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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As filed with the Securities and Exchange Commission on May 9, 2025</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-</P>
  
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      <TD STYLE="width: 100%; border-bottom: black 2.25pt double; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>______________________</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM S-8 </B></P>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
  ACT OF 1933 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 18pt">SEALSQ Corp</FONT></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant
  as specified in its charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">______________________</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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      <TD STYLE="width: 30%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><B>British Virgin Islands <BR>
  (State or other jurisdiction of incorporation or organization)</B></FONT></TD>
      <TD STYLE="width: 35%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-style: normal"><B>3674<BR>
      (Primary Standard Industrial</B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-style: normal"><B>Classification Code Number) </B></FONT></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-style: normal"><B>Avenue
  Louis-Casa&iuml; 58<BR>
  1216 Cointrin, Switzerland<BR>
  (Address of principal executive offices)</B></FONT>&nbsp;</P></TD>
      <TD STYLE="width: 30%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>N/A<BR>
  (I.R.S. Employer Identification No.)</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John O&rsquo;Hara<BR>
  Chief Financial Officer<BR>
  SEALSQ Corp<BR>
  Craigmuir Chambers, Road Town<BR>
  Tortola, British Virgin Islands VG1110<BR>
  Tel: 011-41-22-594-3000<BR>
  Fax: 011-41-22-594-3001<BR>
  (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cogency Global Inc.<BR>
  122 East 42nd Street, 18th Floor<BR>
  New York, NY 10168<BR>
  800-221-0102<BR>
  (Name, address and telephone number of agent for service)</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 50%; border: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Herman H. Rasp&eacute;, Esq. <BR>
  Patterson Belknap Webb &amp; Tyler LLP <BR>
  1133 Avenue of the Americas <BR>
  New York, New York 10036 <BR>
  Tel: (212) 336-2000</B></FONT></TD>
      <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>George Weston<BR>
  Harney Westwood &amp; Riegels (BVI) LP <BR>
  Craigmuir Chambers, PO Box 71, <BR>
  Road Town, Tortola, <BR>
  VG1110, British Virgin Islands <BR>
  Tel: (284) 852 4333</B></FONT></TD></TR>
    </TABLE>
  <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: justify">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.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
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    <TR>
      <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
      <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
    <TR>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
    <TR>
      <TD STYLE="font-size: 10pt">&nbsp;</TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Registration Statement on Form S-8 (this
  &ldquo;Registration Statement&rdquo;) registers an aggregate of: 15,000,000 ordinary shares, par value US$0.01 per share (the &ldquo;Ordinary
  Shares&rdquo;) of SEALSQ Corp (the &ldquo;Company&rdquo;) issuable upon the exercise of options to purchase Ordinary Shares isued under
  the SEALSQ Corp Ordinary Share Option Plan (the &ldquo;Plan&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This Registration Statement includes
  a reoffer prospectus (the &ldquo;Reoffer Prospectus&rdquo;) prepared in accordance with General Instruction C to Form </FONT>S-8 <FONT STYLE="font-size: 10pt">and
  in accordance with the requirements of Part I of Form </FONT>S-3. <FONT STYLE="font-size: 10pt">This Reoffer Prospectus may be used for
  reoffers and resales of Ordinary Shares on a continuous or delayed basis that may be deemed to be &ldquo;restricted securities&rdquo;
  or &ldquo;control securities&rdquo; under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and the rules and
  regulations promulgated thereunder, that have been acquired by or are issuable to certain stockholders that are current directors and
  executive officers of the Registrant or its parent or subsidiaries identified in the Reoffer Prospectus (the &ldquo;Selling Stockholders&rdquo;).
  The number of Ordinary Shares included in the Reoffer Prospectus may be issued to the Selling Stockholders upon exercise of options to
  purchase Ordinary Shares granted under the Plan and does not necessarily represent a present intention to sell any or all such Ordinary
  Shares. The second part of this Registration Statement contains information required in the Registration Statement pursuant to Part II
  of Form S-8.</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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 10%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Plan Information.</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The documents containing the information specified
  in this Part I have been or will be sent or given to participants in the plans as specified by Rule 428(b)(1) of the Securities Act of
  1933, as amended (the &ldquo;Securities Act&rdquo;), in accordance with the rules and regulations of the Securities and Exchange Commission
  (the &ldquo;SEC&rdquo;). Such documents are not being filed with the SEC either as a part of this Registration Statement or as prospectuses
  or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference into
  this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that
  meets the requirements of Section 10(a) of the Securities Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 10%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Registrant Information and Employee Plan Annual Information</B>. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The written statement required by Item 2 of Part
  I is included in documents that will be delivered to participants in the plan covered by this Registration Statement pursuant to Rule
  428(b) of the Securities Act. In accordance with the rules and regulations of the SEC and the instructions to Form S-8, such documents
  are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to
  Rule 424 under the Securities Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REOFFER PROSPECTUS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SEALSQ Corp</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to an aggregate of 4,450,467 Ordinary Shares
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable upon exercise of stock options granted
  under the </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SEALSQ Corp Ordinary Share Option Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This reoffer prospectus (this &ldquo;Reoffer Prospectus&rdquo;)
  relates to the offer and sale from time to time by the selling stockholders named in this Reoffer Prospectus (the &ldquo;Selling Stockholders&rdquo;),
  or their permitted transferees, of up to an aggregate of 4,450,467 ordinary shares, par value US$0.01 per share (the &ldquo;Ordinary Shares&rdquo;)
  of SEALSQ Corp (the &ldquo;Company&rdquo;, &ldquo;SEALSQ&rdquo;, &ldquo;Registrant&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;).
  This Reoffer Prospectus covers Ordinary Shares issuable to the Selling Stockholders upon exercise of stock options granted under the SEALSQ
  Corp Ordinary Share Option Plan (the &ldquo;Plan&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not offering any Ordinary Shares and will
  not receive any proceeds from the sale of the Ordinary Shares by the Selling Stockholders pursuant to this Reoffer Prospectus. Each of
  the Selling Stockholders named herein, is a director, executive officer or a member of our senior management, and may be considered an
  &ldquo;affiliate&rdquo; of the Company (as defined in Rule 405 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;)).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the satisfaction
  of any conditions to the exercise of options relating to, the Ordinary Shares offered hereby pursuant to the terms of the Plan, and subject
  to any applicable restrictions, the Selling Stockholders may from time to time sell, transfer or otherwise dispose of any or all of the
  Ordinary Shares covered by this Reoffer Prospectus through underwriters or dealers, directly to a purchaser, or through broker-dealers
  or agents. The Ordinary Shares may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale,
  prices related to the prevailing market prices, varying prices determined at the time of sale or negotiated prices. We do not know when
  or in what amount the Selling Stockholders may offer the Ordinary Shares for sale. The Selling Stockholders may sell any, all or none
  of the Ordinary Shares offered by this Reoffer Prospectus. See &ldquo;</FONT><I>Plan of Distribution</I><FONT STYLE="font-size: 10pt">&rdquo;
  beginning on page 25 for more information about how the Selling Stockholders may sell or dispose of the Ordinary Shares covered
  by this Reoffer Prospectus. The Selling Stockholders will bear all sales commissions and similar expenses. We will bear all expenses of
  registration incurred in connection with this offering, including any other expenses incurred by us in connection with the registration
  and offering that are not borne by the Selling Stockholders. </FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares are listed on the Nasdaq Capital
  Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;LAES.&rdquo; On May 8, 2025, the last sale price of a share of our Ordinary
  Shares as reported on the Nasdaq was $2.51 per share.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary Shares that are issued to the Selling
  Stockholders upon exercise of stock options granted under the Plan will be &ldquo;restricted securities&rdquo; under the Securities Act
  before their sale under this Reoffer Prospectus. This Reoffer Prospectus has been prepared for the purposes of registering the Ordinary
  Shares under the Securities Act to allow for future sales by the Selling Stockholders on a continuous or delayed basis to the public without
  restriction.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Investing in
  our securities involves substantial risk. You should review carefully the risks and uncertainties described under the heading &ldquo;</B></FONT><B><I>Risk
  Factors</I><FONT STYLE="font-size: 10pt">&rdquo; beginning on page 11 of this Reoffer Prospectus, and the risk factors on our most
  recent Annual Report on Form 20-F, which is incorprated by reference herein, for the factors you should consider before buying our Ordinary
  Shares. </FONT></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
  nor any state securities commission or other regulatory body has approved or disapproved of these securities or determined if this Reoffer
  Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Reoffer Prospectus is May 9,
  2025. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="background-color: White">
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 5%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Page </B></FONT></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-1">PROSPECTUS SUMMARY</A></B></FONT></TD>
      <TD STYLE="text-align: right">1</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-7">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></B></FONT></TD>
      <TD STYLE="text-align: right">7</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-11">RISK FACTORS</A></B></FONT></TD>
      <TD STYLE="text-align: right">11</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-12">USE OF PROCEEDS</A></B></FONT></TD>
      <TD STYLE="text-align: right">12</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-13">DESCRIPTION OF ORDINARY SHARES</A></B></FONT></TD>
      <TD STYLE="text-align: right">13</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-23">SELLING STOCKHOLDERS</A></B></FONT></TD>
      <TD STYLE="text-align: right">23</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-25">PLAN OF DISTRIBUTION</A></B></FONT></TD>
      <TD STYLE="text-align: right">25</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-28">LEGAL MATTERS</A></B></FONT></TD>
      <TD STYLE="text-align: right">28</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-28">EXPERTS</A></B></FONT></TD>
      <TD STYLE="text-align: right">28</TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-28">WHERE YOU CAN FIND MORE INFORMATION</A></B></FONT></TD>
      <TD STYLE="text-align: right">28</TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#A-29">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></B></FONT></TD>
      <TD STYLE="text-align: right">29</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">You should read
  this prospectus, including all documents incorporated herein by reference, together with additional information described under &ldquo;</FONT><I>Where
  You Can Find More Information</I><FONT STYLE="font-size: 10pt">.&rdquo; </FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">You may obtain the
  information incorporated by reference without charge by following the instructions under &ldquo;</FONT><I>Where You Can Find More Information</I><FONT STYLE="font-size: 10pt">.&rdquo;
  </FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 5 -->
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  <P ID="A-1" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights selected information
  contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before investing in
  our Company. You should carefully read the entire prospectus, including all documents incorporated by reference herein. In particular,
  attention should be directed to our &ldquo;Risk Factors,&rdquo; &ldquo;Operating and Financial Review and Prospects&rdquo; and the financial
  statements and related notes thereto contained herein or otherwise incorporated by reference herein, before making an investment decision.</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unless the context otherwise requires, &ldquo;we,&rdquo;
  &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;registrant,&rdquo; or &ldquo;Registrant,&rdquo; &ldquo;SEALSQ&rdquo;, &ldquo;SEAL&rdquo; and
  the &ldquo;Company&rdquo; refer to SEALSQ Corp.</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE COMPANY </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This summary highlights selected
  information contained elsewhere in this reoffer prospectus that we consider important. This summary does not contain all of the information
  you should consider before investing in our securities. You should read this summary together with the entire reoffer prospectus, including
  the risks related to our business, our industry and investing in our securities that we describe under &ldquo;<I>Risk Factors</I>,&rdquo;
  and our consolidated financial statements and the related notes incorporated by reference in this reoffer prospectus before making an
  investment in our securities.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">SEALSQ is
  a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI
  (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography
  and Semiconductors designed to address the urgent security challenges posed by quantum computing. Our products are engineered to safeguard
  critical systems, enhancing resilience and security across diverse industries.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">SEALSQ was
  established as a subsidiary of WISeKey International Holding AG, combining decades of expertise in cryptographic security and trusted
  digital infrastructure. Headquartered in Switzerland, we operate across Europe, the United States, and other strategic markets. Our solutions
  provide the foundation of digital trust for businesses and governments worldwide.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">SEALSQ&rsquo;s
  comprehensive portfolio, which includes secure microcontrollers, PKI services, compliance with IoT standards like Matter, GSMA eUICC root
  certificates, tailored ASICs, and post-quantum cryptography capabilities, uniquely positions the Company to address evolving market needs.
  These capabilities, combined with SEALSQ&rsquo;s entry into the TPM market, ensure strong growth potential and market leadership in the
  cybersecurity and IoT sectors.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">SEALSQ delivers&nbsp;<B>integrated
  digital security solutions</B>&nbsp;that combine four critical components into a unified offering:&nbsp;<B>Root- of-Trust</B>,&nbsp;<B>Secure
  Chips</B>, trusted&nbsp;<B>Identity Generation and Management (PKI)</B>, and&nbsp;<B>Personalization Services</B>. Together, these components
  ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 5.45pt; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;Our offerings are structured around four foundational technology
  pillars:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Our Swiss-based Post Quantum Root of Trust:</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 77.45pt">Offering neutrality, reliability, and is certified
  by leading industry standards such as WebTrust (browsers), Matter (Smart Home), and Wi-SUN (Smart Grid).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 77.45pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Public Key Infrastructure Services:</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.45pt">Leveraging this root-of-trust we offer a SaaS solution
  to issue and manage cryptographic credentials that authenticate users, devices, and systems. Our platform uses Quantum Resistant Cryptographic
  Algorithms recommended by the National Institute of Standards and Technology (NIST).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.45pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Personalization Services:</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 77.45pt">Industrial-scale systems for embedding digital identities
  into secure microcontrollers, enabling seamless integration and secure operation at scale.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 77.45pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Quantum Resistant certified secure microcontrollers:</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.45pt">Designed to protect and store digital identities, ensuring
  robust authentication for connected devices and systems.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.45pt">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;SEALSQ&rsquo;s comprehensive product range meets the growing
  demand for secure, certified solutions across industries:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 79px">&nbsp;</TD>
      <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Post-Quantum Chips:&nbsp;</B>SEALSQ is developing two secure microcontrollers with quantum-resistant cryptographic capabilities, scheduled for market release in Q4 2025.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 79px">&nbsp;</TD>
      <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>VaultIC Secure Microcontrollers:&nbsp;</B>Pre-certified cryptographic chips for IoT devices, enabling secure authentication and protection against cyber threats. Recent innovations include VaultIC292 for Matter &amp; devices, and VaultIC408 for smart meters and industrial IoT.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 7; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 79px">&nbsp;</TD>
      <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Public Key Infrastructure (PKI):&nbsp;</B>INeS, our PKI-as-a-Service software leverages on our Swiss-based Root of Trust to conveniently and scalably issue and manage trusted device identities ensuring IoT device compliance with protocols such as Matter, Wi-SUN, and WebTrust. Our PKI solutions now include post-quantum algorithms to protect against quantum threats.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 79px">&nbsp;</TD>
      <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Personalization Services:&nbsp;</B>Enabling clients to pre-provision private keys and certificates into chips within 4 weeks, reducing costs and time-to-market. But also, on-line or off-line during device manufacturing using our INeS Box device.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ solutions serve high-growth industries requiring
  secure, scalable, and certified solutions. Some examples of the use cases of our products are as follows:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.6pt 0pt 5.45pt">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Smart Homes &amp; Consumer Electronics:&nbsp;</B>SEALSQ products help device makers accelerating time to market and reducing costs by easing compliance with the growingly adopted Matter protocol that ensures secure and seamless interoperability across connected devices, addressing a market projected to reach $78 billion by 2025 (Source: Statista 2023).</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Automotive:&nbsp;</B>Securing Plug-and-Charge infrastructure (EV Charging stations), a sector expected to grow at a 31% CAGR through 2030 (Source: Fortune Business Insights 2022).</FONT></TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>IoT and Smart Cities:&nbsp;</B>Protecting billions of IoT devices, with the number of connected devices requiring protection anticipated to reach 28.3 billion units by 2027 (Source: IoT Analytics 2023).</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Critical Infrastructure:</B>&nbsp;Securing smart grids and utilities through FIPS 140-3 certified solutions.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Healthcare:</B>&nbsp;Enabling secure communication for medical devices and sensitive patient data.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 55px">&nbsp;</TD>
      <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Industrial IoT:</B>&nbsp;Providing tamper-resistant chips for sensors and mission-critical systems.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">SEALSQ semiconductors and PKI services contribute to secure
  millions of objects: luxury products, routers, gateways, utilities meters, E.V. chargers, drones, authentication dongles, storage memory
  USB sticks, medical devices, connected door-locks, and a variety of other electronic consumers devices.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.45pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.45pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.45pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>May 6, 2025 Registered Direct Offering</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Securities Purchase Agreement</U></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">On May 5, 2025, we entered into a securities purchase agreement (the
  &ldquo;SPA&rdquo;) with several institutional investors named therein (the &ldquo;Investors&rdquo;), pursuant to which we agreed to sell
  and issue 10,000,000 Ordinary Shares to the Investors at a purchase price of US$2.00 per Ordinary Share, in a registered direct offering
  (the &ldquo;Offering&rdquo;). The closing of such registered direct offering occurred on May 6, 2024 (the &ldquo;Closing Date&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The gross proceeds to the Company from the Offering were approximately
  $20,000,000.00, before deducting the placement agent&rsquo;s fees and other estimated offering expenses payable by the Company.</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">The Offering was made pursuant to the Company&rsquo;s existing shelf
  registration statement on Form F-3 (File No. 333- 286098), which was declared effective on April 2, 2025 by the U.S. Securities and Exchange
  Commission (the &ldquo;Registration Statement&rdquo;). A prospectus supplement to the Registration Statement for the Offering was filed
  with the Commission on May 6, 2025.</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">Pursuant to the terms of the SPA, the Company has agreed that until
  the date that is sixty (60) days after the Closing Date, we may not issue, enter into any agreement to issue or announce the issuance
  or proposed issuance of any Ordinary Shares or Ordinary Share equivalents, effect or enter into an agreement to effect any issuance of
  Ordinary Shares or Ordinary Share equivalents, or, file any registration statement or any amendment or supplement thereto, in each case,
  subject to certain exceptions, without the prior consent of the Investors. The preceding sentence shall not apply to the issuance of,
  or registration statements with respect to (a) Ordinary Shares or options issued pursuant to any stock option plan, and (b) following
  the date which is ten (10) days after the Closing Date, the entering into an agreement and the making of applicable filings with respect
  to an at-the-market offering facility (the &ldquo;ATM Facility&rdquo;) provided, however, that (x) during the period beginning on date
  which is ten (10) days after the date of the initial launch date of date of the ATM Facility and ending on the date which is forty five
  (45) days after the initial launch date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase
  price that is equal to or greater than $2.52 per Ordinary Share, and (y) during the period beginning on date which is forty six (46) days
  after the date of the initial launch date of date of ATM Facility and ending on the date which is sixty (60) days after the initial launch
  date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater
  than $2.31 per Ordinary Share.</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">In addition, we agreed not to issue, or enter into any agreement to
  issue, any Ordinary Shares of the Company or &ldquo;Ordinary Share Equivalents&rdquo; involving a &ldquo;Variable Rate Transaction&rdquo;
  (each as defined in the SPA), provided, however, that notwithstanding the foregoing, the Company may enter into the ATM Facility at any
  time following the date which is ten (10) days after the Closing Date and, subject to the restrictions set forth in the paragraph above,
  may sell Ordinary Shares pursuant to the ATM Facility.</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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, the Company has agreed that until the date that is the twenty
  four (24) month anniversary of the execution date of the SPA, upon any issuance by the Company or any of its subsidiaries of Ordinary
  Shares or securities exercisable for or convertible into Ordinary Shares for cash consideration, indebtedness or a combination of units
  thereof (a &ldquo;Subsequent Financing&rdquo;), the investors have the right to participate (on a pro rata basis based upon the number
  of Ordinary Shares purchased by each Purchaser pursuant to the SPA) in up to an amount of the Subsequent Financing equal to 30% of the
  Subsequent Financing (the &ldquo;Participation Maximum&rdquo;) on the same terms, conditions and price provided for in the Subsequent
  Financing. This participation right shall not apply in respect of certain issuances pursuant to the Company&rsquo;s stock option plan,
  any business acquisition (excluding any such transaction entered into primarily to raise capital), or the ATM Facility.</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"><U>Placement Agency Agreement</U></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">On May 5, 2025, the Company entered into an agency agreement (the &ldquo;PAA&rdquo;)
  with Maxim Group LLC (the &ldquo;Placement Agent&rdquo;), pursuant to which the Company agreed to pay the Placement Agent an aggregate
  fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the Offering. The Company
  also agreed to reimburse the Placement Agent for up to $40,000 in accountable expenses, including the Placement Agent&rsquo;s legal counsel&rsquo;s
  fees.<I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Lock-Up Agreements</U></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">Our parent company, WISeKey International Holding AG (&ldquo;WISeKey&rdquo;),
  and certain of our officers have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant any
  option for the sale of or otherwise dispose of any of our Ordinary Shares or other securities convertible into or exercisable or exchangeable
  for our Ordinary Shares for a period of 60 days after the Closing Date without the prior written consent of the Placement Agent.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>PERTE CHIP</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">WISeKey and SEALSQ jointly,
  together with OdinS and TProtege, two Spanish companies with extensive experience in R&amp;D&amp;i (Research &amp; Development &amp; Innovation)
  worldwide and in the design and manufacturing of IoT devices and solutions, plan to establish in the Region of Murcia a &ldquo;Center
  of Excellence in Cybersecurity and Microchips&rdquo; under the financial umbrella of the Microelectronics and Semiconductors Plan (PERTE
  CHIP) initiated by Spain.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The project called Quantix
  Edges is in the final stages of the approval process by the Sociedad Espanola para la Transformacion Tecnologica (SETT), the Spanish government&rsquo;s
  entity responsible for funding under the PERTE budgets. The project features a EUR 20 million investment by WISeKey, SEALSQ, OdinS and
  TProtege and SETT over a period of 3 years, involving the creation of up to 200 highly qualified direct jobs (300 indirect). The projected
  estimates of the internal rate of return for this project at the end of year 7 are 18% with a net present value of EUR 120 million.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>
  
  <!-- Field: Page; Sequence: 10; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>IC&rsquo;ALPS</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On February 27, 2025,
  the Company announced that it has entered into exclusive negotiations with the shareholders of IC&rsquo;ALPS SAS (&ldquo;IC&rsquo;ALPS&rdquo;),
  an ASIC design and supply specialist based in Grenoble, France, to acquire 100% of the share capital and voting rights of IC&rsquo;ALPS.
  These exclusive negotiations result from the execution of a Letter of Intent with IC&rsquo;ALPS and its shareholders. The acquisition
  is subject to, amongst other items, the completion of the appropriate due diligence, execution of definitive agreements, and authorization
  by French regulatory authorities. This strategic acquisition would reinforce SEALSQ&rsquo;s commitment to advancing its Application-Specific
  Integrated Circuit (ASIC) development to meet the growing demand in the sector and add approximately 100 highly-skilled staff based out
  of IC&rsquo;ALPS&rsquo; current centers in Grenoble and Toulouse, France.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About This Offering</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus relates to the public offering, which is not being
  underwritten, by the Selling Stockholders listed in this prospectus, of up to 4,450,467 Ordinary Shares, none of which are currently issued
  and outstanding. The Ordinary Shares offered by this prospectus may be sold by the Selling Stockholders from time to time in the open
  market, through negotiated transactions or otherwise at market prices prevailing at the time of sale or at negotiated prices. We will
  receive none of the proceeds from the sale of the Ordinary Shares by the Selling Stockholders. We will bear all expenses of registration
  incurred in connection with this offering, but all selling and other expenses incurred by the Selling Stockholders will be borne by them.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">SEALSQ Corp is a BVI business company
  incorporated and existing under the laws of the British Virgin Islands. Our registered office in the British Virgin Islands is at Craigmuir
  Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Our principal executive offices and effective place of management are located
  at Avenue Louis-Casa&iuml; 58, 1216 Cointrin, Switzerland. Our telephone number from the United States is 011 41 22 594 3000. Our website
  can be accessed at www.SEALSQ.com. The information on or linked to on our website is not a part of this reoffer prospectus.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 11; Value: 1 -->
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  <P ID="A-7" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">This reoffer prospectus contains forward-looking
  statements. These forward-looking statements include information about possible or assumed future results of our operations or our performance.
  Words such as &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo;
  &ldquo;projects,&rdquo; &ldquo;forecasts&rdquo; and variations of such words and similar expressions, as they relate to us, Wisekey International
  Holding S.A., our parent company (&ldquo;WISeKey&rdquo;), our management or third parties, are intended to identify the forward-looking
  statements. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations,
  market data, events or developments that SEALSQ expects or anticipates will occur in the future, as well as any other statements which
  are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance
  can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon
  a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond
  our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking
  statements include, but are not limited to, statements we make regarding:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our anticipated goals, growth strategies and profitability;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Future operating or financial results;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our planned capital expenditure program for additional production lines to be added to our supply chain;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The development of our post-quantum cryptography products and our expectation to generate revenue from
  such products;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The potential for post-quantum cryptography products and estimated market size and market growth including
  with respect to our long-term business strategy for post-quantum cryptography;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our intention to make investments in sales and marketing operations including R&amp;D of new products
  such as post-quantum cryptography;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our plans for global customer base expansion;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The establishment of a Design Center, OSAT and Personalization project and the projected additional revenue
  that is will generate;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our anticipated pipe growth in 2025;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our belief that the products resulting from our R&amp;D will create additional opportunities for growth;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our expectation about the development of the markets for SEALSQ, including post-quantum cryptography products,
  customized security offerings through ASICs, expanding the role of Metaverse, increase in cyber threats and growth of secure hardware
  market, growing demand for IoT solutions, increase in cybersecurity spending based on the recent regulations and legislations;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Page; Sequence: 12; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our intent to invest heavily in the ongoing development of our products and technology, including anticipated
  fab capacity expansion and utilization and expected ramp and production timelines for the Company&rsquo;s post-quantum semiconductors;;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our expectation that we will continue to gain several benefits from our parent company, WISeKey, including
  the financial reporting and legal support via certain service agreements;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our forecasted decrease in the sales of our traditional semiconductor chips, as our customers transition
  towards post-quantum semiconductor technologies;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our investment in quantum-as-a-service and quantum computing in the cloud;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in global trade policies, including the adoption and expansion of tariffs and trade barriers,
  that could affect the macro-economic environment and adversely impact the demand for our products;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The availability and costs of equipment, raw materials, utilities, third-party manufacturing services
  and technology, or other supplies required by our operations; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Assumptions underlying or related to any of the foregoing</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">The preceding list
  is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs,
  assumptions and expectations of future performance, taking into account the information currently available to us and are only predictions
  based upon our current expectations and projections about future events. There are important factors that could cause our actual results,
  levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements
  expressed or implied by these forward-looking statements. Those factors include, in addition to those set forth under the heading &ldquo;<I>Risk
  Factors</I>&rdquo; in this reoffer prospectus and in the documents incorporated by reference herein and under a similar heading in any
  applicable reoffer prospectus supplement, among others, the following:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The adoption by developers and customers of quantum computing;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to sell post-quantum cryptography products to customers;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The inability to realize estimated financial position, results of operations or cash flows;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to anticipate market needs and opportunities;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to attract new customers and retain existing customer base;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to foster innovation, to develop new products and enhancements to our existing products;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The demand for our products or for the goods into which our products are incorporated;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
  <!-- Field: Page; Sequence: 13; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our expectation that order commitments and non-cancellable orders we received are properly executed;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The sufficiency of our cash and cash equivalents to meet our liquidity needs;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The impact of any supply chain disruption that we may experience;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our dependency on the timely supply of equipment and materials from our third-party suppliers;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to protect our intellectual property rights;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to keep pace with technical advances in cryptography and semiconductor design;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to raise funds for investment by cash flow from operating activities, advance payments from
  a key customer, and grants and other available subsidies from funding agencies;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to reduce our cost structure and general and administrative costs;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to attract and retain qualified employees and key personnel;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to attract new customers and retain and expand within our existing customer base;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to foster innovation, to develop new products and enhancements to our existing products;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The future growth of the information technology and cybersecurity industry;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Risks relating to SEALSQ&rsquo;s ability to implement its growth strategies;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to successfully form new strategic partnerships with our alliance partners;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to continue beneficial transactions with material parties, including WISeKey and a limited
  number of significant customers;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to prevent security breaches and unauthorized access to confidential customer information;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to comply with modified or new laws and regulations relating to our industries;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The activities of our competitors and the introduction of competing products by our competitors;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Market demand and semiconductor industry conditions;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to successfully introduce new technologies and products;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"><STRIKE>&middot;</STRIKE></FONT></TD><TD STYLE="text-align: justify">Uncertain negative effects from the imposition by the United States of tariffs, sanction or other restrictions</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The cyclical nature of the semiconductor industry;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An economic downturn in the semiconductor industry;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to comply with U.S. and other applicable international laws and regulations;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in our overall tax position as a result of changes in tax laws or tax rates, new or revised legislation,
  the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to
  accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Fluctuations in the exchange rates between the U.S. dollar and the other major currencies we use for our
  operations;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our ability to collect accounts receivable;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in certain commodities used as raw material, which may affect our gross margin; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">How long we will qualify as an emerging growth company or a foreign private issuer.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Given these
  risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.</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; text-align: justify">WE UNDERTAKE NO OBLIGATION TO
  PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS REOFFER PROSPECTUS OR THE DOCUMENTS TO WHICH WE REFER YOU IN
  THIS REOFFER PROSPECTUS, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS
  OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED, EXCEPT AS REQUIRED BY LAW.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.25pt 0pt 49.9pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15.25pt 0pt 49.9pt; text-align: justify"></P>
  
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  <P ID="A-11" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 15.25pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RISK FACTORS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our
  securities involves significant risks. Before making an investment decision, you should carefully consider the risks described under &ldquo;<I>Risk
  Factors</I>&rdquo; in the applicable prospectus supplement and under&nbsp;<I>&ldquo;Item 3.D: Key Information&mdash;Risk Factors</I>&rdquo;
  in our most recent Annual Report on Form 20-F, or any updates in our Reports on Form 6-K, together with all of the other information appearing
  in this reoffer prospectus or incorporated by reference into this reoffer prospectus and any applicable prospectus supplement, in light
  of your particular investment objectives and financial circumstances.</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 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">The risks so described
  are not the only risks facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our
  business operations. Our business, financial condition and results of operations could be materially adversely affected by any of these
  risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. The
  discussion of risks includes or refers to forward-looking statements; you should read the explanation of the qualifications and limitations
  on such forward-looking statements discussed elsewhere in this reoffer prospectus.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>Our
  business could suffer as a result of tariffs and trade sanctions or similar actions.</I></B>&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
  imposition by the U.S. government of trade measures, including tariffs, sanctions or other restrictions on goods exported from, or imported
  into, the United States, or countermeasures imposed in response to such U.S. government trade measures, could adversely affect global
  economic conditions, our operations or our ability to sell our products globally, which could adversely affect our operating results and
  financial condition. Recently, the U.S. government has initiated the imposition of stronger trade measures on certain goods exported from,
  or imported into, the U.S., and reciprocally non-U.S. governments have increased their threat and implementation of countermeasures. For
  example, recently, the U.S government announced proposed tariffs on imports of semiconductor chips into the U.S. The U.S. President has
  increased, and reserved for further increases in, the scope and amount of tariffs in the event of retaliatory countermeasures, and the
  future of existing tariffs and, as a result, the possibility for new tariffs and countermeasures, remains very uncertain. A large amount
  of our current supply chain does not directly import products to the U.S. as we supply to contract manufacturers located outside the U.S.
  This is the case even when our ultimate customer is a U.S. company. However, the tariffs on imports of semiconductor chips, or products
  containing semiconductor chips, into the U.S. could impact upon the contract manufacturers, and the entire semiconductor supply chain,
  when the finished goods are delivered to the end-customer. Furthermore, end-customers may seek to restructure the supply chain to areas
  or countries unaffected by tariffs, or demand for the semiconductor supply chain to absorb the added costs of the tariffs and that will,
  in turn, reduce our revenue and gross profit. There is a further possibility that any future tariffs may still impact upon our ability
  to sell our product and to remain competitive in the market. Escalations in trade measures may directly impair our business by increasing
  trade-related costs or disrupting established supply chains and may indirectly impair our business by causing a negative effect on global
  economic conditions and financial markets. In addition, de-escalation of trade measures, or selected exemptions from trade measures, may
  not result in an immediate increase in our business activity. The ultimate impact of the evolving trade measures is uncertain and may
  be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become
  effective, and the amount, scope, or nature of such trade measures.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>
  
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  <P ID="A-12" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Additional
  changes or threatened changes in U.S. trade measures have affected and may continue to affect trade involving many countries as well,
  including Mexico, Canada, Colombia, Taiwan, the People&rsquo;s Republic of China, the United Kingdom, and the member countries of the
  European Union. Each of these measures or threatened measures may instigate reciprocal countermeasures by affected countries, potentially
  accelerating further increases in trade measures. Any trade measure against Taiwan may specifically target imports of semiconductor products,
  which, if imposed, could seriously and negatively affect our business and the U.S. economy overall. The materials subject to these trade
  measures may impact the cost or availability of raw materials used by our suppliers or in our customers&rsquo; products. We cannot predict
  the evolving trade policies, but the imposition of trade measures by the U.S. on a broader range of imports, or further retaliatory trade
  measures taken in response to additional U.S. trade measures, could increase costs in our supply chain or reduce demand of our customers&rsquo;
  products, either of which could adversely affect our results of operations. Any increase in trade-related costs associated with such measures
  may impair the profitability of such international production, may strain our suppliers&rsquo; ability to reliably provide inputs necessary
  to produce these items, and may otherwise affect our partners&rsquo; abilities to provide our products at previously contracted prices.
  Our business and financial results could be negatively affected as a result.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>USE OF PROCEEDS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
  will receive no proceeds from the sale of the Ordinary Shares by the Selling Stockholders. All proceeds from the sale of the Ordinary
  Shares will be for the account of the Selling Stockholders, as described below. See the sections titled &ldquo;</FONT><I>Selling Stockholders</I><FONT STYLE="font-size: 10pt">&rdquo;
  and &ldquo;</FONT><I>Plan of Distribution</I><FONT STYLE="font-size: 10pt">&rdquo; described below. </FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
  
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  <P ID="A-13" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 11.25pt"><B>DESCRIPTION OF ORDINARY
  SHARES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 11.25pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following description of our share structure
  is a summary of the material terms of our amended and restated memorandum and articles of association and BVI corporate law regarding
  our shares and the holders thereof. This description contains all material information concerning our shares but does not purport to be
  complete.</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a British Virgin Islands Business Company
  (company number 2095496) and our affairs are governed by our memorandum and articles of association (&ldquo;Articles&rdquo;), the BVI
  Business Companies Act, Revised Edition 2020 (&ldquo;BVI Act&rdquo;) and common law of the British Virgin Islands. Based upon the Articles,
  we are authorized to issue a maximum of 210,000,000 shares in two classes as follows:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">200,000,000 Ordinary Shares with a par value of USD 0.01 per share (&ldquo;Ordinary Shares&rdquo;); and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">10,000,000 Class F Shares with a par value of USD 0.05 per share (&ldquo;Class F Shares&rdquo;).</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As of the date of this reoffer prospectus, 114,508,901&nbsp;Ordinary
  Shares are issued and outstanding and 1,499,800 Class F Shares are issued and outstanding. No preferred shares are issued or outstanding
  or authorized by our Articles. The following description summarizes the material terms of our shares as set out more particularly in our
  Articles. Because it is only a summary, it may not contain all the information that is important to you.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Share Rights</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Each Ordinary Share confers upon the shareholder:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the right to attend any meeting of shareholders;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the right to one vote per Ordinary Share on any resolution of shareholders as against each other Ordinary
  Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company&rsquo;s voting power;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which
  shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference or be subordinate
  to any other share;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the right to an equal share in the distribution of the surplus assets of the Company against each other
  Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference
  to any other share; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">such other rights and entitlements as may be specified in the Articles.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Ordinary Shareholders have no conversion, pre-emptive
  or other subscription rights and there are no sinking fund or redemption provisions applicable to the Ordinary Shares.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Class F Share confers upon the shareholder:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the right to attend any meeting of shareholders;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would
  cause the total votes of all Class F Shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is
  &ldquo;a majority of the shares present in person or represented by proxy and entitled to vote on such matter&rdquo;, 49.999999% of the
  voting power of shares present in person or represented by proxy and entitled to vote on such matter);</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the right to an equal share in any dividend paid by the Company against each other Class F Shares, and
  which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference
  to any other share; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the right to an equal share in the distribution of the surplus assets of the Company against each other
  Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall
  not rank in preference to any other share.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Class F Shares are subject to mandatory and
  automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than
  50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by the Company&rsquo;s board of directors,
  in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Class F Shares are non-transferable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 19; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company and the holders of the Class F Shares
  have entered into a Class F Shareholders&rsquo; Agreement that provides, among other things, that the holders of Class F Shares:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will vote the Class F Shares held by them as one and in accordance with the majority (by the number of
  shares held) view of the holders of the Class F Shares; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">are bound by the redemption provisions set out in the Articles and that they will take all necessary action
  to comply with them.</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Register of Members</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the BVI Act, the shares are deemed to be
  issued when the name of the shareholder is entered in the register of members. Our register of members will be maintained by our transfer
  agent, Computershare Inc.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">information that is required to be entered in the register of members is omitted from the register or
  is inaccurately entered in the register; or</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">there is unreasonable delay in entering information in the register,</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a shareholder of the company,
  or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts for an order that
  the register be rectified, and the court may either refuse the application or order the rectification of the register, and may direct
  the Company to pay all costs of the application and any damages the applicant may have sustained.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not paid any cash dividends on our shares
  to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings. Under the laws of the British Virgin
  Islands and our Articles, we may only pay a dividend or make a distribution to our shareholders if, following such dividend or distribution,
  the value of our assets will exceed our liabilities and we will be able to pay our debts as they fall due. In addition, the Second Tranche
  Notes prohibit us and our subsidiaries from paying dividends or other cash distributions, except for intercompany transfers to us and
  payments to WISeKey.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 20; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Shareholder Rights</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="border-top: Black 1pt solid; width: 50%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
      <TD STYLE="border-top: Black 1pt solid; width: 50%; border-right: Black 1pt solid; padding-left: 0.1in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>BVI CORPORATE LAW</B></FONT></TD></TR>
    <TR>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in; text-align: center; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys&rsquo; fees incurred in connection with such action. </FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Class actions and derivative actions are generally not available
      to shareholders under British Virgin Islands law.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The British Virgin Islands courts, however, would ordinarily be
      expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained
      of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company&rsquo;s memorandum
      and articles of association. Furthermore, consideration would be given by a British Virgin Islands court to acts that are alleged to constitute
      a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company&rsquo;s
      shareholders than that which actually approved it.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">When the affairs of a company are being conducted in a manner which
      is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the High Court of
      the British Virgin Islands, which may make such order as it sees fit, including an order regulating the conduct of the company&rsquo;s
      affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors.</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Unless directors are elected by written consent in lieu of an annual
      meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated by or in the manner provided in
      the bylaws. Re-election is possible.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Classified boards are permitted.&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Articles provide that the directors shall be appointed at the Company&rsquo;s annual general meeting and will hold office until the next annual general meeting or until their earlier death, resignation or removal. Re-election is possible. The directors of the Company may appoint directors where there is a vacancy.</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 21; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><B>DELAWARE CORPORATE LAW</B></TD>
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The Delaware General Corporation Law provides that a certificate
      of incorporation may contain a provision eliminating or limiting the personal liability of directors (but not other controlling persons)
      of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision in the certificate of incorporation
      may eliminate or limit the liability of a director for:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any breach of a director&rsquo;s duty of loyalty to the corporation or its shareholders;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>acts
  or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>statutory
  liability for unlawful payment of dividends or unlawful stock purchase or redemption; or</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
  transaction from which the director derived an improper personal benefit.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">A Delaware corporation may indemnify any person who was or is a
      party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person
      is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good
      faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer,
      with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Unless ordered by a court, any foregoing indemnification is subject
      to a determination that the director or officer has met the applicable standard of conduct:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;by
  a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;by
  a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct;
  or</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>by
  the shareholders.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Moreover, a Delaware corporation may not indemnify a director or
      officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and
      only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case,
      the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Section 132 of the BVI Act, and the Articles, provide that, subject
      to certain limitations, SEALSQ shall indemnify its directors and officers against all expenses, including legal fees, and against all
      judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings.
      Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of the company and, in the
      case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Section 133 of the BVI Act permits a company to purchase and maintain
      insurance for the benefit of any officer or director in respect of any loss or liability attaching to them in respect of any negligence,
      default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 22; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>DELAWARE CORPORATE LAW</B></TD>
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">A director of a Delaware corporation has a fiduciary duty to the
      corporation and its shareholders. This duty has two components:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </FONT>the duty of care; and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the duty of loyalty.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The BVI Act imposes a duty on directors and officers of a British
      Virgin Islands company:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
  act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers
  as a director;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the same circumstances taking
  into account, but without limitation:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 53.75pt; text-indent: -14.2pt">i.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>the nature of the company;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 53.75pt; text-indent: -14.2pt">ii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>the nature of the decision; and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 53.75pt; text-indent: -14.2pt">iii.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the position of the director and the nature of their responsibilities;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.75pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.5pt; text-indent: -21.3pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and association of the company;
  and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 32.5pt; text-indent: -21.3pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to disclose any interest which they have in a transaction entered into or to be entered into by the company.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The statutory duties imposed on directors, by the BVI Act, are
      further supplemented by common law duties established (over centuries) of case law. There is considerable overlap between the common law
      and the BVI Act and in most circumstances it is not necessary to consider the two separately.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">In addition, the BVI Act imposes various duties on directors and
      officers of a company with respect to certain matters of management and administration of the company.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 23; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><B>DELAWARE CORPORATE LAW</B></TD>
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The duty of care requires that a director act in good faith, with
      the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself
      of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty
      requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
      position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
      and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
      shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
      honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence
      a breach of one of the fiduciary duties.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Should such evidence be presented concerning a transaction by a
      director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The BVI Act also imposes a duty on directors and officers of a
      British Virgin Islands company to:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>act
  honestly and in good faith with a view to the best interests of the company; and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>exercise the care, diligence and skill that a reasonable director or officer would exercise in the same circumstances.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">In addition, the BVI Act imposes various duties on directors and
      officers of a company with respect to certain matters of management and administration of the company.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The BVI Act provides that shareholders may take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of the Company who at the date of the notice of the resolution represent such majority of votes of shares as would be entitled to vote on such resolution.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</FONT></P>
                                                                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Under the Articles, shareholders entitled to exercise 30% or more of the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders.</FONT></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 24; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-left: 0.1in; font-size: 10pt"><B>DELAWARE
      CORPORATE LAW</B></TD>
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate of incorporation provides for it.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Under British Virgin Islands law, the voting rights of shareholders
      are regulated by the company&rsquo;s memorandum and articles of association and, in certain circumstances, by the BVI Act.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The Articles do not provide for cumulative voting.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">A Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Under the Articles, a director may be removed:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the
  director or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the
  shares entitled to vote; or</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors
  called for the purpose of removing the director or for purposes including the removal of the director.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an &ldquo;interested shareholder&rdquo; for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation&rsquo;s outstanding voting stock within the past three years.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">There is no similar law in the British Virgin Islands.</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">As permitted by the BVI Act and our Articles, we may be voluntarily
      liquidated under Part XII of the BVI Act by resolution of directors or resolution of shareholders if we have no liabilities or we are
      able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">A company may also be wound up where a court deems it just and
      equitable to do so and in circumstances where they are insolvent in accordance with the terms of the BVI Insolvency Act.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 25; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in; font-size: 10pt"><B>DELAWARE
      CORPORATE LAW</B></TD>
      <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-left: 0.1in; font-size: 10pt"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt; width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Under the Articles, the rights conferred upon the holders of our shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes of the shares of that class which were present at the meeting and were voted.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">A Delaware corporation&rsquo;s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">A British Virgin Islands company&rsquo;s memorandum and articles of association may be amended by resolutions of the board of directors and the shareholders, subject to the BVI Act and the memorandum and articles of association.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation.</FONT></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Under the BVI Act, members of the general public, on payment of
      a nominal fee, can obtain copies of the public records of a company available at the office of the BVI Registrar which will include the
      company&rsquo;s certificate of incorporation, its memorandum and articles of association (with any amendments), a list of the current
      directors and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger and a register
      of charges if the company has elected to file such a register.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">A shareholder of a company is entitled, on giving written notice
      to the company, to inspect:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the memorandum and articles;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the register of members;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the register of directors; and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the minutes of meetings and resolutions of members and of those classes of members of which they are a member,</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">and to make copies of or take extracts from the documents and records
      referred to above.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Subject to the memorandum and articles of association, the directors
      may, if they are satisfied that it would be contrary to the company&rsquo;s interests to allow a member to inspect any document, or part
      of a document, specified above, refuse to permit the member to inspect the document or limit the inspection of the document, including
      limiting the making of copies or the taking of extracts from the records.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Where a company fails or refuses to permit a member to inspect
      a document or permits a member to inspect a document subject to limitations, that member may apply to a British Virgin Islands Court for
      an order that they should be permitted to inspect the document or to inspect the document without limitation.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD></TR>
  </TABLE>
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <P STYLE="margin: 0"></P>
  
  <!-- Field: Page; Sequence: 26; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="margin: 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><B>DELAWARE CORPORATE LAW</B></TD>
      <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid"><B>BVI CORPORATE LAW</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The board of directors may approve a dividend without shareholder
      approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the
      shares of its capital stock either:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>out of its surplus, or</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;    </FONT>in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding
      fiscal year.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Stockholder approval is required to authorize capital stock in
      excess of that provided in the charter. Directors may issue authorized shares without stockholder approval.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Under British Virgin Islands law, the board of directors may declare
      a dividend without shareholder approval, but a company may not declare or pay dividends if there are reasonable grounds for believing
      that:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the company is, or would after the payment be, unable to pay its debts as they fall due; or</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that the value of the company&rsquo;s assets would be less than its liabilities.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">All creation of shares require the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company&rsquo;s certificate of incorporation.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The number of shares that a British Virgin Islands company is authorized
      to issue is set out in the memorandum and articles of association.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The Articles provide that the company is authorized to issue 210,000,000
      shares in two classes as follows:</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>200,000,000
  Ordinary Shares; and</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-indent: -21.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;    </FONT>10,000,000 Class F Shares.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.5pt 0pt 32.5pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P></TD></TR>
    <TR>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0pt; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>
                                                                                                                                                    <P STYLE="margin: 0pt 0.1in"><FONT STYLE="font-size: 10pt">Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.</FONT></P>
                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
      <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">The consolidation or merger of a British Virgin Islands company
  with another company or corporation (other than certain affiliated companies) requires the consolidation or merger to be approved by
  the company&rsquo;s board of directors and by its shareholders. Unless the company&rsquo;s memorandum and articles of association provide
  otherwise, the approval of a majority of the shareholders voting at a meeting of shareholders is required to approve the consolidation
  or merger agreement.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">Under British Virgin Islands law, in the event of a consolidation
      or merger of a British Virgin Islands company with another company or corporation, a shareholder of the British Virgin Islands company
      who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder&rsquo;s
      shares may seek fair value for those shares in accordance with Section 179 of the BVI Act.</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 27; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P ID="A-23" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING STOCKHOLDERS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
  information regarding beneficial ownership of our Ordinary Shares as of May 8, 2025, as adjusted to reflect the Ordinary Shares that may
  be sold from time to time pursuant to this Reoffer Prospectus for all Selling Stockholders, as identified in the table. We will not receive
  any proceeds from the resale of the Ordinary Shares by the Selling Stockholders. The Ordinary Shares offered by the Selling Stockholders
  hereunder registers an aggregate of 4,450,467 Ordinary Shares issuable upon the exercise of options to purchase Ordinary Shares issued
  under the SEALSQ Corp Ordinary Share Option Plan (the &ldquo;Plan&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the rules
  of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the Ordinary Shares issuable
  pursuant to stock options that are exercisable within 60 days of May 9, 2025. Ordinary Shares issuable pursuant to such stock options
  are deemed outstanding for computing the percentage of the person holding such options but are not outstanding for computing the percentage
  of any other person.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth,
  as of May 8, 2025, (i) the name of each person who is offering the resale of Ordinary Shares by this Reoffer Prospectus; (ii) the number
  (and the percentage, if 1% or greater) of Ordinary Shares that each Selling Stockholder may offer for sale from time to time pursuant
  to this Reoffer Prospectus, whether or not such Selling Stockholder has a present intention to do so; and (iii) the number of shares (and
  the percentage, if 1% or greater) of Ordinary Shares each person will own after the offering, assuming such person sells all of the Ordinary
  Shares offered. We have based percentage ownership of our Ordinary Shares before this offering on 114,508,901 Ordinary Shares outstanding
  as of May 6, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
  beneficial ownership is direct and the person indicated has sole voting and investment power. Unless otherwise indicated, the address
  for each Selling Stockholder listed in the table below is c/o SEALSQ Corp succursale de Meyrin, Avenue Louis-Casai 58, 1216 Cointrin,
  Switzerland.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 28; Value: 1 -->
      <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="font-weight: bold">Selling Stockholder</TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary
  Shares</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned
  Prior</B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>this
  Offering (1)</B>&nbsp;</P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percentage
  of </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary
  Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned
  Prior to this </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering
  (1) </B>&nbsp;</P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary
  Shares </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offered
  for </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Resale
  in this </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering
  </B>&nbsp;</P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned
  After this </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering
  (2) </B>&nbsp;</P></TD><TD>&nbsp;</TD>
      <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percentage of </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary Shares </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beneficially </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Owned After </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>this Offering </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(1)(2) </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="width: 16%; text-align: left">Carlos Moreira</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">95,325</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,650,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,745,325</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.46</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">John O&rsquo;Hara*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730,912</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left">Peter Ward</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">Cristina Dolan</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left">David Fergusson</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">Ruma Bose</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left">Eric Pellaton</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">Danil Kerimi</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left">Bernard Vian*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">Jean-Pierre Enguent*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
      <TD STYLE="text-align: left">Franck Buonanno*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom; background-color: White">
      <TD STYLE="text-align: left">Nathalie Verjus*</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
      <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Options granted subject to execution of grant
  agreement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Less than 1%</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 24px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Beneficial ownership and the percentage of Ordinary Shares beneficially owned is computed on the basis of 114,508,901&nbsp;Ordinary Shares outstanding as of May 6, 2025 and determined in accordance with the rules and regulations of the SEC. </FONT></TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Assumes that all of the Ordinary Shares held by each Selling Stockholder and being offered under this Reoffer Prospectus are sold, and that no Selling Stockholder will acquire additional Ordinary Shares before the completion of this offering. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Selling Stockholders identified in
  the table above may have sold, transferred or otherwise disposed of some or all of their shares since the date on which the information
  in the table is presented in transactions exempt from or not subject to the registration requirements of the Securities Act. Information
  concerning the Selling Stockholders may change from time to time and, if necessary, we will amend or supplement this Reoffer Prospectus
  accordingly. We cannot give an estimate as to the number of Ordinary Shares that will actually be held by the Selling Stockholders upon
  termination of this offering because the Selling Stockholders may offer some or all of their Ordinary Shares under the offering contemplated
  by this Reoffer Prospectus or acquire additional Ordinary Shares. The total number of shares that may be sold hereunder will not exceed
  the number of shares offered hereby. Please read the section entitled &ldquo;</FONT><I>Plan of Distribution</I><FONT STYLE="font-size: 10pt">&rdquo;
  in this Reoffer Prospectus. </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>
  
  <!-- Field: Page; Sequence: 29; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P ID="A-25" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PLAN OF DISTRIBUTION </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are registering
  the Ordinary Shares covered by this Reoffer Prospectus to permit the Selling Stockholders to conduct public secondary trading of the Ordinary
  Shares from time to time after the date of this Reoffer Prospectus. As used herein, references to &ldquo;Selling Stockholders&rdquo; includes
  donees, pledgees, transferees, distributees or other </FONT>successors-in-interest <FONT STYLE="font-size: 10pt">selling Ordinary Shares
  received after the date of this Reoffer Prospectus from a Selling Stockholder as a gift, pledge, partnership distribution, or other transfer.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any of the proceeds from the
  sale of the Ordinary Shares offered by this Reoffer Prospectus. The aggregate proceeds to the Selling Stockholders from the sale of the
  Ordinary Shares will be the purchase price of the Ordinary Shares less any discounts and commissions. We will not pay any brokers&rsquo;
  or underwriters&rsquo; discounts and commissions in connection with the registration and sale of the Ordinary Shares covered by this Reoffer
  Prospectus. The Selling Stockholders will pay any underwriting discounts and commissions and expenses incurred by them for brokerage,
  accounting, tax or legal services or any other expenses incurred by them in disposing of the Ordinary Shares. We will bear the costs,
  fees and expenses incurred in effecting the registration of the Ordinary Shares covered by this Reoffer Prospectus, including all registration
  and filing fees and fees and expenses of our counsel and our independent registered public accounting firm. The Selling Stockholders reserve
  the right to accept and, together with their respective agents, to reject, any proposed purchases of the Ordinary Shares to be made directly
  or through agents.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shares offered by this Reoffer Prospectus may be sold from time
  to time to purchasers:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">directly by the Selling Stockholders;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent&rsquo;s commissions from the Selling Stockholders or the purchasers of the Ordinary Shares; or</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">through a combination of any of these methods of sale.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any underwriters, broker-dealers or agents who
  participate in the sale or distribution of the Shares may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities
  Act. As a result, any discounts, commissions or concessions received by any such broker-dealer or agents who are deemed to be underwriters
  will be deemed to be underwriting discounts and commissions under the Securities Act. Underwriters are subject to the prospectus delivery
  requirements of the Securities Act and may be subject to certain statutory liabilities under the Securities Act and the Securities Exchange
  Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). The Selling Stockholders may agree to indemnify any broker, dealer, or agent
  that participates in transactions involving sales of the Ordinary Shares against certain liabilities in connection with the offering of
  the Ordinary Shares arising under the Securities Act. We will make copies of this Reoffer Prospectus available to the Selling Stockholders
  for the purpose of satisfying the prospectus delivery requirements of the Securities Act. To our knowledge, there are currently no plans,
  arrangements or understandings between the Selling Stockholders and any underwriter, broker-dealer or agent regarding the sale of the
  Ordinary Shares by the Selling Stockholders.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
  <!-- Field: Page; Sequence: 30; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Ordinary Shares may be sold in one or more
  transactions at:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">fixed prices;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">prevailing market prices at the time of sale;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">prices related to such prevailing market prices;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">varying prices determined at the time of sale; or</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">negotiated prices.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These sales may be effected in one or more transactions:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">through one or more underwritten offerings on a firm commitment or best efforts basis;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">settlement of short sales entered into after the date of this Reoffer Prospectus;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">agreements with broker-dealers to sell a specified number of the securities at a stipulated price per share;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in &ldquo;at the market&rdquo; offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">on any national securities exchange or quotation service on which the Shares may be listed or quoted at the time of sale, including Nasdaq;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in the over-the-counter market;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in privately negotiated transactions;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in transactions otherwise than on such exchanges or services or in the over-the-counter market;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">in distributions to members, limited partners or stockholders of Selling Stockholders;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">through trading plans entered into by the Selling Stockholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this Reoffer Prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">any other method permitted by applicable law; or</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
      <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">through any combination of the foregoing.</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These transactions may include block transactions
  or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the time a particular offering of the Ordinary
  Shares is made, a prospectus supplement, if required, will be distributed, which will set forth the name of the Selling Stockholders,
  the aggregate amount of Ordinary Shares being offered and the terms of the offering, including, to the extent required, (1) the name or
  names of any underwriters, broker-dealers or agents, (2) any discounts, commissions and other terms constituting compensation from the
  Selling Stockholders and (3) any discounts, commissions or concessions allowed or reallowed to be paid to broker-dealers.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Selling Stockholders
  also may transfer the securities in other circumstances, in which case the transferees, pledgees or other </FONT>successors-in-interest
  <FONT STYLE="font-size: 10pt">will be the selling beneficial owners for purposes of this Reoffer Prospectus. Upon being notified by a
  Selling Stockholder that a donee, pledgee, transferee, other </FONT>successor-in-interest <FONT STYLE="font-size: 10pt">intends to sell
  our Ordinary Shares, we will, to the extent required, promptly file a supplement to this Reoffer Prospectus to name specifically such
  person as a Selling Stockholder.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Stockholders will act independently
  of us in making decisions with respect to the timing, manner, and size of each resale or other transfer. There can be no assurance that
  the Selling Stockholders will sell any or all the Ordinary Shares under this Reoffer Prospectus. Further, we cannot assure you that the
  Selling Stockholders will not transfer, distribute, devise or gift the Ordinary Shares by other means not described in this Reoffer Prospectus.
  In addition, any Ordinary Shares covered by this Reoffer Prospectus that qualify for sale under Rule 144 of the Securities Act may be
  sold under Rule 144 rather than under this Reoffer Prospectus. The Ordinary Shares may be sold in some states only through registered
  or licensed brokers or dealers. In addition, in some states the Ordinary Shares may not be sold unless they have been registered or qualified
  for sale or an exemption from registration or qualification is available and complied with.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Stockholders and any other person participating
  in the sale of the Ordinary Shares will be subject to the Exchange Act. The Exchange Act rules include, without limitation, Regulation
  M, which may limit the timing of purchases and sales of any of the Ordinary Shares by the Selling Stockholders and any other person. In
  addition, Regulation M may restrict the ability of any person engaged in the distribution of the Ordinary Shares to engage in market-making
  activities with respect to the particular securities being distributed. This may affect the marketability of the Ordinary Shares and the
  ability of any person or entity to engage in market-making activities with respect to the Ordinary Shares.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Once sold under the registration statement of which
  this Reoffer Prospectus forms a part, the Ordinary Shares will be freely tradable in the hands of persons other than our affiliates.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For additional information
  regarding expenses of registration, see the section titled &ldquo;</FONT><I>Use of Proceeds</I><FONT STYLE="font-size: 10pt">&rdquo; appearing
  elsewhere in this Reoffer Prospectus.</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
  
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  <P ID="A-28" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>LEGAL MATTERS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal matters with
  respect to British Virgin Islands law in connection with this offering are being passed upon for us by Harney Westwood &amp; Riegels (BVI)
  LP. Certain matters of U.S. federal and New York law are being passed upon for us by Patterson Belknap Webb &amp; Tyler LLP, New York,
  New York.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXPERTS </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">The financial statements of SEALSQ Corp as of
  and for the year ended December 31, 2024 and December 31, 2023, in each case incorporated by reference in this reoffer prospectus from
  the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated in reliance on the reports
  of BDO Ltd, an independent registered public accounting firm, given upon the authority of said firm as experts in accounting and auditing.
  The financial statements of SEALSQ Corp Predecessor as of and for the year ended December 31, 2022, incorporated by reference in this
  reoffer prospectus from the Company&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated
  in reliance on the report of BDO Rh&ocirc;ne Alpes, an independent registered public accounting firm, given upon their authority as experts
  in accounting and auditing.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with
  the SEC a registration statement on Form S-8 under the Securities Act, relating to this offering of securities. As permitted by SEC rules,
  this reoffer prospectus does not contain all of the information contained in the registration statement of which this reoffer prospectus
  forms a part. Statements made in this reoffer prospectus concerning the contents of any contract, agreement or other document are summaries
  of all material information about the documents summarized, but are not complete descriptions of all terms of these documents. If we filed
  any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its
  terms.</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 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">We are subject
  to the informational requirements of the Exchange Act applicable to foreign private issuers. In accordance with the Exchange Act, we file
  reports, including annual reports on Form 20-F containing financial statements audited by an independent accounting firm. We also furnish
  to the SEC, under cover of Reports of Foreign Private Issuer on Form 6-K, material information required to be made public by us or filed
  by us with and made public by any stock exchange or distributed by us to our shareholders. Such reports and other information filed with
  the SEC are available to the public over the internet at the SEC&rsquo;s website at http://www.sec.gov. We also generally make available
  on our own website (<U>www.sealsq.com</U>) our half-year and year-end financial statements as well as other information.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private
  issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders,
  and our officers, directors and principal shareholders are exempt from the &ldquo;short-swing profits&rdquo; reporting and liability provisions
  contained in Section 16 of the Exchange Act and related Exchange Act rules. In addition, we are not required under the Exchange Act to
  file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the
  Exchange Act.</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 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a corporate
  website at www.sealsq.com. Information contained on, or that can be accessed through, our website does not constitute a part of this reoffer
  prospectus. We have included our website address in this reoffer prospectus solely as an inactive textual reference.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 33; Value: 1 -->
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  <P ID="A-29" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows
  us to incorporate by reference our publicly filed reports into this reoffer prospectus, which means that information included in those
  reports is considered part of this reoffer prospectus. Because we are incorporating by reference future filings with the SEC, this reoffer
  prospectus is continually updated and those future filings may modify or supersede some of the information included or incorporated by
  reference in this reoffer prospectus. This means that you must look at all of the SEC filings that we incorporate by reference to determine
  if any of the statements in this reoffer prospectus or in any document previously incorporated by reference have been modified or superseded.
  This reoffer prospectus incorporates by reference the documents listed below and any future filings we make with the SEC under Sections
  13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) (in each case, other than those documents
  or the portions of those documents furnished, rather than filed), and, to the extent designated therein, reports on Form 6-K, until the
  offering of the securities under the registration statement of which this reoffer prospectus forms a part is terminated or completed:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 52.8pt">our Reports on Form 6-K furnished by us to the SEC on March 21, 2025, March 24, 2025, April 9, 2025,
  April 30, 2025, and May 6, 2025; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 20.85pt">the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with
  the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with
  the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this reoffer prospectus
  under &ldquo;<I>Description of Ordinary Shares</I>,&rdquo; including any subsequent amendment or any report filed for the purpose of updating
  such description.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">The SEC maintains
  an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
  like us that file electronically with the SEC.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">We will also incorporate
  by reference all subsequent Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by reference certain
  future materials furnished to the SEC on Form 6-K after the date of this reoffer prospectus, but only to the extent specifically indicated
  in those submissions or in a future reoffer prospectus supplement. Each subsequently filed Annual Report should be deemed to supersede
  entirely each earlier filed Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly stated otherwise,
  such earlier reports should not be deemed to be part of this reoffer prospectus or any accompanying prospectus supplement and you should
  not rely upon statements made in those earlier periodic reports. In all cases, you should rely on the later information over different
  information in this reoffer prospectus or any accompanying prospectus supplement.</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 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">We will furnish
  without charge to you, on written or oral request, a copy of any or all of the above documents, other than exhibits to such documents
  which are not specifically incorporated by reference therein. You should direct any requests for documents to:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ Corp</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avenue Louis-Casa&iuml; 58</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 419.2pt 0pt 0">1216 Cointrin Switzerland</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: 011-41-22-594-3000</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: 011-41-22-594-3001</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 7.65pt 0pt 0; text-align: justify; text-indent: 0.5in">The information
  relating to us contained in this reoffer prospectus is not comprehensive and should be read together with the information contained in
  the incorporated documents. Descriptions contained in the incorporated documents as to the contents of any contract or other document
  may not contain all of the information which is of interest to you. You should refer to the copy of such contract or other document filed
  as an exhibit to our filings.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 34; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 3. </B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to incorporate by reference our
  publicly filed reports into this Registration Statement, which means that information included in those reports is considered part of
  this Registration Statement. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated
  and those future filings may modify or supersede some of the information included or incorporated by reference in this Registration Statement.
  This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this
  Registration Statement or in any document previously incorporated by reference have been modified or superseded. This Registration Statement
  incorporates by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d)
  of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) (in each case, other than those documents or the portions of those
  documents furnished, rather than filed), and, to the extent designated therein, reports on Form 6-K, until the offering of the securities
  under the registration statement of which this prospectus forms a part is terminated or completed:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 52.8pt">our Reports on Form 6-K furnished by us to the SEC on March 21, 2025, March 24, 2025, April 9, 2025,
  April 30, 2025, and May 6, 2025; and</TD></TR></TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 67.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 20.85pt">the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with
  the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with
  the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this prospectus under
  &ldquo;<I>Description of Ordinary Shares</I>,&rdquo; including any subsequent amendment or any report filed for the purpose of updating
  such description.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC maintains an Internet site at&nbsp;<U>http://www.sec.gov</U>&nbsp;that
  contains reports, proxy and information statements, and other information regarding issuers like us that file electronically with the
  SEC.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will also incorporate by reference all subsequent
  Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by reference certain future materials furnished
  to the SEC on Form 6-K after the date of the initial registration statement, but only to the extent specifically indicated in those submissions
  or in a future prospectus supplement. Each subsequently filed Annual Report should be deemed to supersede entirely each earlier filed
  Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly stated otherwise, such earlier reports should
  not be deemed to be part of this Registration Statement and you should not rely upon statements made in those earlier periodic reports.
  In all cases, you should rely on the later information over different information in this Registration Statement.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will furnish without charge to you, on written
  or oral request, a copy of any or all of the above documents, other than exhibits to such documents which are not specifically incorporated
  by reference therein. You should direct any requests for documents to:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ Corp</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avenue Louis-Casa&iuml; 58</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1216 Cointrin Switzerland</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: 011-41-22-594-3000</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: 011-41-22-594-3001</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information relating to us contained in this
  Registration Statement is not comprehensive and should be read together with the information contained in the incorporated documents.
  Descriptions contained in the incorporated documents as to the contents of any contract or other document may not contain all of the information
  which is of interest to you. You should refer to the copy of such contract or other document filed as an exhibit to our filings.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 35; Value: 1 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description of Securities. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interests of Named Experts and Counsel. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5.85pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our memorandum and articles of
  association (&ldquo;Articles&rdquo;) provide that, subject to certain limitations, the Company shall indemnify its directors and officers
  against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
  connection with legal, administrative or investigative proceedings. Such indemnity is only permitted under the BVI Act and the Articles
  if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings,
  the person had no reasonable cause to believe that their conduct was unlawful. The decision of the directors as to whether the person
  acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause
  to believe that their conduct was unlawful, is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question
  of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi
  does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests
  of the Company or that the person had reasonable cause to believe that their conduct was unlawful.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.55pt 0pt 5.85pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Company has entered into
  agreements with its officers and directors to provide contractual indemnification in addition to the indemnification provided for in the
  Articles. The Articles also permit the Company to purchase and maintain insurance on behalf of any officer or director who at the request
  of the Company is or was serving as a director or officer of, or in any other capacity is or was acting for, another company or a partnership,
  joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity,
  whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.
  The Company has purchased a policy of directors&rsquo; and officers&rsquo; liability insurance that insures the Company&rsquo;s officers
  and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures the Company against its
  obligations to indemnify the Company&rsquo;s officers and directors.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.85pt 0pt 5.85pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">These provisions may discourage
  shareholders from bringing a lawsuit against the Company&rsquo;s directors for breach of their statutory or fiduciary duty. These provisions
  may also have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
  if successful, might otherwise benefit the Company and the shareholders. Furthermore, a shareholder&rsquo;s investment may be adversely
  affected to the extent the Company pays the costs of settlement and damage awards against officers and directors pursuant to these indemnification
  provisions.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Company believes that these
  provisions, the insurance and the indemnity agreements are reasonable and necessary to attract and retain talented and experienced officers
  and directors.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Insofar as indemnification for
  liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
  provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
  Act and is therefore unenforceable.&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 36; Value: 1 -->
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exemption from Registration Claimed. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not Applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibits. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top; width: 8%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit </B>&nbsp;</P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number </B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom; width: 91%"><FONT STYLE="font-size: 10pt"><B>Exhibit Description </B></FONT></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="e664488_ex5-1.htm">Opinion of Harneys regarding the validity of the securities being registered.</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="e664488_ex23-1.htm">Consent of BDO Ltd, an independent public accounting firm</A></FONT></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="e664488_ex23-2.htm">Consent of BDO Rh&ocirc;ne-Alpes, an independent public accounting firm</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">23.3*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="e664488_ex5-1.htm">Consent of Harneys (included in Exhibit 5.1)</A></FONT></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="#A-35">Power of Attorney (contained on the signature pages hereto).</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-42.htm">SEALSQ Corp Ordinary Share Option Plan, effective as of September 15, 2023 (incorporated by reference to Exhibit 4.42 to the Company&rsquo;s Annual Report on Form 20-F filed with the SEC on March 20, 2025)</A></FONT></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1951222/000119380525000334/e664249_ex4-42.htm">Form of Stock Option Award (included in Exhibit 99.1)</A></FONT></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">107*</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="e664488_ex107.htm">Filing Fee Table.</A></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt">* </FONT></TD>
      <TD STYLE="width: 92%"><FONT STYLE="font-size: 10pt">Filed herewith. </FONT></TD></TR>
    </TABLE>
  <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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 37; Value: 1 -->
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      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Undertakings. </B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned Registrant hereby undertakes: </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 24px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 48px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 30px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 48px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 30px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of this 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 SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 48px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 30px"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however,</I> <FONT STYLE="font-size: 10pt">that
  paragraphs (a)(1)(i) and (a)(1)(ii) of this section 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 SEC by the Registrant pursuant to Section 13 or Section 15(d)
  of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement. </FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 24px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR>
      <TD STYLE="width: 24px">&nbsp;</TD>
      <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
      <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
      <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such 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 Act and will be governed by the final adjudication of such issue. </FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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  <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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
  Act of 1933, 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
  Cointrin, Switzerland on the 9<SUP>th</SUP> day of May, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD COLSPAN="2"><B>SEALSQ Corp</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD STYLE="width: 6%">&nbsp;</TD>
      <TD STYLE="width: 35%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: Black 1pt solid">/s/ John O&rsquo;Hara</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">John O&rsquo;Hara</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt"></FONT>Carlos Moreira</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Carlos Moreira</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 39; Value: 1 -->
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  <P ID="A-35" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.15pt"><B>KNOW ALL MEN BY THESE
  PRESENTS</B>, that each person whose signature appears below constitutes and appoints Carlos Moreira and John O&rsquo;Hara, or either
  of them, with full power to act alone, his or her true lawful attorneys-in-fact and agents, with full powers of substitution and re-substitution,
  for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this
  registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same distribution
  which may be filed under Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and
  other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents full power and authority to do
  and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she might or could do in
  person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done
  by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.1pt 0pt 5.85pt; text-align: justify; text-indent: 35.15pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.15pt">Pursuant to the requirements
  of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated
  on&nbsp;May 9, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
      <TD STYLE="width: 10%">&nbsp;</TD>
      <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Carlos Moreira</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Carlos Moreira</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">John O&rsquo;Hara</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer and Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">John O&rsquo;Hara</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">(Principal Financial Officer and Principal Accounting Officer)</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Cristina Dolan</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Cristina Dolan</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">David Fergusson</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">David Fergusson</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Eric Pellaton</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Eric Pellaton</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Danil Kerimi</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Danil Kerimi</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Ruma Bose</FONT></TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Ruma Bose</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt"></FONT>Peter Ward</TD>
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Peter Ward</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
  
  <!-- Field: Page; Sequence: 40; Value: 1 -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 131.1pt 0pt 131.8pt; text-align: center"><B><U>United States Authorized
  Representative</U></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 131.1pt 0pt 131.8pt; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
  of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States,
  has signed this registration statement or amendment thereto in the City of New York, State of New York, on May 9, 2025.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Authorized U.S. Representative Cogency Global Inc.</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 6%">&nbsp;</TD>
      <TD STYLE="width: 35%">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
      <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Colleen A. De Vries</FONT></TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
      <TD><FONT STYLE="font-size: 10pt">Colleen A. De Vries</FONT></TD>
      <TD>&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
      <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Vice-President on behalf of Cogency</FONT></TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">36</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  </BODY>
  </HTML>
metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "e664488_s8-sealsq.htm", "secsgml_size_bytes": 284760}]
metadata_filer: {"company-data": {"conformed-name": "SEALSQ Corp", "cik": "0001951222", "assigned-sic": "3674", "organization-name": "04 Manufacturing", "ein": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-287139", "film-number": "25930253"}, "business-address": {"street1": "AVENUE LOUIS-CASAI 58", "city": "COINTRIN", "state": "V8", "zip": "1216", "phone": "212-336-2039"}, "mail-address": {"street1": "CRAIGMUIR CHAMBERS, ROAD TOWN", "city": "TORTOLA", "state": "D8", "zip": "VG 1110"}, "former-company": {"former-conformed-name": "SEAL (BVI) Corp.", "date-changed": "20221019"}}
text: As filed with the Securities and Exchange Commission on May 9, 2025
  Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  ______________________
  FORM S-8
  REGISTRATION STATEMENT UNDER THE SECURITIES
  ACT OF 1933
  SEALSQ Corp
  (Exact name of registrant
  as specified in its charter)
  ______________________
  British Virgin Islands
  (State or other jurisdiction of incorporation or organization)
  3674
  (Primary Standard Industrial
  Classification Code Number)
  Avenue
  Louis-Casaï 58
  1216 Cointrin, Switzerland
  (Address of principal executive offices)
  N/A
  (I.R.S. Employer Identification No.)
  John O'Hara
  Chief Financial Officer
  SEALSQ Corp
  Craigmuir Chambers, Road Town
  Tortola, British Virgin Islands VG1110
  Tel: 011-41-22-594-3000
  Fax: 011-41-22-594-3001
  (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
  Cogency Global Inc.
  122 East 42nd Street, 18th Floor
  New York, NY 10168
  800-221-0102
  (Name, address and telephone number of agent for service)
  ______________________
  Copies to:
  ______________________
  Herman H. Raspé, Esq.
  Patterson Belknap Webb & Tyler LLP
  1133 Avenue of the Americas
  New York, New York 10036
  Tel: (212) 336-2000
  George Weston
  Harney Westwood & Riegels (BVI) LP
  Craigmuir Chambers, PO Box 71,
  Road Town, Tortola,
  VG1110, British Virgin Islands
  Tel: (284) 852 4333
  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
  This Registration Statement on Form S-8 (this
  "Registration Statement") registers an aggregate of: 15,000,000 ordinary shares, par value US$0.01 per share (the "Ordinary
  Shares") of SEALSQ Corp (the "Company") issuable upon the exercise of options to purchase Ordinary Shares isued under
  the SEALSQ Corp Ordinary Share Option Plan (the "Plan").
  This Registration Statement includes
  a reoffer prospectus (the "Reoffer Prospectus") prepared in accordance with General Instruction C to Form
  S-8
  and
  in accordance with the requirements of Part I of Form
  S-3.
  This Reoffer Prospectus may be used for
  reoffers and resales of Ordinary Shares on a continuous or delayed basis that may be deemed to be "restricted securities"
  or "control securities" under the Securities Act of 1933, as amended (the "Securities Act"), and the rules and
  regulations promulgated thereunder, that have been acquired by or are issuable to certain stockholders that are current directors and
  executive officers of the Registrant or its parent or subsidiaries identified in the Reoffer Prospectus (the "Selling Stockholders").
  The number of Ordinary Shares included in the Reoffer Prospectus may be issued to the Selling Stockholders upon exercise of options to
  purchase Ordinary Shares granted under the Plan and does not necessarily represent a present intention to sell any or all such Ordinary
  Shares. The second part of this Registration Statement contains information required in the Registration Statement pursuant to Part II
  of Form S-8.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1.
  Plan Information.
  The documents containing the information specified
  in this Part I have been or will be sent or given to participants in the plans as specified by Rule 428(b)(1) of the Securities Act of
  1933, as amended (the "Securities Act"), in accordance with the rules and regulations of the Securities and Exchange Commission
  (the "SEC"). Such documents are not being filed with the SEC either as a part of this Registration Statement or as prospectuses
  or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference into
  this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that
  meets the requirements of Section 10(a) of the Securities Act.
  Item 2.
  Registrant Information and Employee Plan Annual Information
  .
  The written statement required by Item 2 of Part
  I is included in documents that will be delivered to participants in the plan covered by this Registration Statement pursuant to Rule
  428(b) of the Securities Act. In accordance with the rules and regulations of the SEC and the instructions to Form S-8, such documents
  are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to
  Rule 424 under the Securities Act.
  REOFFER PROSPECTUS
  SEALSQ Corp
  Up to an aggregate of 4,450,467 Ordinary Shares
  Issuable upon exercise of stock options granted
  under the
  SEALSQ Corp Ordinary Share Option Plan
  This reoffer prospectus (this "Reoffer Prospectus")
  relates to the offer and sale from time to time by the selling stockholders named in this Reoffer Prospectus (the "Selling Stockholders"),
  or their permitted transferees, of up to an aggregate of 4,450,467 ordinary shares, par value US$0.01 per share (the "Ordinary Shares")
  of SEALSQ Corp (the "Company", "SEALSQ", "Registrant", "we", "us", "our").
  This Reoffer Prospectus covers Ordinary Shares issuable to the Selling Stockholders upon exercise of stock options granted under the SEALSQ
  Corp Ordinary Share Option Plan (the "Plan").
  We are not offering any Ordinary Shares and will
  not receive any proceeds from the sale of the Ordinary Shares by the Selling Stockholders pursuant to this Reoffer Prospectus. Each of
  the Selling Stockholders named herein, is a director, executive officer or a member of our senior management, and may be considered an
  "affiliate" of the Company (as defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act")).
  Subject to the satisfaction
  of any conditions to the exercise of options relating to, the Ordinary Shares offered hereby pursuant to the terms of the Plan, and subject
  to any applicable restrictions, the Selling Stockholders may from time to time sell, transfer or otherwise dispose of any or all of the
  Ordinary Shares covered by this Reoffer Prospectus through underwriters or dealers, directly to a purchaser, or through broker-dealers
  or agents. The Ordinary Shares may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale,
  prices related to the prevailing market prices, varying prices determined at the time of sale or negotiated prices. We do not know when
  or in what amount the Selling Stockholders may offer the Ordinary Shares for sale. The Selling Stockholders may sell any, all or none
  of the Ordinary Shares offered by this Reoffer Prospectus. See "
  Plan of Distribution
  "
  beginning on page 25 for more information about how the Selling Stockholders may sell or dispose of the Ordinary Shares covered
  by this Reoffer Prospectus. The Selling Stockholders will bear all sales commissions and similar expenses. We will bear all expenses of
  registration incurred in connection with this offering, including any other expenses incurred by us in connection with the registration
  and offering that are not borne by the Selling Stockholders.
  Our Ordinary Shares are listed on the Nasdaq Capital
  Market ("Nasdaq") under the symbol "LAES." On May 8, 2025, the last sale price of a share of our Ordinary
  Shares as reported on the Nasdaq was $2.51 per share.
  Ordinary Shares that are issued to the Selling
  Stockholders upon exercise of stock options granted under the Plan will be "restricted securities" under the Securities Act
  before their sale under this Reoffer Prospectus. This Reoffer Prospectus has been prepared for the purposes of registering the Ordinary
  Shares under the Securities Act to allow for future sales by the Selling Stockholders on a continuous or delayed basis to the public without
  restriction.
  Investing in
  our securities involves substantial risk. You should review carefully the risks and uncertainties described under the heading "
  Risk
  Factors
  " beginning on page 11 of this Reoffer Prospectus, and the risk factors on our most
  recent Annual Report on Form 20-F, which is incorprated by reference herein, for the factors you should consider before buying our Ordinary
  Shares.
  Neither the Securities and Exchange Commission
  nor any state securities commission or other regulatory body has approved or disapproved of these securities or determined if this Reoffer
  Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
  The date of this Reoffer Prospectus is May 9,
  2025.
  TABLE OF CONTENTS
  Page
  PROSPECTUS SUMMARY
  1
  CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
  7
  RISK FACTORS
  11
  USE OF PROCEEDS
  12
  DESCRIPTION OF ORDINARY SHARES
  13
  SELLING STOCKHOLDERS
  23
  PLAN OF DISTRIBUTION
  25
  LEGAL MATTERS
  28
  EXPERTS
  28
  WHERE YOU CAN FIND MORE INFORMATION
  28
  INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
  29
  You should read
  this prospectus, including all documents incorporated herein by reference, together with additional information described under "
  Where
  You Can Find More Information
  ."
  You may obtain the
  information incorporated by reference without charge by following the instructions under "
  Where You Can Find More Information
  ."
  PROSPECTUS SUMMARY
  This summary highlights selected information
  contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before investing in
  our Company. You should carefully read the entire prospectus, including all documents incorporated by reference herein. In particular,
  attention should be directed to our "Risk Factors," "Operating and Financial Review and Prospects" and the financial
  statements and related notes thereto contained herein or otherwise incorporated by reference herein, before making an investment decision.
  Unless the context otherwise requires, "we,"
  "us," "our," "registrant," or "Registrant," "SEALSQ", "SEAL" and
  the "Company" refer to SEALSQ Corp.
  THE COMPANY
  This summary highlights selected
  information contained elsewhere in this reoffer prospectus that we consider important. This summary does not contain all of the information
  you should consider before investing in our securities. You should read this summary together with the entire reoffer prospectus, including
  the risks related to our business, our industry and investing in our securities that we describe under "
  Risk Factors
  ,"
  and our consolidated financial statements and the related notes incorporated by reference in this reoffer prospectus before making an
  investment in our securities.
  SEALSQ is
  a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI
  (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography
  and Semiconductors designed to address the urgent security challenges posed by quantum computing. Our products are engineered to safeguard
  critical systems, enhancing resilience and security across diverse industries.
  SEALSQ was
  established as a subsidiary of WISeKey International Holding AG, combining decades of expertise in cryptographic security and trusted
  digital infrastructure. Headquartered in Switzerland, we operate across Europe, the United States, and other strategic markets. Our solutions
  provide the foundation of digital trust for businesses and governments worldwide.
  SEALSQ's
  comprehensive portfolio, which includes secure microcontrollers, PKI services, compliance with IoT standards like Matter, GSMA eUICC root
  certificates, tailored ASICs, and post-quantum cryptography capabilities, uniquely positions the Company to address evolving market needs.
  These capabilities, combined with SEALSQ's entry into the TPM market, ensure strong growth potential and market leadership in the
  cybersecurity and IoT sectors.
  1
  SEALSQ delivers
  integrated
  digital security solutions
  that combine four critical components into a unified offering:
  Root- of-Trust
  ,
  Secure
  Chips
  , trusted
  Identity Generation and Management (PKI)
  , and
  Personalization Services
  . Together, these components
  ensure the confidentiality, integrity, and authenticity of connected devices and digital communications.
  Our offerings are structured around four foundational technology
  pillars:
  1.
  Our Swiss-based Post Quantum Root of Trust:
  Offering neutrality, reliability, and is certified
  by leading industry standards such as WebTrust (browsers), Matter (Smart Home), and Wi-SUN (Smart Grid).
  2.
  Public Key Infrastructure Services:
  Leveraging this root-of-trust we offer a SaaS solution
  to issue and manage cryptographic credentials that authenticate users, devices, and systems. Our platform uses Quantum Resistant Cryptographic
  Algorithms recommended by the National Institute of Standards and Technology (NIST).
  3.
  Personalization Services:
  Industrial-scale systems for embedding digital identities
  into secure microcontrollers, enabling seamless integration and secure operation at scale.
  4.
  Quantum Resistant certified secure microcontrollers:
  Designed to protect and store digital identities, ensuring
  robust authentication for connected devices and systems.
  SEALSQ's comprehensive product range meets the growing
  demand for secure, certified solutions across industries:
  ·
  Post-Quantum Chips:
  SEALSQ is developing two secure microcontrollers with quantum-resistant cryptographic capabilities, scheduled for market release in Q4 2025.
  ·
  VaultIC Secure Microcontrollers:
  Pre-certified cryptographic chips for IoT devices, enabling secure authentication and protection against cyber threats. Recent innovations include VaultIC292 for Matter & devices, and VaultIC408 for smart meters and industrial IoT.
  2
  ·
  Public Key Infrastructure (PKI):
  INeS, our PKI-as-a-Service software leverages on our Swiss-based Root of Trust to conveniently and scalably issue and manage trusted device identities ensuring IoT device compliance with protocols such as Matter, Wi-SUN, and WebTrust. Our PKI solutions now include post-quantum algorithms to protect against quantum threats.
  ·
  Personalization Services:
  Enabling clients to pre-provision private keys and certificates into chips within 4 weeks, reducing costs and time-to-market. But also, on-line or off-line during device manufacturing using our INeS Box device.
  SEALSQ solutions serve high-growth industries requiring
  secure, scalable, and certified solutions. Some examples of the use cases of our products are as follows:
  •
  Smart Homes & Consumer Electronics:
  SEALSQ products help device makers accelerating time to market and reducing costs by easing compliance with the growingly adopted Matter protocol that ensures secure and seamless interoperability across connected devices, addressing a market projected to reach $78 billion by 2025 (Source: Statista 2023).
  •
  Automotive:
  Securing Plug-and-Charge infrastructure (EV Charging stations), a sector expected to grow at a 31% CAGR through 2030 (Source: Fortune Business Insights 2022).
  •
  IoT and Smart Cities:
  Protecting billions of IoT devices, with the number of connected devices requiring protection anticipated to reach 28.3 billion units by 2027 (Source: IoT Analytics 2023).
  •
  Critical Infrastructure:
  Securing smart grids and utilities through FIPS 140-3 certified solutions.
  •
  Healthcare:
  Enabling secure communication for medical devices and sensitive patient data.
  •
  Industrial IoT:
  Providing tamper-resistant chips for sensors and mission-critical systems.
  SEALSQ semiconductors and PKI services contribute to secure
  millions of objects: luxury products, routers, gateways, utilities meters, E.V. chargers, drones, authentication dongles, storage memory
  USB sticks, medical devices, connected door-locks, and a variety of other electronic consumers devices.
  3
  Recent Developments
  May 6, 2025 Registered Direct Offering
  Securities Purchase Agreement
  On May 5, 2025, we entered into a securities purchase agreement (the
  "SPA") with several institutional investors named therein (the "Investors"), pursuant to which we agreed to sell
  and issue 10,000,000 Ordinary Shares to the Investors at a purchase price of US$2.00 per Ordinary Share, in a registered direct offering
  (the "Offering"). The closing of such registered direct offering occurred on May 6, 2024 (the "Closing Date").
  The gross proceeds to the Company from the Offering were approximately
  $20,000,000.00, before deducting the placement agent's fees and other estimated offering expenses payable by the Company.
  The Offering was made pursuant to the Company's existing shelf
  registration statement on Form F-3 (File No. 333- 286098), which was declared effective on April 2, 2025 by the U.S. Securities and Exchange
  Commission (the "Registration Statement"). A prospectus supplement to the Registration Statement for the Offering was filed
  with the Commission on May 6, 2025.
  Pursuant to the terms of the SPA, the Company has agreed that until
  the date that is sixty (60) days after the Closing Date, we may not issue, enter into any agreement to issue or announce the issuance
  or proposed issuance of any Ordinary Shares or Ordinary Share equivalents, effect or enter into an agreement to effect any issuance of
  Ordinary Shares or Ordinary Share equivalents, or, file any registration statement or any amendment or supplement thereto, in each case,
  subject to certain exceptions, without the prior consent of the Investors. The preceding sentence shall not apply to the issuance of,
  or registration statements with respect to (a) Ordinary Shares or options issued pursuant to any stock option plan, and (b) following
  the date which is ten (10) days after the Closing Date, the entering into an agreement and the making of applicable filings with respect
  to an at-the-market offering facility (the "ATM Facility") provided, however, that (x) during the period beginning on date
  which is ten (10) days after the date of the initial launch date of date of the ATM Facility and ending on the date which is forty five
  (45) days after the initial launch date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase
  price that is equal to or greater than $2.52 per Ordinary Share, and (y) during the period beginning on date which is forty six (46) days
  after the date of the initial launch date of date of ATM Facility and ending on the date which is sixty (60) days after the initial launch
  date of the ATM Facility, the Company may sell Ordinary Shares pursuant to the ATM Facility for a purchase price that is equal to or greater
  than $2.31 per Ordinary Share.
  In addition, we agreed not to issue, or enter into any agreement to
  issue, any Ordinary Shares of the Company or "Ordinary Share Equivalents" involving a "Variable Rate Transaction"
  (each as defined in the SPA), provided, however, that notwithstanding the foregoing, the Company may enter into the ATM Facility at any
  time following the date which is ten (10) days after the Closing Date and, subject to the restrictions set forth in the paragraph above,
  may sell Ordinary Shares pursuant to the ATM Facility.
  4
  Further, the Company has agreed that until the date that is the twenty
  four (24) month anniversary of the execution date of the SPA, upon any issuance by the Company or any of its subsidiaries of Ordinary
  Shares or securities exercisable for or convertible into Ordinary Shares for cash consideration, indebtedness or a combination of units
  thereof (a "Subsequent Financing"), the investors have the right to participate (on a pro rata basis based upon the number
  of Ordinary Shares purchased by each Purchaser pursuant to the SPA) in up to an amount of the Subsequent Financing equal to 30% of the
  Subsequent Financing (the "Participation Maximum") on the same terms, conditions and price provided for in the Subsequent
  Financing. This participation right shall not apply in respect of certain issuances pursuant to the Company's stock option plan,
  any business acquisition (excluding any such transaction entered into primarily to raise capital), or the ATM Facility.
  Placement Agency Agreement
  On May 5, 2025, the Company entered into an agency agreement (the "PAA")
  with Maxim Group LLC (the "Placement Agent"), pursuant to which the Company agreed to pay the Placement Agent an aggregate
  fee equal to 7.0% of the aggregate gross proceeds received by the Company from the sale of the Ordinary Shares in the Offering. The Company
  also agreed to reimburse the Placement Agent for up to $40,000 in accountable expenses, including the Placement Agent's legal counsel's
  fees.
  Lock-Up Agreements
  Our parent company, WISeKey International Holding AG ("WISeKey"),
  and certain of our officers have agreed, subject to certain exceptions, not to offer, issue, sell, contract to sell, encumber, grant any
  option for the sale of or otherwise dispose of any of our Ordinary Shares or other securities convertible into or exercisable or exchangeable
  for our Ordinary Shares for a period of 60 days after the Closing Date without the prior written consent of the Placement Agent.
  PERTE CHIP
  WISeKey and SEALSQ jointly,
  together with OdinS and TProtege, two Spanish companies with extensive experience in R&D&i (Research & Development & Innovation)
  worldwide and in the design and manufacturing of IoT devices and solutions, plan to establish in the Region of Murcia a "Center
  of Excellence in Cybersecurity and Microchips" under the financial umbrella of the Microelectronics and Semiconductors Plan (PERTE
  CHIP) initiated by Spain.
  The project called Quantix
  Edges is in the final stages of the approval process by the Sociedad Espanola para la Transformacion Tecnologica (SETT), the Spanish government's
  entity responsible for funding under the PERTE budgets. The project features a EUR 20 million investment by WISeKey, SEALSQ, OdinS and
  TProtege and SETT over a period of 3 years, involving the creation of up to 200 highly qualified direct jobs (300 indirect). The projected
  estimates of the internal rate of return for this project at the end of year 7 are 18% with a net present value of EUR 120 million.
  5
  IC'ALPS
  On February 27, 2025,
  the Company announced that it has entered into exclusive negotiations with the shareholders of IC'ALPS SAS ("IC'ALPS"),
  an ASIC design and supply specialist based in Grenoble, France, to acquire 100% of the share capital and voting rights of IC'ALPS.
  These exclusive negotiations result from the execution of a Letter of Intent with IC'ALPS and its shareholders. The acquisition
  is subject to, amongst other items, the completion of the appropriate due diligence, execution of definitive agreements, and authorization
  by French regulatory authorities. This strategic acquisition would reinforce SEALSQ's commitment to advancing its Application-Specific
  Integrated Circuit (ASIC) development to meet the growing demand in the sector and add approximately 100 highly-skilled staff based out
  of IC'ALPS' current centers in Grenoble and Toulouse, France.
  About This Offering
  This prospectus relates to the public offering, which is not being
  underwritten, by the Selling Stockholders listed in this prospectus, of up to 4,450,467 Ordinary Shares, none of which are currently issued
  and outstanding. The Ordinary Shares offered by this prospectus may be sold by the Selling Stockholders from time to time in the open
  market, through negotiated transactions or otherwise at market prices prevailing at the time of sale or at negotiated prices. We will
  receive none of the proceeds from the sale of the Ordinary Shares by the Selling Stockholders. We will bear all expenses of registration
  incurred in connection with this offering, but all selling and other expenses incurred by the Selling Stockholders will be borne by them.
  Corporate Information
  SEALSQ Corp is a BVI business company
  incorporated and existing under the laws of the British Virgin Islands. Our registered office in the British Virgin Islands is at Craigmuir
  Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Our principal executive offices and effective place of management are located
  at Avenue Louis-Casaï 58, 1216 Cointrin, Switzerland. Our telephone number from the United States is 011 41 22 594 3000. Our website
  can be accessed at www.SEALSQ.com. The information on or linked to on our website is not a part of this reoffer prospectus.
  6
  CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
  This reoffer prospectus contains forward-looking
  statements. These forward-looking statements include information about possible or assumed future results of our operations or our performance.
  Words such as "expects," "intends," "plans," "believes," "anticipates," "estimates,"
  "projects," "forecasts" and variations of such words and similar expressions, as they relate to us, Wisekey International
  Holding S.A., our parent company ("WISeKey"), our management or third parties, are intended to identify the forward-looking
  statements. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations,
  market data, events or developments that SEALSQ expects or anticipates will occur in the future, as well as any other statements which
  are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance
  can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon
  a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond
  our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking
  statements include, but are not limited to, statements we make regarding:
  ·
  Our anticipated goals, growth strategies and profitability;
  ·
  Future operating or financial results;
  ·
  Our planned capital expenditure program for additional production lines to be added to our supply chain;
  ·
  The development of our post-quantum cryptography products and our expectation to generate revenue from
  such products;
  ·
  The potential for post-quantum cryptography products and estimated market size and market growth including
  with respect to our long-term business strategy for post-quantum cryptography;
  ·
  Our intention to make investments in sales and marketing operations including R&D of new products
  such as post-quantum cryptography;
  ·
  Our plans for global customer base expansion;
  ·
  The establishment of a Design Center, OSAT and Personalization project and the projected additional revenue
  that is will generate;
  ·
  Our anticipated pipe growth in 2025;
  ·
  Our belief that the products resulting from our R&D will create additional opportunities for growth;
  ·
  Our expectation about the development of the markets for SEALSQ, including post-quantum cryptography products,
  customized security offerings through ASICs, expanding the role of Metaverse, increase in cyber threats and growth of secure hardware
  market, growing demand for IoT solutions, increase in cybersecurity spending based on the recent regulations and legislations;
  7
  ·
  Our intent to invest heavily in the ongoing development of our products and technology, including anticipated
  fab capacity expansion and utilization and expected ramp and production timelines for the Company's post-quantum semiconductors;;
  ·
  Our expectation that we will continue to gain several benefits from our parent company, WISeKey, including
  the financial reporting and legal support via certain service agreements;
  ·
  Our forecasted decrease in the sales of our traditional semiconductor chips, as our customers transition
  towards post-quantum semiconductor technologies;
  ·
  Our investment in quantum-as-a-service and quantum computing in the cloud;
  ·
  Changes in global trade policies, including the adoption and expansion of tariffs and trade barriers,
  that could affect the macro-economic environment and adversely impact the demand for our products;
  ·
  The availability and costs of equipment, raw materials, utilities, third-party manufacturing services
  and technology, or other supplies required by our operations; and
  ·
  Assumptions underlying or related to any of the foregoing
  The preceding list
  is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs,
  assumptions and expectations of future performance, taking into account the information currently available to us and are only predictions
  based upon our current expectations and projections about future events. There are important factors that could cause our actual results,
  levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements
  expressed or implied by these forward-looking statements. Those factors include, in addition to those set forth under the heading "
  Risk
  Factors
  " in this reoffer prospectus and in the documents incorporated by reference herein and under a similar heading in any
  applicable reoffer prospectus supplement, among others, the following:
  ·
  The adoption by developers and customers of quantum computing;
  ·
  Our ability to sell post-quantum cryptography products to customers;
  ·
  The inability to realize estimated financial position, results of operations or cash flows;
  ·
  Our ability to anticipate market needs and opportunities;
  ·
  Our ability to attract new customers and retain existing customer base;
  ·
  Our ability to foster innovation, to develop new products and enhancements to our existing products;
  ·
  The demand for our products or for the goods into which our products are incorporated;
  8
  ·
  Our expectation that order commitments and non-cancellable orders we received are properly executed;
  ·
  The sufficiency of our cash and cash equivalents to meet our liquidity needs;
  ·
  The impact of any supply chain disruption that we may experience;
  ·
  Our dependency on the timely supply of equipment and materials from our third-party suppliers;
  ·
  Our ability to protect our intellectual property rights;
  ·
  Our ability to keep pace with technical advances in cryptography and semiconductor design;
  ·
  Our ability to raise funds for investment by cash flow from operating activities, advance payments from
  a key customer, and grants and other available subsidies from funding agencies;
  ·
  Our ability to reduce our cost structure and general and administrative costs;
  ·
  Our ability to attract and retain qualified employees and key personnel;
  ·
  Our ability to attract new customers and retain and expand within our existing customer base;
  ·
  Our ability to foster innovation, to develop new products and enhancements to our existing products;
  ·
  The future growth of the information technology and cybersecurity industry;
  ·
  Risks relating to SEALSQ's ability to implement its growth strategies;
  ·
  Our ability to successfully form new strategic partnerships with our alliance partners;
  ·
  Our ability to continue beneficial transactions with material parties, including WISeKey and a limited
  number of significant customers;
  ·
  Our ability to prevent security breaches and unauthorized access to confidential customer information;
  ·
  Our ability to comply with modified or new laws and regulations relating to our industries;
  ·
  The activities of our competitors and the introduction of competing products by our competitors;
  ·
  Market demand and semiconductor industry conditions;
  ·
  Our ability to successfully introduce new technologies and products;
  ·
  Uncertain negative effects from the imposition by the United States of tariffs, sanction or other restrictions
  ·
  The cyclical nature of the semiconductor industry;
  9
  ·
  An economic downturn in the semiconductor industry;
  ·
  Our ability to comply with U.S. and other applicable international laws and regulations;
  ·
  Changes in our overall tax position as a result of changes in tax laws or tax rates, new or revised legislation,
  the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to
  accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
  ·
  Fluctuations in the exchange rates between the U.S. dollar and the other major currencies we use for our
  operations;
  ·
  Our ability to collect accounts receivable;
  ·
  Changes in certain commodities used as raw material, which may affect our gross margin; and
  ·
  How long we will qualify as an emerging growth company or a foreign private issuer.
  Given these
  risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.
  WE UNDERTAKE NO OBLIGATION TO
  PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS REOFFER PROSPECTUS OR THE DOCUMENTS TO WHICH WE REFER YOU IN
  THIS REOFFER PROSPECTUS, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS
  OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED, EXCEPT AS REQUIRED BY LAW.
  10
  RISK FACTORS
  Investing in our
  securities involves significant risks. Before making an investment decision, you should carefully consider the risks described under "
  Risk
  Factors
  " in the applicable prospectus supplement and under
  "Item 3.D: Key Information—Risk Factors
  "
  in our most recent Annual Report on Form 20-F, or any updates in our Reports on Form 6-K, together with all of the other information appearing
  in this reoffer prospectus or incorporated by reference into this reoffer prospectus and any applicable prospectus supplement, in light
  of your particular investment objectives and financial circumstances.
  The risks so described
  are not the only risks facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our
  business operations. Our business, financial condition and results of operations could be materially adversely affected by any of these
  risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. The
  discussion of risks includes or refers to forward-looking statements; you should read the explanation of the qualifications and limitations
  on such forward-looking statements discussed elsewhere in this reoffer prospectus.
  Our
  business could suffer as a result of tariffs and trade sanctions or similar actions.
  The
  imposition by the U.S. government of trade measures, including tariffs, sanctions or other restrictions on goods exported from, or imported
  into, the United States, or countermeasures imposed in response to such U.S. government trade measures, could adversely affect global
  economic conditions, our operations or our ability to sell our products globally, which could adversely affect our operating results and
  financial condition. Recently, the U.S. government has initiated the imposition of stronger trade measures on certain goods exported from,
  or imported into, the U.S., and reciprocally non-U.S. governments have increased their threat and implementation of countermeasures. For
  example, recently, the U.S government announced proposed tariffs on imports of semiconductor chips into the U.S. The U.S. President has
  increased, and reserved for further increases in, the scope and amount of tariffs in the event of retaliatory countermeasures, and the
  future of existing tariffs and, as a result, the possibility for new tariffs and countermeasures, remains very uncertain. A large amount
  of our current supply chain does not directly import products to the U.S. as we supply to contract manufacturers located outside the U.S.
  This is the case even when our ultimate customer is a U.S. company. However, the tariffs on imports of semiconductor chips, or products
  containing semiconductor chips, into the U.S. could impact upon the contract manufacturers, and the entire semiconductor supply chain,
  when the finished goods are delivered to the end-customer. Furthermore, end-customers may seek to restructure the supply chain to areas
  or countries unaffected by tariffs, or demand for the semiconductor supply chain to absorb the added costs of the tariffs and that will,
  in turn, reduce our revenue and gross profit. There is a further possibility that any future tariffs may still impact upon our ability
  to sell our product and to remain competitive in the market. Escalations in trade measures may directly impair our business by increasing
  trade-related costs or disrupting established supply chains and may indirectly impair our business by causing a negative effect on global
  economic conditions and financial markets. In addition, de-escalation of trade measures, or selected exemptions from trade measures, may
  not result in an immediate increase in our business activity. The ultimate impact of the evolving trade measures is uncertain and may
  be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become
  effective, and the amount, scope, or nature of such trade measures.
  11
  Additional
  changes or threatened changes in U.S. trade measures have affected and may continue to affect trade involving many countries as well,
  including Mexico, Canada, Colombia, Taiwan, the People's Republic of China, the United Kingdom, and the member countries of the
  European Union. Each of these measures or threatened measures may instigate reciprocal countermeasures by affected countries, potentially
  accelerating further increases in trade measures. Any trade measure against Taiwan may specifically target imports of semiconductor products,
  which, if imposed, could seriously and negatively affect our business and the U.S. economy overall. The materials subject to these trade
  measures may impact the cost or availability of raw materials used by our suppliers or in our customers' products. We cannot predict
  the evolving trade policies, but the imposition of trade measures by the U.S. on a broader range of imports, or further retaliatory trade
  measures taken in response to additional U.S. trade measures, could increase costs in our supply chain or reduce demand of our customers'
  products, either of which could adversely affect our results of operations. Any increase in trade-related costs associated with such measures
  may impair the profitability of such international production, may strain our suppliers' ability to reliably provide inputs necessary
  to produce these items, and may otherwise affect our partners' abilities to provide our products at previously contracted prices.
  Our business and financial results could be negatively affected as a result.
  USE OF PROCEEDS
  We
  will receive no proceeds from the sale of the Ordinary Shares by the Selling Stockholders. All proceeds from the sale of the Ordinary
  Shares will be for the account of the Selling Stockholders, as described below. See the sections titled "
  Selling Stockholders
  "
  and "
  Plan of Distribution
  " described below.
  12
  DESCRIPTION OF ORDINARY
  SHARES
  The following description of our share structure
  is a summary of the material terms of our amended and restated memorandum and articles of association and BVI corporate law regarding
  our shares and the holders thereof. This description contains all material information concerning our shares but does not purport to be
  complete.
  General
  We are a British Virgin Islands Business Company
  (company number 2095496) and our affairs are governed by our memorandum and articles of association ("Articles"), the BVI
  Business Companies Act, Revised Edition 2020 ("BVI Act") and common law of the British Virgin Islands. Based upon the Articles,
  we are authorized to issue a maximum of 210,000,000 shares in two classes as follows:
  (a)
  200,000,000 Ordinary Shares with a par value of USD 0.01 per share ("Ordinary Shares"); and
  (b)
  10,000,000 Class F Shares with a par value of USD 0.05 per share ("Class F Shares").
  As of the date of this reoffer prospectus, 114,508,901 Ordinary
  Shares are issued and outstanding and 1,499,800 Class F Shares are issued and outstanding. No preferred shares are issued or outstanding
  or authorized by our Articles. The following description summarizes the material terms of our shares as set out more particularly in our
  Articles. Because it is only a summary, it may not contain all the information that is important to you.
  Share Rights
  Each Ordinary Share confers upon the shareholder:
  (a)
  the right to attend any meeting of shareholders;
  (b)
  the right to one vote per Ordinary Share on any resolution of shareholders as against each other Ordinary
  Share but, as a class, the Ordinary Shares shall retain 50.01% of the Company's voting power;
  (c)
  the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which
  shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference or be subordinate
  to any other share;
  13
  (d)
  the right to an equal share in the distribution of the surplus assets of the Company against each other
  Ordinary Share, which shall be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference
  to any other share; and
  (e)
  such other rights and entitlements as may be specified in the Articles.
  Our Ordinary Shareholders have no conversion, pre-emptive
  or other subscription rights and there are no sinking fund or redemption provisions applicable to the Ordinary Shares.
  Each Class F Share confers upon the shareholder:
  (a)
  the right to attend any meeting of shareholders;
  (b)
  a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would
  cause the total votes of all Class F Shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is
  "a majority of the shares present in person or represented by proxy and entitled to vote on such matter", 49.999999% of the
  voting power of shares present in person or represented by proxy and entitled to vote on such matter);
  (c)
  the right to an equal share in any dividend paid by the Company against each other Class F Shares, and
  which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference
  to any other share; and
  (d)
  the right to an equal share in the distribution of the surplus assets of the Company against each other
  Class F Shares, and which shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall
  not rank in preference to any other share.
  The Class F Shares are subject to mandatory and
  automatic redemption, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than
  50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by the Company's board of directors,
  in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed.
  The Class F Shares are non-transferable.
  14
  The Company and the holders of the Class F Shares
  have entered into a Class F Shareholders' Agreement that provides, among other things, that the holders of Class F Shares:
  ·
  will vote the Class F Shares held by them as one and in accordance with the majority (by the number of
  shares held) view of the holders of the Class F Shares; and
  ·
  are bound by the redemption provisions set out in the Articles and that they will take all necessary action
  to comply with them.
  Register of Members
  Under the BVI Act, the shares are deemed to be
  issued when the name of the shareholder is entered in the register of members. Our register of members will be maintained by our transfer
  agent, Computershare Inc.
  If:
  (a)
  information that is required to be entered in the register of members is omitted from the register or
  is inaccurately entered in the register; or
  (b)
  there is unreasonable delay in entering information in the register,
  a shareholder of the company,
  or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts for an order that
  the register be rectified, and the court may either refuse the application or order the rectification of the register, and may direct
  the Company to pay all costs of the application and any damages the applicant may have sustained.
  Dividends
  We have not paid any cash dividends on our shares
  to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings. Under the laws of the British Virgin
  Islands and our Articles, we may only pay a dividend or make a distribution to our shareholders if, following such dividend or distribution,
  the value of our assets will exceed our liabilities and we will be able to pay our debts as they fall due. In addition, the Second Tranche
  Notes prohibit us and our subsidiaries from paying dividends or other cash distributions, except for intercompany transfers to us and
  payments to WISeKey.
  15
  Comparison of Shareholder Rights
  DELAWARE CORPORATE LAW
  BVI CORPORATE LAW
  Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action.
  Class actions and derivative actions are generally not available
      to shareholders under British Virgin Islands law.
  The British Virgin Islands courts, however, would ordinarily be
      expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained
      of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum
      and articles of association. Furthermore, consideration would be given by a British Virgin Islands court to acts that are alleged to constitute
      a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's
      shareholders than that which actually approved it.
  When the affairs of a company are being conducted in a manner which
      is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the High Court of
      the British Virgin Islands, which may make such order as it sees fit, including an order regulating the conduct of the company's
      affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company.
  Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws.
  The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors.
  Unless directors are elected by written consent in lieu of an annual
      meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated by or in the manner provided in
      the bylaws. Re-election is possible.
  Classified boards are permitted.
  The Articles provide that the directors shall be appointed at the Company's annual general meeting and will hold office until the next annual general meeting or until their earlier death, resignation or removal. Re-election is possible. The directors of the Company may appoint directors where there is a vacancy.
  16
  DELAWARE CORPORATE LAW
  BVI CORPORATE LAW
  The Delaware General Corporation Law provides that a certificate
      of incorporation may contain a provision eliminating or limiting the personal liability of directors (but not other controlling persons)
      of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision in the certificate of incorporation
      may eliminate or limit the liability of a director for:
  ·
  any breach of a director's duty of loyalty to the corporation or its shareholders;
  ·
  acts
  or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
  ·
  statutory
  liability for unlawful payment of dividends or unlawful stock purchase or redemption; or
  ·
  any
  transaction from which the director derived an improper personal benefit.
  A Delaware corporation may indemnify any person who was or is a
      party or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person
      is or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good
      faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer,
      with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
  Unless ordered by a court, any foregoing indemnification is subject
      to a determination that the director or officer has met the applicable standard of conduct:
  ·
  by
  a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;
  ·
  by
  a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;
  ·
  by independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct;
  or
  ·
  by
  the shareholders.
  Moreover, a Delaware corporation may not indemnify a director or
      officer in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and
      only to the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case,
      the director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper.
  Section 132 of the BVI Act, and the Articles, provide that, subject
      to certain limitations, SEALSQ shall indemnify its directors and officers against all expenses, including legal fees, and against all
      judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings.
      Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of the company and, in the
      case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.
  Section 133 of the BVI Act permits a company to purchase and maintain
      insurance for the benefit of any officer or director in respect of any loss or liability attaching to them in respect of any negligence,
      default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director.
  17
  DELAWARE CORPORATE LAW
  BVI CORPORATE LAW
  A director of a Delaware corporation has a fiduciary duty to the
      corporation and its shareholders. This duty has two components:
  ·
  the duty of care; and
  ·
  the duty of loyalty.
  The BVI Act imposes a duty on directors and officers of a British
      Virgin Islands company:
  (a)
  to
  act honestly and in good faith and in what the director believes to be in the best interests of the company when exercising their powers
  as a director;
  (b)
  to exercise the reasonable care, diligence, and skill that a reasonable director would exercise in the same circumstances taking
  into account, but without limitation:
  i.
  the nature of the company;
  ii.
  the nature of the decision; and
  iii.
  the position of the director and the nature of their responsibilities;
  (c)
  to exercise their duties for proper purpose and in accordance with the BVI Act and the memorandum and association of the company;
  and
  (d)
  to disclose any interest which they have in a transaction entered into or to be entered into by the company.
  The statutory duties imposed on directors, by the BVI Act, are
      further supplemented by common law duties established (over centuries) of case law. There is considerable overlap between the common law
      and the BVI Act and in most circumstances it is not necessary to consider the two separately.
  In addition, the BVI Act imposes various duties on directors and
      officers of a company with respect to certain matters of management and administration of the company.
  18
  DELAWARE CORPORATE LAW
  BVI CORPORATE LAW
  The duty of care requires that a director act in good faith, with
      the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself
      of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty
      requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
      position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
      and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
      shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
      honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence
      a breach of one of the fiduciary duties.
  Should such evidence be presented concerning a transaction by a
      director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
  The BVI Act also imposes a duty on directors and officers of a
      British Virgin Islands company to:
  (a)
  act
  honestly and in good faith with a view to the best interests of the company; and
  (b)
  exercise the care, diligence and skill that a reasonable director or officer would exercise in the same circumstances.
  In addition, the BVI Act imposes various duties on directors and
      officers of a company with respect to certain matters of management and administration of the company.
  A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.
  The BVI Act provides that shareholders may take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of the Company who at the date of the notice of the resolution represent such majority of votes of shares as would be entitled to vote on such resolution.
  A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.
  Under the Articles, shareholders entitled to exercise 30% or more of the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders.
  19
  DELAWARE
      CORPORATE LAW
  BVI CORPORATE LAW
  Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation provides for it.
  Under British Virgin Islands law, the voting rights of shareholders
      are regulated by the company's memorandum and articles of association and, in certain circumstances, by the BVI Act.
  The Articles do not provide for cumulative voting.
  A Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.
  Under the Articles, a director may be removed:
  (a)
  with or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the
  director or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the
  shares entitled to vote; or
  (b)
  with cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors
  called for the purpose of removing the director or for purposes including the removal of the director.
  The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation's outstanding voting stock within the past three years.
  There is no similar law in the British Virgin Islands.
  Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.
  As permitted by the BVI Act and our Articles, we may be voluntarily
      liquidated under Part XII of the BVI Act by resolution of directors or resolution of shareholders if we have no liabilities or we are
      able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.
  A company may also be wound up where a court deems it just and
      equitable to do so and in circumstances where they are insolvent in accordance with the terms of the BVI Insolvency Act.
  20
  DELAWARE
      CORPORATE LAW
  BVI CORPORATE LAW
  A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.
  Under the Articles, the rights conferred upon the holders of our shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes of the shares of that class which were present at the meeting and were voted.
  A Delaware corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.
  A British Virgin Islands company's memorandum and articles of association may be amended by resolutions of the board of directors and the shareholders, subject to the BVI Act and the memorandum and articles of association.
  Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation.
  Under the BVI Act, members of the general public, on payment of
      a nominal fee, can obtain copies of the public records of a company available at the office of the BVI Registrar which will include the
      company's certificate of incorporation, its memorandum and articles of association (with any amendments), a list of the current
      directors and records of license fees paid to date and will also disclose any articles of dissolution, articles of merger and a register
      of charges if the company has elected to file such a register.
  A shareholder of a company is entitled, on giving written notice
      to the company, to inspect:
  (a)
  the memorandum and articles;
  (b)
  the register of members;
  (c)
  the register of directors; and
  (d)
  the minutes of meetings and resolutions of members and of those classes of members of which they are a member,
  and to make copies of or take extracts from the documents and records
      referred to above.
  Subject to the memorandum and articles of association, the directors
      may, if they are satisfied that it would be contrary to the company's interests to allow a member to inspect any document, or part
      of a document, specified above, refuse to permit the member to inspect the document or limit the inspection of the document, including
      limiting the making of copies or the taking of extracts from the records.
  Where a company fails or refuses to permit a member to inspect
      a document or permits a member to inspect a document subject to limitations, that member may apply to a British Virgin Islands Court for
      an order that they should be permitted to inspect the document or to inspect the document without limitation.
  21
  DELAWARE CORPORATE LAW
  BVI CORPORATE LAW
  The board of directors may approve a dividend without shareholder
      approval. Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the
      shares of its capital stock either:
  ·
  out of its surplus, or
  ·
  in case there is no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding
      fiscal year.
  Stockholder approval is required to authorize capital stock in
      excess of that provided in the charter. Directors may issue authorized shares without stockholder approval.
  Under British Virgin Islands law, the board of directors may declare
      a dividend without shareholder approval, but a company may not declare or pay dividends if there are reasonable grounds for believing
      that:
  (a)
  the company is, or would after the payment be, unable to pay its debts as they fall due; or
  (b)
  that the value of the company's assets would be less than its liabilities.
  All creation of shares require the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company's certificate of incorporation.
  The number of shares that a British Virgin Islands company is authorized
      to issue is set out in the memorandum and articles of association.
  The Articles provide that the company is authorized to issue 210,000,000
      shares in two classes as follows:
  (a)
  200,000,000
  Ordinary Shares; and
  (b)
  10,000,000 Class F Shares.
  Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.
  The consolidation or merger of a British Virgin Islands company
  with another company or corporation (other than certain affiliated companies) requires the consolidation or merger to be approved by
  the company's board of directors and by its shareholders. Unless the company's memorandum and articles of association provide
  otherwise, the approval of a majority of the shareholders voting at a meeting of shareholders is required to approve the consolidation
  or merger agreement.
  Under British Virgin Islands law, in the event of a consolidation
      or merger of a British Virgin Islands company with another company or corporation, a shareholder of the British Virgin Islands company
      who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder's
      shares may seek fair value for those shares in accordance with Section 179 of the BVI Act.
  22
  SELLING STOCKHOLDERS
  The table below sets forth
  information regarding beneficial ownership of our Ordinary Shares as of May 8, 2025, as adjusted to reflect the Ordinary Shares that may
  be sold from time to time pursuant to this Reoffer Prospectus for all Selling Stockholders, as identified in the table. We will not receive
  any proceeds from the resale of the Ordinary Shares by the Selling Stockholders. The Ordinary Shares offered by the Selling Stockholders
  hereunder registers an aggregate of 4,450,467 Ordinary Shares issuable upon the exercise of options to purchase Ordinary Shares issued
  under the SEALSQ Corp Ordinary Share Option Plan (the "Plan").
  In accordance with the rules
  of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the Ordinary Shares issuable
  pursuant to stock options that are exercisable within 60 days of May 9, 2025. Ordinary Shares issuable pursuant to such stock options
  are deemed outstanding for computing the percentage of the person holding such options but are not outstanding for computing the percentage
  of any other person.
  The table below sets forth,
  as of May 8, 2025, (i) the name of each person who is offering the resale of Ordinary Shares by this Reoffer Prospectus; (ii) the number
  (and the percentage, if 1% or greater) of Ordinary Shares that each Selling Stockholder may offer for sale from time to time pursuant
  to this Reoffer Prospectus, whether or not such Selling Stockholder has a present intention to do so; and (iii) the number of shares (and
  the percentage, if 1% or greater) of Ordinary Shares each person will own after the offering, assuming such person sells all of the Ordinary
  Shares offered. We have based percentage ownership of our Ordinary Shares before this offering on 114,508,901 Ordinary Shares outstanding
  as of May 6, 2025.
  Unless otherwise indicated,
  beneficial ownership is direct and the person indicated has sole voting and investment power. Unless otherwise indicated, the address
  for each Selling Stockholder listed in the table below is c/o SEALSQ Corp succursale de Meyrin, Avenue Louis-Casai 58, 1216 Cointrin,
  Switzerland.
  23
  Selling Stockholder
  Ordinary
  Shares
  Beneficially
  Owned
  Prior
  to
  this
  Offering (1)
  Percentage
  of
  Ordinary
  Shares
  Beneficially
  Owned
  Prior to this
  Offering
  (1)
  Ordinary
  Shares
  Offered
  for
  Resale
  in this
  Offering
  Ordinary Shares
  Beneficially
  Owned
  After this
  Offering
  (2)
  Percentage of
  Ordinary Shares
  Beneficially
  Owned After
  this Offering
  (1)(2)
  Carlos Moreira
  95,325
  **
  1,650,000
  1,745,325
  1.46
  %
  John O'Hara*
  412
  **
  730,500
  730,912
  **
  Peter Ward
  315
  **
  366,746
  367,061
  **
  Cristina Dolan
  0
  **
  85,081
  85,081
  **
  David Fergusson
  10
  **
  54,373
  54,383
  **
  Ruma Bose
  0
  **
  106,771
  106,771
  **
  Eric Pellaton
  2,987
  **
  85,081
  88,068
  **
  Danil Kerimi
  0
  **
  100,065
  100,065
  **
  Bernard Vian*
  0
  **
  417,280
  417,280
  **
  Jean-Pierre Enguent*
  0
  **
  232,870
  232,870
  **
  Franck Buonanno*
  0
  **
  111,700
  111,700
  **
  Nathalie Verjus*
  0
  **
  510,000
  510,000
  **
  * Options granted subject to execution of grant
  agreement.
  ** Less than 1%
  (1)
  Beneficial ownership and the percentage of Ordinary Shares beneficially owned is computed on the basis of 114,508,901 Ordinary Shares outstanding as of May 6, 2025 and determined in accordance with the rules and regulations of the SEC.
  (2)
  Assumes that all of the Ordinary Shares held by each Selling Stockholder and being offered under this Reoffer Prospectus are sold, and that no Selling Stockholder will acquire additional Ordinary Shares before the completion of this offering.
  The Selling Stockholders identified in
  the table above may have sold, transferred or otherwise disposed of some or all of their shares since the date on which the information
  in the table is presented in transactions exempt from or not subject to the registration requirements of the Securities Act. Information
  concerning the Selling Stockholders may change from time to time and, if necessary, we will amend or supplement this Reoffer Prospectus
  accordingly. We cannot give an estimate as to the number of Ordinary Shares that will actually be held by the Selling Stockholders upon
  termination of this offering because the Selling Stockholders may offer some or all of their Ordinary Shares under the offering contemplated
  by this Reoffer Prospectus or acquire additional Ordinary Shares. The total number of shares that may be sold hereunder will not exceed
  the number of shares offered hereby. Please read the section entitled "
  Plan of Distribution
  "
  in this Reoffer Prospectus.
  24
  PLAN OF DISTRIBUTION
  We are registering
  the Ordinary Shares covered by this Reoffer Prospectus to permit the Selling Stockholders to conduct public secondary trading of the Ordinary
  Shares from time to time after the date of this Reoffer Prospectus. As used herein, references to "Selling Stockholders" includes
  donees, pledgees, transferees, distributees or other
  successors-in-interest
  selling Ordinary Shares
  received after the date of this Reoffer Prospectus from a Selling Stockholder as a gift, pledge, partnership distribution, or other transfer.
  We will not receive any of the proceeds from the
  sale of the Ordinary Shares offered by this Reoffer Prospectus. The aggregate proceeds to the Selling Stockholders from the sale of the
  Ordinary Shares will be the purchase price of the Ordinary Shares less any discounts and commissions. We will not pay any brokers'
  or underwriters' discounts and commissions in connection with the registration and sale of the Ordinary Shares covered by this Reoffer
  Prospectus. The Selling Stockholders will pay any underwriting discounts and commissions and expenses incurred by them for brokerage,
  accounting, tax or legal services or any other expenses incurred by them in disposing of the Ordinary Shares. We will bear the costs,
  fees and expenses incurred in effecting the registration of the Ordinary Shares covered by this Reoffer Prospectus, including all registration
  and filing fees and fees and expenses of our counsel and our independent registered public accounting firm. The Selling Stockholders reserve
  the right to accept and, together with their respective agents, to reject, any proposed purchases of the Ordinary Shares to be made directly
  or through agents.
  The Shares offered by this Reoffer Prospectus may be sold from time
  to time to purchasers:
  •
  directly by the Selling Stockholders;
  •
  through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, commissions or agent's commissions from the Selling Stockholders or the purchasers of the Ordinary Shares; or
  •
  through a combination of any of these methods of sale.
  Any underwriters, broker-dealers or agents who
  participate in the sale or distribution of the Shares may be deemed to be "underwriters" within the meaning of the Securities
  Act. As a result, any discounts, commissions or concessions received by any such broker-dealer or agents who are deemed to be underwriters
  will be deemed to be underwriting discounts and commissions under the Securities Act. Underwriters are subject to the prospectus delivery
  requirements of the Securities Act and may be subject to certain statutory liabilities under the Securities Act and the Securities Exchange
  Act of 1934, as amended (the "Exchange Act"). The Selling Stockholders may agree to indemnify any broker, dealer, or agent
  that participates in transactions involving sales of the Ordinary Shares against certain liabilities in connection with the offering of
  the Ordinary Shares arising under the Securities Act. We will make copies of this Reoffer Prospectus available to the Selling Stockholders
  for the purpose of satisfying the prospectus delivery requirements of the Securities Act. To our knowledge, there are currently no plans,
  arrangements or understandings between the Selling Stockholders and any underwriter, broker-dealer or agent regarding the sale of the
  Ordinary Shares by the Selling Stockholders.
  25
  The Ordinary Shares may be sold in one or more
  transactions at:
  •
  fixed prices;
  •
  prevailing market prices at the time of sale;
  •
  prices related to such prevailing market prices;
  •
  varying prices determined at the time of sale; or
  •
  negotiated prices.
  These sales may be effected in one or more transactions:
  •
  through one or more underwritten offerings on a firm commitment or best efforts basis;
  •
  settlement of short sales entered into after the date of this Reoffer Prospectus;
  •
  agreements with broker-dealers to sell a specified number of the securities at a stipulated price per share;
  •
  in "at the market" offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;
  •
  on any national securities exchange or quotation service on which the Shares may be listed or quoted at the time of sale, including Nasdaq;
  •
  in the over-the-counter market;
  •
  in privately negotiated transactions;
  •
  in transactions otherwise than on such exchanges or services or in the over-the-counter market;
  •
  in options or other hedging transactions, whether through an options exchange or otherwise;
  •
  in distributions to members, limited partners or stockholders of Selling Stockholders;
  •
  through trading plans entered into by the Selling Stockholder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant to this Reoffer Prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans;
  •
  any other method permitted by applicable law; or
  •
  through any combination of the foregoing.
  26
  These transactions may include block transactions
  or crosses. Crosses are transactions in which the same broker acts as an agent on both sides of the trade.
  At the time a particular offering of the Ordinary
  Shares is made, a prospectus supplement, if required, will be distributed, which will set forth the name of the Selling Stockholders,
  the aggregate amount of Ordinary Shares being offered and the terms of the offering, including, to the extent required, (1) the name or
  names of any underwriters, broker-dealers or agents, (2) any discounts, commissions and other terms constituting compensation from the
  Selling Stockholders and (3) any discounts, commissions or concessions allowed or reallowed to be paid to broker-dealers.
  The Selling Stockholders
  also may transfer the securities in other circumstances, in which case the transferees, pledgees or other
  successors-in-interest
  will be the selling beneficial owners for purposes of this Reoffer Prospectus. Upon being notified by a
  Selling Stockholder that a donee, pledgee, transferee, other
  successor-in-interest
  intends to sell
  our Ordinary Shares, we will, to the extent required, promptly file a supplement to this Reoffer Prospectus to name specifically such
  person as a Selling Stockholder.
  The Selling Stockholders will act independently
  of us in making decisions with respect to the timing, manner, and size of each resale or other transfer. There can be no assurance that
  the Selling Stockholders will sell any or all the Ordinary Shares under this Reoffer Prospectus. Further, we cannot assure you that the
  Selling Stockholders will not transfer, distribute, devise or gift the Ordinary Shares by other means not described in this Reoffer Prospectus.
  In addition, any Ordinary Shares covered by this Reoffer Prospectus that qualify for sale under Rule 144 of the Securities Act may be
  sold under Rule 144 rather than under this Reoffer Prospectus. The Ordinary Shares may be sold in some states only through registered
  or licensed brokers or dealers. In addition, in some states the Ordinary Shares may not be sold unless they have been registered or qualified
  for sale or an exemption from registration or qualification is available and complied with.
  The Selling Stockholders and any other person participating
  in the sale of the Ordinary Shares will be subject to the Exchange Act. The Exchange Act rules include, without limitation, Regulation
  M, which may limit the timing of purchases and sales of any of the Ordinary Shares by the Selling Stockholders and any other person. In
  addition, Regulation M may restrict the ability of any person engaged in the distribution of the Ordinary Shares to engage in market-making
  activities with respect to the particular securities being distributed. This may affect the marketability of the Ordinary Shares and the
  ability of any person or entity to engage in market-making activities with respect to the Ordinary Shares.
  Once sold under the registration statement of which
  this Reoffer Prospectus forms a part, the Ordinary Shares will be freely tradable in the hands of persons other than our affiliates.
  For additional information
  regarding expenses of registration, see the section titled "
  Use of Proceeds
  " appearing
  elsewhere in this Reoffer Prospectus.
  27
  LEGAL MATTERS
  Certain legal matters with
  respect to British Virgin Islands law in connection with this offering are being passed upon for us by Harney Westwood & Riegels (BVI)
  LP. Certain matters of U.S. federal and New York law are being passed upon for us by Patterson Belknap Webb & Tyler LLP, New York,
  New York.
  EXPERTS
  The financial statements of SEALSQ Corp as of
  and for the year ended December 31, 2024 and December 31, 2023, in each case incorporated by reference in this reoffer prospectus from
  the Company's Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated in reliance on the reports
  of BDO Ltd, an independent registered public accounting firm, given upon the authority of said firm as experts in accounting and auditing.
  The financial statements of SEALSQ Corp Predecessor as of and for the year ended December 31, 2022, incorporated by reference in this
  reoffer prospectus from the Company's Annual Report on Form 20-F for the year ended December 31, 2024 have been so incorporated
  in reliance on the report of BDO Rhône Alpes, an independent registered public accounting firm, given upon their authority as experts
  in accounting and auditing.
  WHERE YOU CAN FIND MORE INFORMATION
  We have filed with
  the SEC a registration statement on Form S-8 under the Securities Act, relating to this offering of securities. As permitted by SEC rules,
  this reoffer prospectus does not contain all of the information contained in the registration statement of which this reoffer prospectus
  forms a part. Statements made in this reoffer prospectus concerning the contents of any contract, agreement or other document are summaries
  of all material information about the documents summarized, but are not complete descriptions of all terms of these documents. If we filed
  any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its
  terms.
  We are subject
  to the informational requirements of the Exchange Act applicable to foreign private issuers. In accordance with the Exchange Act, we file
  reports, including annual reports on Form 20-F containing financial statements audited by an independent accounting firm. We also furnish
  to the SEC, under cover of Reports of Foreign Private Issuer on Form 6-K, material information required to be made public by us or filed
  by us with and made public by any stock exchange or distributed by us to our shareholders. Such reports and other information filed with
  the SEC are available to the public over the internet at the SEC's website at http://www.sec.gov. We also generally make available
  on our own website (
  www.sealsq.com
  ) our half-year and year-end financial statements as well as other information.
  As a foreign private
  issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders,
  and our officers, directors and principal shareholders are exempt from the "short-swing profits" reporting and liability provisions
  contained in Section 16 of the Exchange Act and related Exchange Act rules. In addition, we are not required under the Exchange Act to
  file periodic reports and financial statements as frequently or as promptly as U.S. companies whose securities are registered under the
  Exchange Act.
  We maintain a corporate
  website at www.sealsq.com. Information contained on, or that can be accessed through, our website does not constitute a part of this reoffer
  prospectus. We have included our website address in this reoffer prospectus solely as an inactive textual reference.
  28
  INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
  The SEC allows
  us to incorporate by reference our publicly filed reports into this reoffer prospectus, which means that information included in those
  reports is considered part of this reoffer prospectus. Because we are incorporating by reference future filings with the SEC, this reoffer
  prospectus is continually updated and those future filings may modify or supersede some of the information included or incorporated by
  reference in this reoffer prospectus. This means that you must look at all of the SEC filings that we incorporate by reference to determine
  if any of the statements in this reoffer prospectus or in any document previously incorporated by reference have been modified or superseded.
  This reoffer prospectus incorporates by reference the documents listed below and any future filings we make with the SEC under Sections
  13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") (in each case, other than those documents
  or the portions of those documents furnished, rather than filed), and, to the extent designated therein, reports on Form 6-K, until the
  offering of the securities under the registration statement of which this reoffer prospectus forms a part is terminated or completed:
  ·
  our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;
  ·
  our Reports on Form 6-K furnished by us to the SEC on March 21, 2025, March 24, 2025, April 9, 2025,
  April 30, 2025, and May 6, 2025; and
  ·
  the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with
  the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with
  the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this reoffer prospectus
  under "
  Description of Ordinary Shares
  ," including any subsequent amendment or any report filed for the purpose of updating
  such description.
  The SEC maintains
  an Internet site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
  like us that file electronically with the SEC.
  We will also incorporate
  by reference all subsequent Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by reference certain
  future materials furnished to the SEC on Form 6-K after the date of this reoffer prospectus, but only to the extent specifically indicated
  in those submissions or in a future reoffer prospectus supplement. Each subsequently filed Annual Report should be deemed to supersede
  entirely each earlier filed Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly stated otherwise,
  such earlier reports should not be deemed to be part of this reoffer prospectus or any accompanying prospectus supplement and you should
  not rely upon statements made in those earlier periodic reports. In all cases, you should rely on the later information over different
  information in this reoffer prospectus or any accompanying prospectus supplement.
  We will furnish
  without charge to you, on written or oral request, a copy of any or all of the above documents, other than exhibits to such documents
  which are not specifically incorporated by reference therein. You should direct any requests for documents to:
  SEALSQ Corp
  Avenue Louis-Casaï 58
  1216 Cointrin Switzerland
  Tel: 011-41-22-594-3000
  Fax: 011-41-22-594-3001
  The information
  relating to us contained in this reoffer prospectus is not comprehensive and should be read together with the information contained in
  the incorporated documents. Descriptions contained in the incorporated documents as to the contents of any contract or other document
  may not contain all of the information which is of interest to you. You should refer to the copy of such contract or other document filed
  as an exhibit to our filings.
  29
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference.
  The SEC allows us to incorporate by reference our
  publicly filed reports into this Registration Statement, which means that information included in those reports is considered part of
  this Registration Statement. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated
  and those future filings may modify or supersede some of the information included or incorporated by reference in this Registration Statement.
  This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this
  Registration Statement or in any document previously incorporated by reference have been modified or superseded. This Registration Statement
  incorporates by reference the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d)
  of the Securities Exchange Act of 1934 (the "Exchange Act") (in each case, other than those documents or the portions of those
  documents furnished, rather than filed), and, to the extent designated therein, reports on Form 6-K, until the offering of the securities
  under the registration statement of which this prospectus forms a part is terminated or completed:
  ·
  our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025;
  ·
  our Reports on Form 6-K furnished by us to the SEC on March 21, 2025, March 24, 2025, April 9, 2025,
  April 30, 2025, and May 6, 2025; and
  ·
  the description of our Ordinary Shares contained in our Registration Statement on Form 8-A filed with
  the SEC on May 18, 2023, as amended by Exhibit 2.4 to our Annual Report on Form 20-F for the year ended December 31, 2024, filed with
  the SEC on March 20, 2025, as further amended and supplemented by the description of our Securities contained in this prospectus under
  "
  Description of Ordinary Shares
  ," including any subsequent amendment or any report filed for the purpose of updating
  such description.
  The SEC maintains an Internet site at
  http://www.sec.gov
  that
  contains reports, proxy and information statements, and other information regarding issuers like us that file electronically with the
  SEC.
  We will also incorporate by reference all subsequent
  Annual Reports on Form 20-F that we file with the SEC. In addition, we will incorporate by reference certain future materials furnished
  to the SEC on Form 6-K after the date of the initial registration statement, but only to the extent specifically indicated in those submissions
  or in a future prospectus supplement. Each subsequently filed Annual Report should be deemed to supersede entirely each earlier filed
  Annual Report and the materials furnished on an earlier Form 6-K and, unless explicitly stated otherwise, such earlier reports should
  not be deemed to be part of this Registration Statement and you should not rely upon statements made in those earlier periodic reports.
  In all cases, you should rely on the later information over different information in this Registration Statement.
  We will furnish without charge to you, on written
  or oral request, a copy of any or all of the above documents, other than exhibits to such documents which are not specifically incorporated
  by reference therein. You should direct any requests for documents to:
  SEALSQ Corp
  Avenue Louis-Casaï 58
  1216 Cointrin Switzerland
  Tel: 011-41-22-594-3000
  Fax: 011-41-22-594-3001
  The information relating to us contained in this
  Registration Statement is not comprehensive and should be read together with the information contained in the incorporated documents.
  Descriptions contained in the incorporated documents as to the contents of any contract or other document may not contain all of the information
  which is of interest to you. You should refer to the copy of such contract or other document filed as an exhibit to our filings.
  30
  Item 4.
  Description of Securities.
  Not Applicable.
  Item 5.
  Interests of Named Experts and Counsel.
  Not Applicable.
  Item 6.
  Indemnification of Directors and Officers.
  Our memorandum and articles of
  association ("Articles") provide that, subject to certain limitations, the Company shall indemnify its directors and officers
  against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
  connection with legal, administrative or investigative proceedings. Such indemnity is only permitted under the BVI Act and the Articles
  if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings,
  the person had no reasonable cause to believe that their conduct was unlawful. The decision of the directors as to whether the person
  acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause
  to believe that their conduct was unlawful, is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question
  of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi
  does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests
  of the Company or that the person had reasonable cause to believe that their conduct was unlawful.
  The Company has entered into
  agreements with its officers and directors to provide contractual indemnification in addition to the indemnification provided for in the
  Articles. The Articles also permit the Company to purchase and maintain insurance on behalf of any officer or director who at the request
  of the Company is or was serving as a director or officer of, or in any other capacity is or was acting for, another company or a partnership,
  joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity,
  whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.
  The Company has purchased a policy of directors' and officers' liability insurance that insures the Company's officers
  and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures the Company against its
  obligations to indemnify the Company's officers and directors.
  These provisions may discourage
  shareholders from bringing a lawsuit against the Company's directors for breach of their statutory or fiduciary duty. These provisions
  may also have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
  if successful, might otherwise benefit the Company and the shareholders. Furthermore, a shareholder's investment may be adversely
  affected to the extent the Company pays the costs of settlement and damage awards against officers and directors pursuant to these indemnification
  provisions.
  The Company believes that these
  provisions, the insurance and the indemnity agreements are reasonable and necessary to attract and retain talented and experienced officers
  and directors.
  Insofar as indemnification for
  liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
  provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
  Act and is therefore unenforceable.
  31
  Item 7.
  Exemption from Registration Claimed.
  Not Applicable.
  Item 8.
  Exhibits.
  Exhibit
  Number
  Exhibit Description
  5.1*
  Opinion of Harneys regarding the validity of the securities being registered.
  23.1*
  Consent of BDO Ltd, an independent public accounting firm
  23.2*
  Consent of BDO Rhône-Alpes, an independent public accounting firm
  23.3*
  Consent of Harneys (included in Exhibit 5.1)
  24.1*
  Power of Attorney (contained on the signature pages hereto).
  99.1
  SEALSQ Corp Ordinary Share Option Plan, effective as of September 15, 2023 (incorporated by reference to Exhibit 4.42 to the Company's Annual Report on Form 20-F filed with the SEC on March 20, 2025)
  99.2
  Form of Stock Option Award (included in Exhibit 99.1)
  107*
  Filing Fee Table.
  *
  Filed herewith.
  32
  Item 9.
  Undertakings.
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
  (ii)
  To reflect in the prospectus any facts or events arising after the effective date of this 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 SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
  (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) of this section 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 SEC by the Registrant pursuant to Section 13 or Section 15(d)
  of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.
  (2)
  That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (c)
  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such 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 Act and will be governed by the final adjudication of such issue.
  33
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act of 1933, 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
  Cointrin, Switzerland on the 9
  th
  day of May, 2025.
  SEALSQ Corp
  By:
  /s/ John O'Hara
  Name:
  John O'Hara
  Title:
  Chief Financial Officer
  By:
  /s/
  Carlos Moreira
  Name:
  Carlos Moreira
  Title:
  Chief Executive Officer
  34
  POWER OF ATTORNEY
  KNOW ALL MEN BY THESE
  PRESENTS
  , that each person whose signature appears below constitutes and appoints Carlos Moreira and John O'Hara, or either
  of them, with full power to act alone, his or her true lawful attorneys-in-fact and agents, with full powers of substitution and re-substitution,
  for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this
  registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same distribution
  which may be filed under Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and
  other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents full power and authority to do
  and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she might or could do in
  person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done
  by virtue hereof.
  Pursuant to the requirements
  of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated
  on May 9, 2025.
  Signature
  Title
  /s/
  Carlos Moreira
  Chief Executive Officer and Director
  Carlos Moreira
  (Principal Executive Officer)
  /s/
  John O'Hara
  Chief Financial Officer and Director
  John O'Hara
  (Principal Financial Officer and Principal Accounting Officer)
  /s/
  Cristina Dolan
  Director
  Cristina Dolan
  /s/
  David Fergusson
  Director
  David Fergusson
  /s/
  Eric Pellaton
  Director
  Eric Pellaton
  /s/
  Danil Kerimi
  Director
  Danil Kerimi
  /s/
  Ruma Bose
  Director
  Ruma Bose
  /s/
  Peter Ward
  Director
  Peter Ward
  35
  United States Authorized
  Representative
  Pursuant to the requirements
  of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States,
  has signed this registration statement or amendment thereto in the City of New York, State of New York, on May 9, 2025.
  Authorized U.S. Representative Cogency Global Inc.
  By:
  /s/
  Colleen A. De Vries
  Name:
  Colleen A. De Vries
  Title:
  Senior Vice-President on behalf of Cogency
  36