distribution of assets to shareholders after dissolution of the corporation
without paying or adequately providing for all known liabilities of the corporation or making loans to directors in violation
of the BCL.
II-
1
The
Company's Certificate of Incorporation, as amended, provides that the personal liability of the directors of the Company
is eliminated to the fullest extent permitted by Section 402(b) of the BCL. In addition, the Company's Amended and Restated
Bylaws provide in substance that each director and officer shall be indemnified by the Company against reasonable expenses, including
attorney's fees, and any liabilities that he or she may incur in connection with any action to which he or she may be made
a party by reason of his or her being or having been a director or officer of the Company. The indemnification provided by the
Amended and Restated Bylaws is not deemed exclusive of or in any way to limit any other rights which any person seeking indemnification
may be entitled. The Company also has directors' and officers' liability insurance.
In
addition, the Company has entered into Indemnification Agreements with each of its executive officers and directors which provide
that the Company will indemnify and advance expenses to such officer or director to the fullest extent permitted by law and provides
the procedure for entitlement of indemnification.
Item
                          7.
Exemption
                                         from Registration Claimed.
Not
Applicable.
Item
                          8.
Exhibits.
See
the Exhibit Index, which is incorporated herein by reference.
Item
                          9.
Undertakings.
(a)          The
undersigned Registrant hereby undertakes:
(1)
To
                                         file, during any period in which offers or sales are being made, a post-effective amendment
                                         to this registration statement:
(i)
To
                                         include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
                                         reflect in the prospectus any facts or events arising after the effective date of the
                                         registration statement (or the most recent post-effective amendment thereof) which, individually
                                         or in the aggregate, represent a fundamental change in the information set forth in the
                                         registration statement;
(iii)
To
                                         include any material information with respect to the plan of distribution not previously
                                         disclosed in the registration statement or any material change to such information in
                                         the registration statement;
Provided
,
however
, that: Paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration
statement.
(2)
That,
                                         for the purpose of determining any liability under the Securities Act of 1933, each such
                                         post-effective amendment shall be deemed to be a new registration statement relating
                                         to the securities offered therein, and the offering of such securities at that time shall
                                         be deemed to be the initial
bona fide
offering thereof.
(3)
To
                                         remove from registration by means of a post-effective amendment any of the securities
                                         being registered which remain unsold at the termination of the offering.
(b)          The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
II-
2
(h)          Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing procedures, or otherwise, the Registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
II-
3
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in Edgewood, New York on this 28
th
day of June, 2023.
CPI AEROSTRUCTURES, INC.
By:
/s/
                                         DORITH HAKIM
Dorith
                                         Hakim
Chief
                                         Executive Officer
POWER
OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dorith Hakim, and each of them,
with full power to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of
substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign this registration
statement, any and all amendments thereto (including post-effective amendments), and any amendments thereto and to file the same,
with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act
and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
By:
/s/ TERRY STINSON
Chairman of the Board of Directors
June 28, 2023
Terry Stinson
By:
/s/ CAREY BOND
Vice Chairman of the Board of
June 28, 2023
Carey Bond
Directors
By:
/s/ DORITH HAKIM
Chief Executive Officer and President
June 28, 2023
Dorith Hakim
(Principal Executive Officer) and
Director
By:
/s/ ANDREW L. DAVIS
Chief Financial Officer (Principal
June 28, 2023
Andrew L. Davis
Financial and Accounting Officer)
By:
/s/ MICHAEL FABER
Director
June 28, 2023
Michael Faber
Signature
Title
Date
By:
/s/ RICHARD CASWELL
Director
June 28, 2023
Richard Caswell
By:
Director
June 28, 2023
Richard C. Rosenjack, Jr.
EXHIBIT
INDEX
Exhibit
No.
Description
5.1
Opinion of Graubard Miller
(filed herewith).
23.1
Consent of RSM US LLP
(filed herewith).
23.2
Consent of Graubard Miller
(included in Exhibit 5.1).
24.1
Power
                                         of Attorney (included on the signature page hereto).
99.1
CPI Aerostructures, Inc. 2016 Long-Term Incentive Plan, as amended
(filed herewith).
107
Filing Fee Table
(filed herewith).