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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 February 9, 2024 </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
  No. 333-</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
  STATES </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
  AND EXCHANGE COMMISSION </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
  D.C. 20549 </B></FONT></P>
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
  S-8&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
  STATEMENT </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>UNDER
  </I></B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>THE
  SECURITIES ACT OF 1933 </I></B></FONT></P>
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECTRAL
  AI, INC. </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
  name of registrant as specified in its charter) </B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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"></FONT></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>85-3987148</B></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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>(State
      or other jurisdiction of</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>incorporation
      or organization)</B></FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.
      Employer</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>Identification
      No.)</B></FONT></P></TD></TR>
    </TABLE>
  <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>&nbsp;</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>2515
  McKinney Avenue, Suite 1000<BR>
  Dallas, Texas 75201<BR>
  (972)&nbsp;499-4934</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>(Address
  of Principal Executive Offices, Zip Code) </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>&nbsp;</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>Spectral
  MD, Inc. 2018 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"><B>Spectral
  MD Holdings, Ltd. 2022 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"><B>(Full
  title of the 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"><B>&nbsp;</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>Wensheng
  Fan<BR>
  Chief Executive Officer<BR>
  2515 McKinney Avenue, Suite 1000<BR>
  Dallas, Texas 75201<BR>
  (972)&nbsp;499-4934</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>(Name
  and address of agent for service; Telephone number, including area code, of agent for service) </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>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</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"><B><I>Copies
  to: </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"><B>Herbert
  F.&nbsp;Kozlov, Esq.<BR>
  Lynwood E.&nbsp;Reinhardt, Esq.<BR>
  Reed Smith LLP<BR>
  599 Lexington Avenue<BR>
  New&nbsp;York, New&nbsp;York&nbsp;10022-7650<BR>
  (212)&nbsp;521-5400</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>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">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"><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%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
      accelerated filer</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
      filer</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
      filer</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
      reporting company</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <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="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
      growth company</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</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;</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">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.&ensp;&#9744;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <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>
  
  
  
  
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  <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>&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"><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">On
  September 11, 2023, Spectral AI, Inc. (formerly known as Rosecliff Acquisition Corp. I) (the &ldquo;Registrant,&rdquo; &ldquo;we,&rdquo;
  &ldquo;us,&rdquo; or &ldquo;our&rdquo;) consummated the business combination (the &ldquo;Business Combination&rdquo;) contemplated by
  that certain Business Combination Agreement, dated as of April 11, 2023, by and among Rosecliff Acquisition Corp I (&ldquo;RCLF&rdquo;),
  Ghost Merger Sub I, Inc. (&ldquo;Merger Sub I&rdquo;), Ghost Merger Sub II, LLC (&ldquo;Merger Sub II&rdquo;), and Spectral MD Holdings,
  Ltd. (&ldquo;Legacy Spectral&rdquo;), whereby Merger Sub I merged with and into Legacy Spectral (the &ldquo;First Merger&rdquo;), with
  Legacy Spectral surviving the First Merger as a wholly owned subsidiary of RCLF and RCLF, and, immediately following the First Merger,
  Legacy Spectral merged with and into Merger Sub II (the &ldquo;Second Merger&rdquo; and, <FONT STYLE="background-color: white">together
  with the First Merger and other transactions described in the Business Combination Agreement, the &ldquo;Merger&rdquo;</FONT>), with
  Merger Sub II surviving the Second Merger as a wholly owned subsidiary of RCLF. In connection with the Merger, the Registrant was renamed
  Spectral AI, Inc.</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">Pursuant
  to the terms of the Business Combination Agreement, in connection with the Merger, each option to purchase Legacy Spectral common stock
  that was outstanding and unexercised immediately prior to the effective time of the First Merger under both the Legacy Spectral&rsquo;s
  2018 Long-Term Incentive Plan, as amended from time to time (the &ldquo;Spectral 2018 Plan&rdquo;) and the Legacy Spectral&rsquo;s 2022
  Long-Term Incentive Plan, as amended from time to time (the &ldquo;Spectral 2022 Plan&rdquo; and, together with the Spectral 2018 Plan,
  the &ldquo;Plans&rdquo;), whether or not vested, automatically converted into and became an option to purchase common stock of the Registrant,
  par value $0.0001 per share (the &ldquo;Common Stock&rdquo;). In addition, each Legacy Spectral restricted stock unit (&ldquo;RSU&rdquo;)
  (whether to be settled in cash or shares) that was outstanding immediately prior to the effective time of the First Merger under the
  Plans automatically converted into <FONT STYLE="background-color: white">the right to receive an RSU of the Registrant.</FONT> In connection
  with the foregoing, the Registrant assumed the Plans, and each such Legacy Spectral option and Legacy Spectral RSU in accordance with
  the terms of the Spectral 2018 Plan the Spectral 2022 Plan, respectively, and the terms of each award agreement by which such Legacy
  Spectral option and Legacy Spectral RSU is evidenced. All of the shares of Common Stock to be registered as part of this Registration
  Statement were reserved for issuance pursuant to the Business Combination.</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">Accordingly,
  this Registration Statement registers (i) 3,526,200 shares of Common Stock issuable upon the exercise of outstanding stock option awards
  assumed under the Spectral 2018 Plan as of the date hereof, (ii) 88,749 shares of Common Stock issuable upon the exercise of outstanding
  stock option awards assumed under the Spectral 2022 Plan as of the date hereof, (iii) 58,197 shares of Common Stock issuable upon the
  vesting of outstanding RSU awards assumed under the Spectral 2022 Plan as of the date hereof, and (iv) 1,792,918 shares of Common Stock
  reserved for issuance for future grants under the Spectral 2022 Plan as of the date hereof. No further grants will be made by the Registrant
  under the Spectral 2018 Plan.</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>
  
  
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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
  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"><B>&nbsp;</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>INFORMATION
  REQUIRED IN THE SECTION 10(a) 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
  accordance with the instructional Note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission (the &ldquo;Commission&rdquo;),
  the information specified by Part I of Form S-8 has been omitted from this Registration Statement on Form S-8 for offers of the Registrant&rsquo;s
  common stock pursuant to the Plans. The documents containing the information specified in Part I will be delivered to the participants
  in the Plans covered by this Registration Statement as required by Rule 428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;Securities
  Act&rdquo;).</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>&nbsp;</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></B></FONT></P>
  
  <!-- Field: Page; Sequence: 3; Options: NewSection -->
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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>&nbsp;</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>INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT </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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;3.
  Incorporation of Documents by Reference.</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">The
  Registrant hereby incorporates by reference into this Registration Statement the following documents filed with the Commission:</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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
  Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000114036123015385/brhc10050434_10k.htm">Form 10-K</A> for the year December 31, 2022, filed on March 31, 2023;</FONT></TD>
  </TR></TABLE>
  <P STYLE="text-align: left; 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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly
  Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023039012/f10q0323_rosecliffacq1.htm">May 12, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023067133/f10q0623_rosecliffacq1.htm">August 14, 2023</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023086995/f10q0923_spectral.htm">November 14, 2023</A>, respectively;</FONT></TD>
  </TR></TABLE>
  <P STYLE="text-align: left; 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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
  Reports on Form 8-K filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000114036123004438/brhc10047554_8k.htm">February 3, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000114036123016737/brhc10051102_8k.htm">April 5, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000114036123018567/brhc20051436_8k.htm">April 17, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023039005/ea178400-8k_rosecliff.htm">May 12, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023050967/ea180775-8k425_rosecliff.htm">June 22, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023060767/ea182472-8k_rosecliff1.htm">July 28, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023074550/ea184762-8k_rosecliff1.htm">September 7, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023077038/ea185228-8k_spectral.htm">September 15, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023080478/ea185884-8k_spectral.htm">September 28, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023091017/ea189230-8k_spectral.htm">November 29, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023097587/ea190498-8k_spectralai.htm">December 21, 2023</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023098718/ea190752-8k_spectralai.htm">December 27, 2023</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390024009311/ea192571-8k_spectralai.htm">February 2, 2024</A> (excluding information furnished pursuant to Items 2.02 or 7.01, or corresponding information furnished under Item 9.01 or included
  as an exhibit); and</FONT></TD>
  </TR></TABLE>
  <P STYLE="text-align: left; 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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
  description of the Registrant&rsquo;s Common Stock contained in the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390021008363/ea135283-8a12b_rosecliffacq.htm">Form 8-A</A>, filed by the
  Registrant with the Commission under Section 12(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
  on February 11, 2021, including the description of the Registrant&rsquo;s securities included as <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390022016396/f10k2021ex4-2_rosecliff1.htm">Exhibit 4.2</A> in the Registrant&rsquo;s
  Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390022016396/f10k2021_rosecliffacq1.htm">Form 10-K</A> filed on March 31, 2022 and any other amendments or reports filed for the purpose of updating such description.</FONT></TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">All
  documents that the Registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
  of a post-effective amendment to this Registration Statement that indicates that all of the shares of Common Stock offered have been
  sold or that deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by reference in this Registration
  Statement and to be a part hereof from the date of the filing of such documents.</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">Any
  statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
  to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated
  by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
  so modified or superseded, to constitute a part of this Registration 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">Under
  no circumstances will any information filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless
  such Form 8-K expressly provides to the contrary.</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;4.
  Description of Securities.</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">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>
  
  <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>
  
  <!-- Field: Page; Sequence: 4; Options: NewSection -->
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  <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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;5.
  Interests of Named Experts and Counsel. </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">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>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;6.
  Indemnification of Directors and Officers.</B></FONT></P>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><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">Section&nbsp;102
  of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) permits a corporation to eliminate the personal liability of directors
  of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where
  the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law,
  authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal
  benefit. Our Second Amended and Restated Certificate of Incorporation (the &ldquo;Charter&rdquo;) provides that no director of the Registrant
  shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding
  any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination or limitation of liability
  of directors for breaches of fiduciary duty.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><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">Section&nbsp;145
  of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person
  serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities
  against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
  by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any
  threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner
  he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had
  no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
  no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
  to the corporation unless and only to the extent that the Delaware Court of Chancery or other adjudicating court determines that, despite
  the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
  for such expenses which the Delaware Court of Chancery or such other court shall deem proper.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><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
  Charter provides that we will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending
  or completed action, suit or proceeding (other than an action by or in the right of us) by reason of the fact that he or she is or was,
  or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer,
  partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise
  (all such persons being referred to as an &ldquo;Indemnitee&rdquo;), or by reason of any action alleged to have been taken or omitted
  in such capacity, against all expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and
  reasonably incurred in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith
  and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect to any criminal action
  or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. The Charter provides that we will indemnify
  any Indemnitee who was or is a party to an action or suit by or in the right of us to procure a judgment in our favor by reason of the
  fact that the Indemnitee is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at
  our request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership,
  joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against
  all expenses (including attorneys&rsquo; fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably
  incurred in connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a
  manner he or she reasonably believed to be in, or not opposed to, our best interests, except that no indemnification shall be made with
  respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to us, unless a court determines
  that, despite such adjudication but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding
  the foregoing, to the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by us
  against all expenses (including attorneys&rsquo; fees) actually and reasonably incurred in connection therewith. Expenses must be advanced
  to an Indemnitee under certain circumstances.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><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: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><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
  have entered into indemnification agreements with each of our directors and officers. These indemnification agreements may require us,
  among other things, to indemnify our directors and officers for some expenses, including attorneys&rsquo; fees, judgments, fines and
  settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors
  or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><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
  maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out
  of claims based on acts or omissions in their capacities as directors or officers.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><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
  part of the Business Combination, RCLF agreed to indemnify and hold harmless each present and former present and former director, officer,
  member, manager, employee, fiduciary and agent of Legacy Spectral and its subsidiaries (collectively the &ldquo;D&amp;O Indemnified Parties&rdquo;)
  against any costs or expenses (including reasonable attorneys&rsquo; fees), judgments, fines, losses, claims, damages or liabilities
  incurred in connection with any action, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters
  existing or occurring at or prior to the effective time of the First Merger, whether asserted or claimed prior to, at or after the effective
  time of the First Merger, to the fullest extent that Legacy Spectral would have been permitted under applicable Law, its organizational
  documents, or any other documents in effect on the date of the Business Combination Agreement to indemnify such D&amp;O Indemnified Parties
  (including the advancing of expenses as incurred to the fullest extent permitted under applicable Law).</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24pt"><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">RCLF
  and Legacy Spectral agreed that, following the closing of the transactions contemplated under the Business Combination Agreement (the
  &ldquo;Closing&rdquo;) and prior to the sixth anniversary of the date of the Closing, RCLF and Merger Sub&nbsp;II purchased and maintained
  in effect directors&rsquo; and officers&rsquo; liability insurance covering those persons who are covered by the directors&rsquo; and
  officers&rsquo; liability insurance policies maintained by Spectral or RCLF as of the Closing with respect to matters occurring prior
  to the effective time of the First Merger on terms not less favorable than the terms of such current insurance coverage, which such coverage
  shall remain in effect for the six (6)-year&nbsp;period following Closing.</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;7.
  Exemption from Registration Claimed.</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">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>
  
  
  <!-- Field: Page; Sequence: 6 -->
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  <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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&thinsp;8.
  Exhibits.</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>&nbsp;</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>EXHIBIT
  INDEX </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>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
      No.</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
    <TR STYLE="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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023077038/ea185228ex3-1_spectral.htm">Second Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on September 15, 2023).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1833498/000121390023077038/ea185228ex3-2_spectral.htm">Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on September 15, 2023).</A></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex5-1_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Reed Smith LLP. </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex23-1_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG LLP. </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex23-2_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of WithumSmith+Brown, PC </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex5-1_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Reed Smith LLP (included in Exhibit 5.1). </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page). </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-1_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spectral MD, Inc. 2018 Long Term Incentive Plan.</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-2_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spectral MD Holdings, Ltd. 2022 Long Term Incentive Plan.</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-3_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Option Award Agreement under Spectral MD, Inc. 2018 Long-Term Incentive Plan. </FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-4_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of RSU Award Agreement under Spectral MD, Inc. 2018 Long-Term Incentive Plan.</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-5_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Option Award Agreement under Spectral MD Holdings, Ltd. 2022 Long-Term Incentive Plan.</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex99-6_spectralai.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of RSU Award Agreement under Spectral MD Holdings, Ltd. 2022 Long-Term Incentive Plan.</FONT></A></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
      <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>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><A HREF="ea193120ex-fee_spectralai.htm">Filing Fee Table.</A></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;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
  9. Undertakings.</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">(a)
  The Registrant hereby undertakes:</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">(1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration 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">(i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act.</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">(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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
  offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
  may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
  and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
  Fee&rdquo; table in the Registration 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"></FONT>&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 7 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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.</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"><I>&nbsp;</I></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"><I>Provided,
  however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) herein do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section
  13 or Section 15(d) of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the Registration 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">(2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered herein, 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"><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">(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.</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)
  The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of
  the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing
  of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) 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"><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">(h)
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
  of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
  such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
  a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
  officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
  officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
  by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</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>
  
  
  <!-- Field: Page; Sequence: 8 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"><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">Pursuant
  to the requirements of the Securities Act, 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 the City of Dallas, State of Texas, on this 9th day of February, 2024.</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECTRAL AI, INC.</B></FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
      Wensheng Fan</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <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="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wensheng
      Fan</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
      <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="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&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><A NAME="a_001"></A>POWER
  OF ATTORNEY AND SIGNATURES </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">KNOW
  ALL BY THESE PRESENT, that each individual whose signature appears below hereby constitutes and appoints each of Wensheng Fan and Peter
  Carlson, as such person&rsquo;s true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for such
  person in such person&rsquo;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith,
  with the Commission granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act
  and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or
  could do in person, hereby ratifying and confirming all that any said attorney-in-fact and agent, or any substitute or substitutes of
  any of them, 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
  to the requirements of the Securities Act, this Registration Statement has been signed by the following person in the capacities and
  on the date indicated.</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE</B></FONT></TD>
      <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE</B></FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Wensheng Fan</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
      Executive Officer and Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wensheng
      Fan</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Principal
      Executive Officer</I></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Peter Carlson</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
      Financial Officer</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
      Carlson</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Principal
      Financial Officer and Principal Accounting Officer</I></FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Cynthia Cai</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cynthia
      Cai</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Richard Cotton</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard
      Cotton</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Martin Mellish</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martin
      Mellish</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="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 COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="border-bottom: Black 1.5pt solid; 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">/s/
      Deepak Sadagopan</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deepak
      Sadagopan</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&nbsp;</TD>
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      Erich Spangenberg</FONT></P></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
      9, 2024</FONT></TD></TR>
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      <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erich
      Spangenberg</FONT></TD>
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea193120-s8_spectralai.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 100403}]
metadata_filer: {"company-data": {"conformed-name": "Spectral AI, Inc.", "cik": "0001833498", "assigned-sic": "3841", "organization-name": "08 Industrial Applications and Services", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-276960", "film-number": "24611314"}, "business-address": {"street1": "2515 MCKINNEY AVE #1000", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "(212) 492-3000"}, "mail-address": {"street1": "2515 MCKINNEY AVE #1000", "city": "DALLAS", "state": "TX", "zip": "75201"}, "former-company": {"former-conformed-name": "Rosecliff Acquisition Corp I", "date-changed": "20201123"}}
text: As
  filed with the Securities and Exchange Commission on February 9, 2024
  Registration
  No. 333-
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D.C. 20549
  FORM
  S-8
  REGISTRATION
  STATEMENT
  UNDER
  THE
  SECURITIES ACT OF 1933
  SPECTRAL
  AI, INC.
  (Exact
  name of registrant as specified in its charter)
  Delaware
  85-3987148
  (State
      or other jurisdiction of
  incorporation
      or organization)
  (I.R.S.
      Employer
  Identification
      No.)
  2515
  McKinney Avenue, Suite 1000
  Dallas, Texas 75201
  (972) 499-4934
  (Address
  of Principal Executive Offices, Zip Code)
  Spectral
  MD, Inc. 2018 Long-Term Incentive Plan
  Spectral
  MD Holdings, Ltd. 2022 Long-Term Incentive Plan
  (Full
  title of the plan)
  Wensheng
  Fan
  Chief Executive Officer
  2515 McKinney Avenue, Suite 1000
  Dallas, Texas 75201
  (972) 499-4934
  (Name
  and address of agent for service; Telephone number, including area code, of agent for service)
  Copies
  to:
  Herbert
  F. Kozlov, Esq.
  Lynwood E. Reinhardt, Esq.
  Reed Smith LLP
  599 Lexington Avenue
  New York, New York 10022-7650
  (212) 521-5400
  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. ☐
  EXPLANATORY
  NOTE
  On
  September 11, 2023, Spectral AI, Inc. (formerly known as Rosecliff Acquisition Corp. I) (the "Registrant," "we,"
  "us," or "our") consummated the business combination (the "Business Combination") contemplated by
  that certain Business Combination Agreement, dated as of April 11, 2023, by and among Rosecliff Acquisition Corp I ("RCLF"),
  Ghost Merger Sub I, Inc. ("Merger Sub I"), Ghost Merger Sub II, LLC ("Merger Sub II"), and Spectral MD Holdings,
  Ltd. ("Legacy Spectral"), whereby Merger Sub I merged with and into Legacy Spectral (the "First Merger"), with
  Legacy Spectral surviving the First Merger as a wholly owned subsidiary of RCLF and RCLF, and, immediately following the First Merger,
  Legacy Spectral merged with and into Merger Sub II (the "Second Merger" and,
  together
  with the First Merger and other transactions described in the Business Combination Agreement, the "Merger"
  ), with
  Merger Sub II surviving the Second Merger as a wholly owned subsidiary of RCLF. In connection with the Merger, the Registrant was renamed
  Spectral AI, Inc.
  Pursuant
  to the terms of the Business Combination Agreement, in connection with the Merger, each option to purchase Legacy Spectral common stock
  that was outstanding and unexercised immediately prior to the effective time of the First Merger under both the Legacy Spectral's
  2018 Long-Term Incentive Plan, as amended from time to time (the "Spectral 2018 Plan") and the Legacy Spectral's 2022
  Long-Term Incentive Plan, as amended from time to time (the "Spectral 2022 Plan" and, together with the Spectral 2018 Plan,
  the "Plans"), whether or not vested, automatically converted into and became an option to purchase common stock of the Registrant,
  par value $0.0001 per share (the "Common Stock"). In addition, each Legacy Spectral restricted stock unit ("RSU")
  (whether to be settled in cash or shares) that was outstanding immediately prior to the effective time of the First Merger under the
  Plans automatically converted into
  the right to receive an RSU of the Registrant.
  In connection
  with the foregoing, the Registrant assumed the Plans, and each such Legacy Spectral option and Legacy Spectral RSU in accordance with
  the terms of the Spectral 2018 Plan the Spectral 2022 Plan, respectively, and the terms of each award agreement by which such Legacy
  Spectral option and Legacy Spectral RSU is evidenced. All of the shares of Common Stock to be registered as part of this Registration
  Statement were reserved for issuance pursuant to the Business Combination.
  Accordingly,
  this Registration Statement registers (i) 3,526,200 shares of Common Stock issuable upon the exercise of outstanding stock option awards
  assumed under the Spectral 2018 Plan as of the date hereof, (ii) 88,749 shares of Common Stock issuable upon the exercise of outstanding
  stock option awards assumed under the Spectral 2022 Plan as of the date hereof, (iii) 58,197 shares of Common Stock issuable upon the
  vesting of outstanding RSU awards assumed under the Spectral 2022 Plan as of the date hereof, and (iv) 1,792,918 shares of Common Stock
  reserved for issuance for future grants under the Spectral 2022 Plan as of the date hereof. No further grants will be made by the Registrant
  under the Spectral 2018 Plan.
  Part
  I
  INFORMATION
  REQUIRED IN THE SECTION 10(a) PROSPECTUS
  In
  accordance with the instructional Note to Part I of Form S-8 as promulgated by the Securities and Exchange Commission (the "Commission"),
  the information specified by Part I of Form S-8 has been omitted from this Registration Statement on Form S-8 for offers of the Registrant's
  common stock pursuant to the Plans. The documents containing the information specified in Part I will be delivered to the participants
  in the Plans covered by this Registration Statement as required by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities
  Act").
  1
  INFORMATION
  REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference.
  The
  Registrant hereby incorporates by reference into this Registration Statement the following documents filed with the Commission:
  (a)
  Annual
  Report on
  Form 10-K
  for the year December 31, 2022, filed on March 31, 2023;
  (b)
  Quarterly
  Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 filed with the Commission on
  May 12, 2023
  ,
  August 14, 2023
  and
  November 14, 2023
  , respectively;
  (c)
  Current
  Reports on Form 8-K filed with the Commission on
  February 3, 2023
  ,
  April 5, 2023
  ,
  April 17, 2023
  ,
  May 12, 2023
  ,
  June 22, 2023
  ,
  July 28, 2023
  ,
  September 7, 2023
  ,
  September 15, 2023
  ,
  September 28, 2023
  ,
  November 29, 2023
  ,
  December 21, 2023
  ,
  December 27, 2023
  and
  February 2, 2024
  (excluding information furnished pursuant to Items 2.02 or 7.01, or corresponding information furnished under Item 9.01 or included
  as an exhibit); and
  (d)
  The
  description of the Registrant's Common Stock contained in the Registrant's Registration Statement on
  Form 8-A
  , filed by the
  Registrant with the Commission under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
  on February 11, 2021, including the description of the Registrant's securities included as
  Exhibit 4.2
  in the Registrant's
  Annual Report on
  Form 10-K
  filed on March 31, 2022 and any other amendments or reports filed for the purpose of updating such description.
  All
  documents that the Registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
  of a post-effective amendment to this Registration Statement that indicates that all of the shares of Common Stock offered have been
  sold or that deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by reference in this Registration
  Statement and to be a part hereof from the date of the filing of such documents.
  Any
  statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
  to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated
  by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as
  so modified or superseded, to constitute a part of this Registration Statement.
  Under
  no circumstances will any information filed under current items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless
  such Form 8-K expressly provides to the contrary.
  Item 4.
  Description of Securities.
  Not
  applicable.
  II-
  1
  Item 5.
  Interests of Named Experts and Counsel.
  Not
  applicable.
  Item 6.
  Indemnification of Directors and Officers.
  Section 102
  of the Delaware General Corporation Law (the "DGCL") permits a corporation to eliminate the personal liability of directors
  of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where
  the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law,
  authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal
  benefit. Our Second Amended and Restated Certificate of Incorporation (the "Charter") provides that no director of the Registrant
  shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding
  any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination or limitation of liability
  of directors for breaches of fiduciary duty.
  Section 145
  of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person
  serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities
  against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
  by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any
  threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner
  he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had
  no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
  no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable
  to the corporation unless and only to the extent that the Delaware Court of Chancery or other adjudicating court determines that, despite
  the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity
  for such expenses which the Delaware Court of Chancery or such other court shall deem proper.
  The
  Charter provides that we will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending
  or completed action, suit or proceeding (other than an action by or in the right of us) by reason of the fact that he or she is or was,
  or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer,
  partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise
  (all such persons being referred to as an "Indemnitee"), or by reason of any action alleged to have been taken or omitted
  in such capacity, against all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and
  reasonably incurred in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith
  and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect to any criminal action
  or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. The Charter provides that we will indemnify
  any Indemnitee who was or is a party to an action or suit by or in the right of us to procure a judgment in our favor by reason of the
  fact that the Indemnitee is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at
  our request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership,
  joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against
  all expenses (including attorneys' fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably
  incurred in connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a
  manner he or she reasonably believed to be in, or not opposed to, our best interests, except that no indemnification shall be made with
  respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to us, unless a court determines
  that, despite such adjudication but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding
  the foregoing, to the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by us
  against all expenses (including attorneys' fees) actually and reasonably incurred in connection therewith. Expenses must be advanced
  to an Indemnitee under certain circumstances.
  II-
  2
  We
  have entered into indemnification agreements with each of our directors and officers. These indemnification agreements may require us,
  among other things, to indemnify our directors and officers for some expenses, including attorneys' fees, judgments, fines and
  settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors
  or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.
  We
  maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out
  of claims based on acts or omissions in their capacities as directors or officers.
  As
  part of the Business Combination, RCLF agreed to indemnify and hold harmless each present and former present and former director, officer,
  member, manager, employee, fiduciary and agent of Legacy Spectral and its subsidiaries (collectively the "D&O Indemnified Parties")
  against any costs or expenses (including reasonable attorneys' fees), judgments, fines, losses, claims, damages or liabilities
  incurred in connection with any action, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters
  existing or occurring at or prior to the effective time of the First Merger, whether asserted or claimed prior to, at or after the effective
  time of the First Merger, to the fullest extent that Legacy Spectral would have been permitted under applicable Law, its organizational
  documents, or any other documents in effect on the date of the Business Combination Agreement to indemnify such D&O Indemnified Parties
  (including the advancing of expenses as incurred to the fullest extent permitted under applicable Law).
  RCLF
  and Legacy Spectral agreed that, following the closing of the transactions contemplated under the Business Combination Agreement (the
  "Closing") and prior to the sixth anniversary of the date of the Closing, RCLF and Merger Sub II purchased and maintained
  in effect directors' and officers' liability insurance covering those persons who are covered by the directors' and
  officers' liability insurance policies maintained by Spectral or RCLF as of the Closing with respect to matters occurring prior
  to the effective time of the First Merger on terms not less favorable than the terms of such current insurance coverage, which such coverage
  shall remain in effect for the six (6)-year period following Closing.
  Item 7.
  Exemption from Registration Claimed.
  Not
  applicable.
  II-
  3
  Item 8.
  Exhibits.
  EXHIBIT
  INDEX
  Exhibit
      No.
  Description
  4.1
  Second Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on September 15, 2023).
  4.2
  Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the Commission on September 15, 2023).
  5.1
  Opinion of Reed Smith LLP.
  23.1
  Consent of KPMG LLP.
  23.2
  Consent of WithumSmith+Brown, PC
  23.3
  Consent of Reed Smith LLP (included in Exhibit 5.1).
  24.1
  Power of Attorney (included on signature page).
  99.1
  Spectral MD, Inc. 2018 Long Term Incentive Plan.
  99.2
  Spectral MD Holdings, Ltd. 2022 Long Term Incentive Plan.
  99.3
  Form of Stock Option Award Agreement under Spectral MD, Inc. 2018 Long-Term Incentive Plan.
  99.4
  Form of RSU Award Agreement under Spectral MD, Inc. 2018 Long-Term Incentive Plan.
  99.5
  Form of Stock Option Award Agreement under Spectral MD Holdings, Ltd. 2022 Long-Term Incentive Plan.
  99.6
  Form of RSU Award Agreement under Spectral MD Holdings, Ltd. 2022 Long-Term Incentive Plan.
  107
  Filing Fee Table.
  Item
  9. Undertakings.
  (a)
  The 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.
  (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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
  offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
  may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
  and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
  Fee" table in the Registration Statement.
  II-
  4
  (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) herein do not apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section
  13 or Section 15(d) of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the Registration Statement.
  (2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered herein, 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, each filing of
  the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing
  of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) 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.
  (h)
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
  of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
  such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
  a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
  officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
  officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
  the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
  by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  II-
  5
  SIGNATURES
  Pursuant
  to the requirements of the Securities Act, 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 the City of Dallas, State of Texas, on this 9th day of February, 2024.
  SPECTRAL AI, INC.
  By:
  /s/
      Wensheng Fan
  Name:
  Wensheng
      Fan
  Title:
  Chief
      Executive Officer
  POWER
  OF ATTORNEY AND SIGNATURES
  KNOW
  ALL BY THESE PRESENT, that each individual whose signature appears below hereby constitutes and appoints each of Wensheng Fan and Peter
  Carlson, as such person's true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for such
  person in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
  amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith,
  with the Commission granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act
  and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or
  could do in person, hereby ratifying and confirming all that any said attorney-in-fact and agent, or any substitute or substitutes of
  any of them, may lawfully do or cause to be done by virtue hereof.
  Pursuant
  to the requirements of the Securities Act, this Registration Statement has been signed by the following person in the capacities and
  on the date indicated.
  NAME
  TITLE
  DATE
  /s/
      Wensheng Fan
  Chief
      Executive Officer and Director
  February
      9, 2024
  Wensheng
      Fan
  Principal
      Executive Officer
  /s/
      Peter Carlson
  Chief
      Financial Officer
  February
      9, 2024
  Peter
      Carlson
  Principal
      Financial Officer and Principal Accounting Officer
  /s/
      Cynthia Cai
  Director
  February
      9, 2024
  Cynthia
      Cai
  /s/
      Richard Cotton
  Director
  February
      9, 2024
  Richard
      Cotton
  /s/
      Martin Mellish
  Director
  February
      9, 2024
  Martin
      Mellish
  /s/
      Deepak Sadagopan
  Director
  February
      9, 2024
  Deepak
      Sadagopan
  /s/
      Erich Spangenberg
  Director
  February
      9, 2024
  Erich
      Spangenberg
  II-
  6