UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
September 2023
Commission File Number: 0001723069
Tiziana
Life Sciences Ltd.
(Exact Name of Registrant as Specified in Its Charter)
4th
Floor, 14-14 Conduit Street
London
W1S 2XJ
(Address of registrant’s principal executive
office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On
September 1, 2023, Tiziana Life Sciences Ltd. (the “Company”) entered into an At Market Issuance Sales Agreement (the
“Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley”), as sales agent. Pursuant to the
terms of the Sales Agreement, the Company may issue and sell from time to time shares of its common shares, par value $0.001 per share,
through B. Riley, acting as its sales agent, or directly to B. Riley, acting as principal. Pursuant to the Company’s prospectus
supplement filed on September 1, 2023, the Company may issue and sell its common shares having an aggregate offering price of up to $50.0
million (the “Shares”).
Under
the Sales Agreement, Shares will be offered and sold pursuant to the Company’s shelf registration statement on Form F-3 (File No. 333-252441)
filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2021, declared effective by the SEC on
March 3, 2022. In addition, under the Sales Agreement, sales of Shares may be made by any method permitted by law deemed to be an “at
the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended.
The
Company will pay B. Riley a commission rate of up to 3.0% of the gross proceeds from each sale of Shares and has agreed to provide B.
Riley with customary indemnification and contribution rights. The Company will also reimburse B. Riley for certain specified expenses
in connection with entering into the Sales Agreement.
The
Company has no obligation to sell any of the Shares under the Sales Agreement and may at any time suspend the offering of its common stock
upon notice and subject to other conditions.
The
Sales Agreement contains customary representations, warranties and agreements by the Company, other obligations of the parties and termination
provisions.
The
Company intends to use the net proceeds from the sale of any Shares sold under the Sales Agreement for general corporate purposes, which
may include, among other things, increasing the Company’s working capital, financing ongoing operating expenses and overhead, funding
capital expenditures, repayment of debt, acquisitions, and investments in the Company’s subsidiaries.
A
copy of the Sales Agreement is filed as Exhibit 1.1 to this Form 6-K, and the description of the terms of the Sales Agreement
in this Form 6-K is qualified in its entirety by reference to such exhibit. A copy of the opinion of Conyers Dill & Pearman Limited
relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto.
This
Form 6-K shall not constitute an offer to sell or the solicitation of an offer to buy any Shares, nor shall there be any sale of
Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.
Exhibit
Index
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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TIZIANA LIFE SCIENCES LTD |
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| Date: September 1, 2023 |
By: |
/s/ Keeren Shah |
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Name: |
Keeren Shah |
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Title: |
Chief Financial Officer |
3
Exhibit 1.1
TIZIANA LIFE SCIENCES LTD.
Common Shares
($0.001 par value per share)
At Market Issuance Sales Agreement
September 1, 2023
B. Riley Securities, Inc.
299 Park Avenue, 21st Floor
New York, NY 10171
Ladies and Gentlemen:
Tiziana Life Sciences Ltd.,
an exempted company incorporated under the laws of Bermuda (the “Company”), confirms its agreement (this “Agreement”)
with B. Riley Securities, Inc. (the “Agent”), as follows:
1. Issuance
and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to
the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent or principal, shares (the “Placement
Shares”) of the Company’s common shares, par value $0.001 per share (the “Common Shares”); provided
however, that in no event shall the Company issue or sell through the Agent such number of Placement Shares that (a) would cause the
Company to not satisfy the eligibility requirements for use of Form F-3 (including Instruction I.B.5. thereof, if applicable), (b) exceeds
the aggregate dollar amount of Common Shares registered on the effective Registration Statement (as defined below) pursuant to which the
offering is being made, or (c) exceeds the aggregate dollar amount of Common Shares registered on the Prospectus (as defined below) (the
lesser of (a), (b), and (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this Section 1 on the amount of Placement Shares issued
and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall have no obligation in connection
with such compliance. The issuance and sale of Placement Shares through the Agent will be effected pursuant to the Registration Statement
filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”), although
nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue Common Shares.
In accordance with the provisions
of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the “Securities Act”), with the
Securities and Exchange Commission (the “Commission”), on January 26, 2021 the Company filed a registration statement
on Form F-3 File No. 333-252441), including a base prospectus, relating to certain securities, including the Placement Shares to be issued
from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance
with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “Exchange
Act”). The Company has prepared a prospectus supplement to the base prospectus included as part of the registration statement
specifically relating to the Placement Shares (the “Prospectus Supplement”). The Company will furnish to the Agent,
for use by the Agent, copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus
Supplement, relating to the Placement Shares. Except where the context otherwise requires, such registration statement, and any post-effective
amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained
in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed
to be a part of such registration statement pursuant to Rule 430B or 462(b) under the Securities Act or any subsequent registration
statement on Form F-3 filed pursuant to Rule 415 under the Securities Act by the Company to cover any Placement Shares, is herein called
the “Registration Statement.” The base prospectus, including all documents incorporated therein by reference or deemed
incorporated, to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act
(as qualified by Rule 430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus
Supplement, in the form in which such base prospectus and/or Prospectus Supplement has most recently been filed by the Company with the
Commission pursuant to Rule 424(b) under the Securities Act, together with any then issued Issuer Free Writing Prospectus (as defined
below), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any
amendment or supplement thereto shall be deemed to refer to and include the documents incorporated or deemed incorporated by reference
therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to
the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document
with the Commission deemed to be incorporated by reference therein (the “Incorporated Documents”).
For purposes of this Agreement,
(a) all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include
the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable,
the Interactive Data Electronic Application system when used by the Commission (collectively, “EDGAR”), and (b) except
as otherwise set forth herein, all currency amounts appearing in this Agreement are presented in United States dollars, or “$”.
Each of the Company and the
Agent hereby agree that all sales and solicitations of sales of Placement Shares by the Agent as agent for the Company shall be made solely
on the Exchange (as defined below) or to the extent it is a negotiated transaction then solely in the United States.
2. Placements.
Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a “Placement”), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the parties) of the number of Placement Shares, the time period
during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one day and any
minimum price below which sales may not be made (a “Placement Notice”), the form of which is attached hereto as Schedule
1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 3 (with a copy to
each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Agent
set forth on Schedule 3, as such Schedule 3 may be amended from time to time. The Placement Notice shall be effective unless
and until (i) the Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount
of the Placement Shares thereunder have been sold, (iii) the Company suspends or terminates the Placement Notice or (iv) this Agreement
has been terminated under the provisions of Section 13. The amount of any discount, commission or other compensation to be paid
by the Company to the Agent in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth
in Schedule 2. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever
with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent
does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.
In the event of a conflict between the terms of this Section 2 or Section 3 of this Agreement and the terms of a Placement
Notice, the terms of the Placement Notice will control.
3. Sale
of Placement Shares by the Agent. Subject to the terms and conditions of this Agreement, for the period specified in a Placement
Notice, the Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state
and federal laws, rules and regulations and the rules of the NASDAQ Stock Market LLC (the “Exchange”), to sell the
Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Agent will provide
written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading
Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation
payable by the Company to the Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined below) payable
to the Company, with an itemization of the deductions made by the Agent (as set forth in Section 5(b)) from the gross proceeds
that it receives from such sales. Subject to the terms of the Placement Notice, the Agent may sell Placement Shares by any method permitted
by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act Regulations.
Each of the Company and the Agent expressly
agree and acknowledge that:
“Trading Day” means
any day on which Common Shares are purchased and sold on the Exchange.
4. Suspension
of Sales. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of
the individuals of the other party set forth on Schedule 3, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile
transmission or email correspondence to each of the individuals of the other party set forth on Schedule 3), suspend any sale of
Placement Shares; provided, however, that such suspension shall not affect or impair any party’s obligations with respect
to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this
Section 4 shall be effective against any other party unless it is made to one of the individuals named on Schedule 3 hereto,
as such Schedule 3 may be amended from time to time.
5. Sale
and Delivery to the Agent; Settlement.
(a) Sale of Placement
Shares. On the basis of the representations, warranties and covenants herein contained and subject to the terms and conditions
herein set forth, upon the Agent’s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described
therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period
specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Company
acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent
will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason
other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and
applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation
to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.
(b) Settlement of Placement
Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur
on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading following the date on which such
sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement Date
against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received
by the Agent for the Placement Shares, after deduction for (i) the Agent’s commission, discount or other compensation for such sales
payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales.
(c) Delivery of Placement
Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the
Placement Shares being sold by crediting the Agent’s or its designee’s account (provided the Agent shall have given the Company
written notice of such designee and such designee’s account information at least one Trading Day prior to the Settlement Date) at The
Depository Trust Company through its Deposit and Withdrawal at Custodian System of the Depository Trust Company or by such other means
of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable, transferable, registered
Common Shares in good deliverable form. On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to
an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent
(if applicable) defaults in its obligation to deliver Placement Shares on a Settlement Date through no fault of the Agent and provided
that the Agent has not declined the applicable Placement Notice, the Company agrees that in addition to and in no way limiting the rights
and obligations set forth in Section 11(a) hereto, it will hold the Agent harmless against any loss, claim, damage, or expense
(including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer
agent (if applicable) and pay to the Agent (without duplication) any commission, discount or other compensation to which it would otherwise
have been entitled absent such default.
(d) Limitations
on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if,
after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to this
Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount, (B) the
amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time
to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized
executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or request the offer or sale
of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s
board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing.
Further, under no circumstances shall the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant to this
Agreement to exceed the Maximum Amount.
6. Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with the Agent that as of the date of this Agreement
and as of each Applicable Time (as defined below), unless such representation, warranty or agreement specifies a different time or time:
(a) Registration
Statement and Prospectus. The Company and, assuming no act or omission on the part of the Agent that would make such statement
untrue, the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form F-3
under the Securities Act. The Registration Statement has been filed with the Commission and has been declared effective under the Securities
Act. The Prospectus Supplement will name the Agent as the agent in the section entitled “Plan of Distribution.” The Company
has not received, and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or
threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated
hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations,
contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits
to the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such amendments
or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this
Agreement have been delivered, or are available through EDGAR, to the Agent and its counsel. The Company has not distributed and, prior
to the later to occur of each Settlement Date and completion of the distribution of the Placement Shares, will not distribute any offering
material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and
any Issuer Free Writing Prospectus (as defined below) to which the Agent has consented. Further, the Company will not distribute any offering
material in connection with the offering or the sale of the Placement Shares in any place in which, or to any person to whom, it would
not be lawful to make such an offer. The Common Shares are currently quoted on the Exchange under the trading symbol “TLSA”.
Except as disclosed in the Registration Statement, including the Incorporated Documents, the Company has not, in the 12 months preceding
the date hereof, received notice from the Exchange, to the effect that the Company is not in compliance with the listing or maintenance
requirements of the Exchange, except for such notices received from the Exchange regarding non-compliance that has been cured. Except
as disclosed in the Registration Statement, including the Incorporated Documents, or the Prospectus, the Company has no reason to believe
that it will not in the foreseeable future continue to be in compliance with all such listing and maintenance requirements of the Exchange.
(b) No
Misstatement or Omission. The Registration Statement, when it became effective, and the Prospectus, and any amendment or supplement
thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements
of the Securities Act. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will conform in all material
respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will
not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each Applicable
Time (defined below), did not or will not include an untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. The documents incorporated by reference
in the Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not,
when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated
in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading.
The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information
furnished to the Company by the Agent specifically for use in the preparation thereof.
(c) Conformity
with Securities Act and Exchange Act. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or any amendment
or supplement thereto, and the documents incorporated by reference in the Registration Statement, the Prospectus or any amendment or supplement
thereto, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective
under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities
Act and the Exchange Act, as applicable.
(d) Financial
Information. The financial statements and schedules included or incorporated by reference in the Registration Statement, the Prospectus
and the Issuer Free Writing Prospectuses, if any, present fairly the financial condition of the Company and its consolidated Subsidiaries
as of the respective dates thereof and the results of operations and cash flows of the Company and its consolidated Subsidiaries for the
respective periods covered thereby, all in conformity with International Financial Reporting Standards as adopted in the EU (“IFRS”)
applied on a consistent basis throughout the entire period involved, except as otherwise disclosed in the Prospectus. No other financial
statements or schedules of the Company are required by the Securities Act, the Exchange Act, the Exchange Act Regulations or the Securities
Act Regulations to be included in the Registration Statement, or the Prospectus. PKF Littlejohn LLP and Mazars LLP (the “Accountants”),
who have each reported on such financial statements and schedules, are independent accountants with respect to the Company as required
by the Exchange Act and the rules and regulations of the Public Company Accounting Oversight Board (“PCAOB”). The summary
and selected consolidated financial and statistical data included or incorporated by reference in the Registration Statement and the Prospectus
present fairly the information shown therein and have been compiled on a basis consistent with the audited financial statements presented
and incorporated by reference in the Registration Statement and the Prospectus. All disclosures contained in the Registration Statement
or the Prospectus regarding “non-IFRS financial measures” (correlating to “non-GAAP financial measures”, as such
term is defined in the Rules and Regulations) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the
Securities Act, to the extent applicable.
(e) Conformity
with EDGAR Filing. The Prospectus delivered to the Agent for use in connection with the sale of the Placement Shares pursuant
to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR,
except to the extent permitted by Regulation S-T.
(f) Organization.
The Company does not own, directly or indirectly, any shares of stock or any other equity or long-term debt securities of any corporation
or have any equity interest in any corporation, firm, partnership, joint venture, association or other entity, other than the subsidiaries
set forth on Schedule 4 hereto (the “Subsidiaries”). The Company has been duly incorporated and is validly existing
as an exempted company in good standing incorporated under the laws of Bermuda. Each of the Subsidiaries is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation. The Company and each of its Subsidiaries has
full power and authority to conduct all the activities conducted by it, to own or lease all the assets owned or leased by it and to conduct
its business as described in the Registration Statement and the Prospectus. The Company and each of its Subsidiaries is duly licensed
or qualified to do business and in good standing in all jurisdictions in which the nature of the activities conducted by it or the character
of the assets owned or leased by it makes such license or qualification necessary, except to the extent that the failure to be so qualified
or be in good standing would not materially and adversely affect the Company and its Subsidiaries, taken as a whole, or their respective
businesses, properties, business prospects, conditions (financial or other) or results of operations, taken as a whole (such effect is
referred to herein as a “Material Adverse Effect”). All of the outstanding shares of capital stock of each Subsidiary
have been duly authorized and validly issued and are fully paid and nonassessable, and owned by the Company free and clear of all claims,
liens, charges and encumbrances; there are no securities outstanding that are convertible into or exercisable or exchangeable for capital
stock of any Subsidiary. The Company and its Subsidiaries are not engaged in any discussions or a party to any agreement or understanding,
written or oral, regarding the acquisition of an interest in any corporation, firm, partnership, joint venture, association or other entity
where such discussions, agreements or understandings would require amendment to the Registration Statement pursuant to applicable securities
laws. Complete and correct copies of the memorandum of association or certificate of incorporation of the Company and the charter and
by-laws of each of its Subsidiaries and all amendments thereto have been delivered to the Agent.
(g) Subsidiaries.
Subject to any prohibitions or restrictions under any applicable corporate or other similar laws, no Subsidiary is currently prohibited,
directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital
stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s
property or assets to the Company or any other Subsidiary of the Company, except as described in the Registration Statement and the Prospectus.
(h) No
Violation or Default. The Company and each Subsidiary has performed all the obligations required to be performed by it, and is
not in default, under any contract or other instrument to which it is a party or by which its property is bound or affected, which default
might reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, no other party under any contract or
other instrument to which it or any of its Subsidiaries is a party is in default in any respect thereunder, which default might reasonably
be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of any provision of its
memorandum of association, certificate of incorporation or by-laws or other organizational documents, as the case may be.
(i) No
Material Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement, the
Prospectus and the Free Writing Prospectuses, if any (including any document deemed incorporated by reference therein), except as set
forth in or contemplated by the Registration Statement, the Prospectus and the Free Writing Prospectuses, if any (including any document
deemed incorporated by reference therein) (i) there has not been and will not have been (A) any change in the capitalization of the
Company other than in connection with the vesting of restricted shares or the exercise of options or similar instruments to purchase the
Common Shares granted pursuant to the Company’s stock option or similar plans from the shares reserved therefor as described in
the Registration Statement or the Prospectus or (B) any Material Adverse Effect arising for any reason whatsoever, (ii) neither the
Company nor any of its Subsidiaries has incurred nor will any of them incur, except in the ordinary course of business as described in
the Prospectus, any material liabilities or obligations, direct or contingent, nor has the Company or any of its Subsidiaries entered
into nor will it enter into, except in the ordinary course of business as described in the Prospectus, any material transactions other
than pursuant to this Agreement and the transactions referred to herein and (iii) the Company has not and will not have paid or declared
any dividends or other distributions of any kind on any class of its capital stock.
(j) Capitalization.
The Company has authorized, issued and outstanding capital stock as set forth under the caption “Capitalization” in the Prospectus
as of the respective dates set forth therein. All of the outstanding shares in the capital of the Company have been duly authorized, validly
issued and are fully paid and nonassessable and were issued in compliance with all applicable securities laws and were not issued in violation
of any preemptive right, resale right, right of first refusal or similar right. The description of the Common Shares included in or incorporated
by reference in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as set forth in
or incorporated by reference in the Prospectus, the Company does not have outstanding options to purchase, or any rights or warrants to
subscribe for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any shares of capital
stock, or any such warrants, convertible securities or obligations.
(k) Authorization;
Enforceability. The Company has full corporate power and authority to enter into this Agreement. This Agreement has been duly
authorized, executed and delivered by the Company and constitutes a valid, legal and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting the rights of creditors generally and subject to general principles of equity.
(l) Authorization
of Placement Shares. The Placement Shares have been duly authorized for issuance and, upon due and authorized execution
and delivery by the Company of the Common Shares and when paid for as contemplated herein, such Placement Shares will be validly issued,
fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim (other than any pledge,
lien, encumbrance, security interest or other claim arising from an act or omission of the Agent or a purchaser), including any statutory
or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section
12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description thereof set forth
in or incorporated into the Prospectus. No further approval or authority of securityholders or the Board of Directors of the Company will
be required for the issuance and sale of the Placement Shares as contemplated herein.
(m) No
Consents Required. No consent, approval, authorization or order of, or any filing or declaration with, any court or governmental
agency or body or the Company’s shareholders (or other equity holders) is required for the consummation by the Company of the transactions
on its part contemplated herein, except such as have been obtained under the laws of Bermuda, the Securities Act or the Securities Act
Regulations and such as may be required under state securities or blue sky laws or the by-laws and rules of the Financial Industry Regulatory
Authority, Inc. (“FINRA”), and the listing of the Placement Shares on the Exchange in connection with the sale of the
Placement Shares by the Agent.
(n) No
Preferential Rights. Except for such rights as have been waived, no preemptive right, resale right, right of first refusal or
similar rights exist with respect to any of the Common Shares and the issue and sale thereof will be free of any restriction upon the
voting or transfer thereof pursuant to the laws of Bermuda or the Company’s memorandum of association or any agreement or other
instrument to which the Company is a party.
(o) No
Litigation. There are no legal, governmental or regulatory actions, suits or proceedings pending, nor, to the Company’s
knowledge, any legal, governmental or regulatory investigations, including any proceeding before the United States Food and Drug Administration
of the U.S. Department of Health and Human Services (the “FDA”) or comparable federal, state, local or foreign governmental
authorities (it being understood that the interaction between the Company and the FDA and such comparable governmental authorities relating
to the clinical development and product approval process shall not be deemed proceedings for purposes of this representation), to which
the Company or a Subsidiary is a party or to which any property of the Company or any Subsidiary is the subject that, individually or
in the aggregate, if determined adversely to the Company or any Subsidiary, would have a Material Adverse Effect or materially and adversely
affect the ability of the Company to perform its obligations under this Agreement; to the Company’s knowledge, no such actions,
suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others that, individually
or in the aggregate, if determined adversely to the Company or any Subsidiary, would have a Material Adverse Effect; and there are no
current or pending legal, governmental or regulatory actions, suits, proceedings or, to the Company’s knowledge, investigations
that are required under the Securities Act to be described in the Prospectus that are not described in the Prospectus (including any Incorporated
Document). The Company is in compliance with all applicable federal, state, local and foreign laws, regulations, orders and decrees governing
its business as enforced by the FDA, or any other federal, state or foreign agencies or bodies engaged in the regulation of medical devices,
except where noncompliance would not, singularly or in the aggregate, reasonably be expected to have a Material Adverse Effect. All preclinical
and clinical studies conducted by or on behalf of the Company to support clearance for commercialization of the Company’s products
have been conducted by the Company, or to the Company’s knowledge by third parties, in compliance with all applicable federal, state
or foreign laws, rules, orders and regulations, except for such failure or failures to be in compliance as would not reasonably be expected
to have, singularly or in the aggregate, a Material Adverse Effect.
(p) Licenses
and Permits. The Company or its Subsidiaries owns or possesses all authorizations, approvals, orders, licenses, registrations,
other certificates and permits of and from all governmental regulatory officials and bodies, necessary to conduct their respective businesses
as contemplated in the Registration Statement and the Prospectus, except where the failure to own or possess all such authorizations,
approvals, orders, licenses, registrations, other certificates and permits would not have a Material Adverse Effect. There is no proceeding
pending or, to the Company’s knowledge, threatened (or any basis therefor known to the Company) that may cause any such authorization,
approval, order, license, registration, certificate or permit to be revoked, withdrawn, cancelled, suspended or not renewed; and the Company
and each of its Subsidiaries is conducting its business in compliance with all laws, rules and regulations applicable thereto (including,
without limitation, all applicable federal, state and local environmental laws and regulations) except where such noncompliance would
not have a Material Adverse Effect.
(q) Compliance
with Applicable Laws. The Company and the Subsidiaries: (A) are and at all times have been in material compliance with all statutes,
rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing,
labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed
by the Company or the Subsidiaries (“Applicable Laws”), (b) have not received any Form 483 from the FDA, notice of
adverse finding, warning letter, or other written correspondence or notice from the FDA, the European Medicines Agency (the “EMA”),
or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any
Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required
by any such Applicable Laws (“Authorizations”), which would, individually or in the aggregate, result in a Material
Adverse Effect; (C) possess all material Authorizations and such Authorizations are valid and in full force and effect and neither the
Company nor the Subsidiaries is in material violation of any term of any such Authorizations; (D) have not received written notice of
any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA, the EMA, or any other
federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company product, operation or activity
is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA, the EMA, or any other federal, state,
local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit,
investigation or proceeding against the Company; (E) have not received written notice that the FDA, EMA, or any other federal, state,
local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke
any material Authorizations and has no knowledge that the FDA, EMA, or any other federal, state, local or foreign governmental or regulatory
authority is considering such action; and (F) have filed, obtained, maintained or submitted all reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations except where the failure
to file such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments would not result
in a Material Adverse Effect, and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission).
(r) Compliance
Programs. The Company has established and administers a compliance program applicable to the Company, to assist the Company and
the directors, officers and employees of the Company in complying with applicable regulatory guidelines (including, without limitation,
those administered by the FDA, the EMA, and any other foreign, federal, state or local governmental or regulatory authority performing
functions similar to those performed by the FDA or EMA); except where such noncompliance would not reasonably be expected to have a Material
Adverse Effect.
(s) Clinical
Studies. The animal and other preclinical studies and clinical trials conducted by the Company or on behalf of the Company were,
and, if still pending are, to the Company’s knowledge, being conducted in all material respects in compliance with all Applicable
Laws and in accordance with experimental protocols, procedures and controls generally used by qualified experts in the preclinical study
and clinical trials of new drugs and biologics as applied to comparable products to those being developed by the Company; the descriptions
of the results of such preclinical studies and clinical trials contained in the Registration Statement and the Prospectus are accurate
and complete in all material respects, and, except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge
of any other clinical trials or preclinical studies, the results of which reasonably call into question the clinical trial or preclinical
study results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which such results
are described; and the Company has not received any written notices or correspondence from the FDA, the EMA, or any other domestic or
foreign governmental agency requiring the termination, suspension or modification of any preclinical studies or clinical trials conducted
by or on behalf of the Company that are described in the Registration Statement and the Prospectus or the results of which are referred
to in the Registration Statement and the Prospectus.
(t) No
Registration Rights. No holder of securities of the Company has rights to the registration of any securities of the Company because
of the filing of the Registration Statement.
(u) No
Material Defaults. The Company and each Subsidiary has performed all the obligations required to be performed by it, and is not
in default, under any contract or other instrument to which it is a party or by which its property is bound or affected, which default
might reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, no other party under any contract or
other instrument to which it or any of its Subsidiaries is a party is in default in any respect thereunder, which default might reasonably
be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of any provision of its
certificate or articles of organization or by-laws or other organizational documents, as the case may be.
(v)
No Insolvency Action. In relation to the Company or its Subsidiaries (i) no receiver or receiver and manager, liquidator
or statutory manager has been appointed in respect of the whole or any part of the assets or undertaking of the Company or the Subsidiaries
(as applicable); (ii) no administration order has been made and no petition has been presented for such an order; (iii) no application
has been made, no resolution passed or proposed in a notice of meeting or any other steps taken for the winding up of the Company or the
Subsidiaries; (iv) no unsatisfied judgment, order or award is outstanding against the Company or the Subsidiaries and no distress or execution
has been levied on, or other process commenced against, any of the assets of the Company the Subsidiaries.
(w) Certain
Market Activities. Neither the Company, nor any of the Subsidiaries, nor any of their respective directors, officers or controlling
persons has taken, directly or indirectly, any action designed, or that has constituted or might reasonably be expected to cause or result
in, under the Exchange Act or other relevant law, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Placement Shares.
(x) Broker/Dealer
Relationships. There are no affiliations or associations between any member of FINRA and any of the Company’s officers,
directors, or, to the Company’s knowledge, 5% or greater securityholders.
(y) No
Reliance. The Company has not relied upon the Agent or legal counsel for the Agent for any legal, tax or accounting advice in
connection with the offering and sale of the Placement Shares.
(z) Title
to Real and Personal Property. The Company and its Subsidiaries have good and marketable title to all properties and assets described
in the Registration Statement and the Prospectus as owned by them, free and clear of all liens, charges, encumbrances or restrictions,
except such as are described in the Registration Statement and the Prospectus or are not material to the business of the Company or its
Subsidiaries. The Company and its Subsidiaries have valid, subsisting and enforceable leases for the properties described in the Registration
Statement and the Prospectus as leased by them. The Company and its Subsidiaries own or lease all such properties as are necessary to
their operations as now conducted or as proposed to be conducted, except where the failure to so own or lease would not have a Material
Adverse Effect.
(aa) Intellectual
Property. Except as disclosed in or specifically contemplated by the Registration Statement and the Prospectus (i) each of
the Company and each of its Subsidiaries owns or has adequate rights to use all trademarks, trade names, domain names, patents, patent
rights, mask works, copyrights, technology, know-how (including trade secrets and other unpatented or unpatentable proprietary or confidential
information, systems or procedures), service marks, trade dress rights, and other intellectual property (collectively, “Intellectual
Property”) and has such other licenses, approvals and governmental authorizations, in each case, sufficient to conduct its business
as now conducted and as now proposed to be conducted, except where the failure to own, license or have such rights would not, individually
or in the aggregate, have a Material Adverse Effect and, to the Company’s and its Subsidiaries’ knowledge, none of the foregoing
Intellectual Property rights owned or licensed by the Company or any of its Subsidiaries is invalid or unenforceable, (ii) the Company
has no knowledge of any infringement by it or any of its Subsidiaries of Intellectual Property rights of others, where such infringement
could have a Material Adverse Effect, (iii) the Company is not aware of any infringement, misappropriation or violation by others
of, or conflict by others with rights of the Company or any of its Subsidiaries with respect to, any Intellectual Property, (iv) there
is no pending claim being made, or to the best knowledge of the Company or any Subsidiary, threatened against the Company or any of its
Subsidiaries or, to the best knowledge of the Company and its Subsidiaries, any employee of the Company or any of its Subsidiaries, regarding
Intellectual Property or other infringement that could have a Material Adverse Effect and (v) the Company and its Subsidiaries have
not received any notice of infringement with respect to any patent or any notice challenging the validity, scope or enforceability of
any Intellectual Property owned by or licensed to the Company or any of its Subsidiaries, in each case the loss of which patent or Intellectual
Property (or loss of rights thereto) would have a Material Adverse Effect.
(bb) Environmental
Laws. (i) Except as would not, individually or in the aggregate, have a Material Adverse Effect, each of the Company and each
of its Subsidiaries is in compliance with all applicable rules, laws and regulation relating to pollution, the protection of health or
the environment, and the use, transportation, treatment, storage and disposal of, or exposure to, hazardous or toxic substances or wastes
(“Environmental Law”), (ii) none of the Company nor any of its Subsidiaries has received any written notice from
any governmental authority or third party, or otherwise has knowledge, of an asserted claim under Environmental Laws, and (iii) to
the knowledge of the Company or the Subsidiaries, no facts currently exist that are reasonably likely to subject the Company or any of
its Subsidiaries to liability under Environmental Laws, including any liability for remediation of any releases or threatened releases
of hazardous or toxic substances.
(cc) Disclosure
Controls. The books, records and accounts of the Company and its Subsidiaries accurately and fairly reflect, in reasonable detail,
the transactions in, and dispositions of, the assets of, and the results of operations of, the Company and its Subsidiaries. The Company
and each of its Subsidiaries maintains a system of internal accounting controls designed to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorization, (ii) transactions are recorded as necessary
to permit preparation of the Company’s consolidated financial statements in accordance with International Financial Reporting Standards
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. As disclosed in the Registration Statement and Prospectus, including the documents incorporated
by reference therein, the Company has identified material weaknesses (as such term is defined in Rule 1-02(a)(4) of Regulation S-X under
the Act) in its internal control over financial reporting in 2019 which have not been remediated as of the date hereof, and as a result,
the Company’s system of internal control over financial reporting is not effective. Since the date of the latest audited financial
statements included or incorporated by reference in the Registration Statement and the Prospectus, there has been no change in the Company’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting. The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under
the Exchange Act); such disclosure controls and procedures have been designed to ensure that material information relating to the Company
and its Subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within
those entities; as a result of the material weaknesses in internal control over financial reporting disclosed in the Registration Statement
and Prospectus, the Company’s disclosure controls and procedures are not effective.
(dd) Sarbanes-Oxley.
Neither the Company’s independent registered public accountants nor the Audit Committee of the Board of Directors of the Company
have been advised of any fraud, whether or not material, that involves management or other employees who have a role in the Company’s
internal controls; and the Company has taken all necessary actions to ensure that, upon and at all times after the filing of the Registration
Statement, the Company and the Subsidiaries and their respective officers and directors, in their capacities as such, will be in compliance
in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”)
and the rules and regulations promulgated thereunder.
(ee) Finder’s
Fees. Except pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s
or broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby or by the Registration Statement.
(ff) Labor Disputes.
Neither the Company nor any of the Subsidiaries is engaged in any unfair labor practice; except for matters which would not, individually
or in the aggregate, have a Material Adverse Effect, (i) there is (A) no discrimination complaint or unfair labor practice complaint
pending or, to the knowledge of the Company or the Subsidiaries, threatened against the Company or any of the Subsidiaries and no grievance
or arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the knowledge of the Company or the
Subsidiaries, threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the knowledge of the Company or the Subsidiaries,
threatened against the Company or any of the Subsidiaries and (C) no union representation dispute currently existing concerning the
employees of the Company or any of the Subsidiaries, (ii) to the knowledge of the Company or the Subsidiaries, no union organizing
activities are currently taking place concerning the employees of the Company or any of the Subsidiaries and (iii) there has been
no violation of any federal, state, local or foreign law or collective bargaining agreement relating to discrimination in the hiring,
promotion or pay of employees, any applicable wage or hour laws or retirement benefits, or any provision of the Employee Retirement Income
Security Act of 1974, as amended, or the rules and regulations promulgated thereunder concerning the employees of the Company or any of
the Subsidiaries.
(gg) Investment
Company Act. The Company is not, will not become as a result of the transactions contemplated hereby, and will not conduct its
business in a manner that would cause it to become, an “investment company” or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act
of 1940, as amended (the “Investment Company Act”).
(hh) Operations.
The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance in all material respects with
applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering laws of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines administered or enforced by any applicable governmental agency (collectively, the “Money Laundering Laws”)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.
(ii)
Off-Balance Sheet Arrangements. There is no document, contract, permit or instrument, affiliate transaction or off-balance
sheet transaction (including, without limitation, any “variable interests” in “variable interest entities,” as
such terms are defined in Financial Accounting Standards Board Interpretation No. 46, as codified in Accounting Standards Codification
Topic 810) of a character required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the
Registration Statement that is not described or filed as required. All such contracts to which the Company or any of its Subsidiaries
is a party have been duly authorized, executed and delivered by the Company or such Subsidiary, constitute valid and binding agreements
of the Company or such Subsidiary and are enforceable against and by the Company or such Subsidiary in accordance with the terms thereof.
(jj) Sales Agreements.
The Company is not a party to any agreement with an agent or underwriter for any other “at the market” or continuous equity
transaction.
(kk) Forward-Looking
Statements. Each “forward-looking statement” (within the meaning of Section 27A of the Act or Section 21E
of the Exchange Act) contained in the Registration Statement or the Prospectus has been made or reaffirmed with a reasonable basis and
in good faith.
(ll) Insurance.
The Company and each of its Subsidiaries maintains insurance of the types and in the amounts generally deemed adequate for its business,
including, but not limited to, insurance covering real and personal property owned or leased by the Company and its Subsidiaries against
theft, damage, destruction, acts of vandalism and all other risks customarily insured against, all of which insurance is in full force
and effect.
(mm) No Improper
Practices. Neither the Company nor any of its Subsidiaries nor, to the best of the Company’s or its Subsidiaries’
knowledge, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its Subsidiaries
has, directly or indirectly, (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity, (ii) made any unlawful payment from corporate funds to any foreign or domestic government official
or employee or foreign or domestic political party or campaign, (iii) violated any provision of the Foreign Corrupt Practices Act
of 1977, as amended, or (iv) made any bribe, illegal rebate, payoff, influence payment, kickback or other unlawful payment.
(nn) Status under
the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities Act at the
times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.
(oo) No
Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus, as of its issue date and as
of each Applicable Time (as defined in Section 28 below), did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any Incorporated
Document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to statements in
or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by
the Agent specifically for use therein.
(pp) No Conflicts.
The performance of this Agreement and the consummation of the transactions contemplated hereby will not result in the creation or imposition
of any lien, charge or encumbrance upon any of the assets of the Company or any of its Subsidiaries pursuant to the terms or provisions
of, or result in a breach or violation of any of the terms or provisions of, or conflict with or constitute a default under, or give any
party a right to terminate any of its obligations under, or result in the acceleration of any obligation under, (i) the certificate of
incorporation or memorandum of association or by-laws or other organizational documents of the Company or any of the Subsidiaries, (ii) any
indenture, mortgage, deed of trust, voting trust agreement, loan agreement, bond, debenture, note agreement or other evidence of indebtedness,
lease, contract or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company, any
of its Subsidiaries or any of its or their properties is bound or affected, or (iii) any judgment, ruling, decree, order, statute,
rule or regulation of any court or other governmental agency or body applicable to the business or properties of the Company or any of
its Subsidiaries, except as to clauses (ii) and (iii) above for such breaches, violations, defaults, termination rights or acceleration
which would not result in a Material Adverse Effect.
(qq) OFAC.
Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering
and sale of the Placement Shares contemplated herein, or lend, contribute or otherwise make available such proceeds to any Subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.
(rr) Foreign Private
Issuer. The Company is a “foreign private issuer” within the meaning of Rule 405 under the Act.
(ss) Stock Transfer
Taxes. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in connection
with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the
Company and all laws imposing such taxes will be or will have been fully complied with.
(tt) Taxes.
The Company and each of its Subsidiaries has filed all federal, state, local and foreign income tax returns that have been required to
be filed and has paid all taxes and assessments received by it to the extent that such taxes or assessments have become due other than
taxes and assessments the Company is contesting in good faith by appropriate actions promptly instituted and diligently conducted. Except
as disclosed in the Prospectus, neither the Company nor any of its Subsidiaries has any tax deficiency that has been or, to the best knowledge
of the Company, might be asserted or threatened against it that could have a Material Adverse Effect.
(uu) Statistical
Information. The statistical, industry-related and market-related data included or incorporated by reference in the Registration
Statement or the Prospectus are based on or derived from sources the Company reasonably and in good faith believes are reliable and accurate,
and such data agrees in all material respects with the sources from which they are derived.
(vv) Stock Plan.
Except as disclosed in the Registration Statement and the Prospectus, each stock option or similar instrument granted under any stock
option or similar plan of the Company or any Subsidiary (each, a “Stock Plan”) was granted with a per share exercise
price no less than the fair market value per Ordinary Share on the grant date of such option, and no such grant involved any “back-dating,”
“forward-dating” or similar practice with respect to the effective date of such grant; except as would not, individually or
in the aggregate, have a Material Adverse Effect, each such option (i) was granted in compliance with applicable law and with the
applicable Stock Plan(s), (ii) was duly approved or ratified by the board of directors (or a duly authorized committee thereof) of
the Company or such Subsidiary, as applicable, and (iii) has been properly accounted for in the Company’s financial statements
in accordance with International Financial Reporting Standards.
(ww) PFIC Status.
The Company was a “passive foreign investment company” (“PFIC”) as defined in Section 1297 of the
U.S. Internal Revenue Code of 1986, as amended, for its most recently completed taxable year and, based on certain estimates of the Company’s
gross income and the value of its assets, the intended use of proceeds from the offering and sale of the Placement Shares and the nature
of the Company’s business, the Company expects to be classified as a PFIC for the current taxable year.
(xx) CFC
Status. The Company was not a “controlled foreign corporation” (“CFC”) as defined in the U.S. Internal
Revenue Code of 1986, as amended, for the most recently completed taxable year and, based on the Company’s expectations with respect
to its shareholders, the Company does not expect to be classified as a CFC for the current taxable year.
(yy) No Price Stabilization
or Manipulation. Neither the Company nor, to the knowledge of the Company, any of its directors, officers or controlling persons
has taken, directly or indirectly, any action designed, or that might reasonably be expected, to cause or result, under the Securities
Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Placement Shares.
(zz) IT Systems.
(i)(x)There has been no security breach or attack or other compromise of or relating to any of the Company’s and its Subsidiaries’
information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees,
suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (“IT Systems and Data”),
and (y) the Company and its Subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably
be expected to result in any security breach, attack or compromise to their IT Systems and Data, (ii) the Company and each of its Subsidiaries
have complied, and are presently in compliance with, all applicable laws, statutes or any judgment, order, rule or regulation of any court
or arbitrator or governmental or regulatory authority and all industry standards, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification and (iii) the Company and each of its subsidiaries have implemented backup and disaster recovery technology consistent
with industry standards and practice.
Any certificate signed by
an officer of the Company and delivered to the Agent or to counsel for the Agent pursuant to or in connection with this Agreement shall
be deemed to be a representation and warranty by the Company, as applicable, to the Agent as to the matters set forth therein.
7. Covenants
of the Company. The Company covenants and agrees with the Agent that:
(a) Registration Statement
Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required
to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to
Rule 172 under the Securities Act), (i) the Company will notify the Agent promptly of the time when any subsequent amendment to the Registration
Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent
supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement
or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon the Agent’s
request, any amendments or supplements to the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may
be necessary or advisable in connection with the distribution of the Placement Shares by the Agent (provided, however, that the failure
of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s
right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy
the Agent shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment
or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus relating
to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to the Agent within
a reasonable period of time before the filing and the Agent has not objected thereto (provided, however, that the failure of the Agent
to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely
on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agent shall
have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company
will furnish to the Agent at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference
into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment
or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the
Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant
to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission
under this Section 7(a), based on the Company’s reasonable opinion or reasonable objections, shall be made exclusively by
the Company).
(b) Notice of Commission
Stop Orders. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the issuance
or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension
of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding
for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such a stop order should be issued. The Company will advise the Agent promptly after it receives any request by the
Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing
Prospectus or for additional information related to the offering of the Placement Shares or for additional information related to the
Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.
(c) Delivery of Prospectus;
Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to be delivered by the
Agent under the Securities Act with respect to the offer and sale of the Placement Shares (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply with all requirements imposed upon it by the
Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy
or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any
other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule
430A under the Securities Act, it will use its best efforts to comply with the provisions of and make all requisite filings with the Commission
pursuant to said Rule 430A and to notify the Agent promptly of all such filings. If during such period any event occurs as a result of
which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period
it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly
notify the Agent to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the
Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance.
(d) Listing of Placement
Shares. The Company will use reasonable commercial efforts to qualify the Placement Shares for sale under the securities laws
of such jurisdictions as the Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution
of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation
or dealer in securities or file a general consent to service of process in any jurisdiction.
(e)
Delivery of Registration Statement and Prospectus. The Company will furnish to the Agent and its counsel (at the expense
of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all
amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during any period in which a
Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including all documents filed with the
Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable
and in such quantities as the Agent may from time to time reasonably request and, at the Agent’s request, will also furnish copies
of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall
not be required to furnish any document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.
(f) Earnings Statement.
The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after
the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions
of Section 11(a) and Rule 158 of the Securities Act.
(g) Use of Proceeds.
The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”
(h) Notice of Other
Sales. Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract
to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Placement Shares offered pursuant to this
Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any rights to purchase or acquire, Common Shares
during the period beginning on the date on which any Placement Notice is delivered to the Agent hereunder and ending on the second (2nd)
Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or,
if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the
date of such suspension or termination); and will not directly or indirectly in any other “at the market” or continuous equity
transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the
Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any
rights to purchase or acquire, Common Shares prior to the termination of this Agreement; provided, however, that such restrictions
will not be required in connection with the Company’s issuance or sale of (i) Common Shares, restricted stock units, options to
purchase Common Shares or Common Shares or Common Shares issuable upon the vesting of restricted shares or the exercise of options, pursuant
to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Common Shares subject
to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented; (ii)
Common Shares issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and
disclosed in filings by the Company available on EDGAR or otherwise in writing to the Agent and (iii) Common Shares, or securities convertible
into or exercisable for Common Shares, offered and sold in a privately negotiated transaction to vendors, customers, strategic partners
or potential strategic partners, acquisition candidates or other investors conducted in a manner so as not to be integrated with the offering
of Common Shares hereby.
(i) Change of Circumstances.
The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly after it shall have received notice
or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate,
letter or other document required to be provided to the Agent pursuant to this Agreement.
(j) Due Diligence Cooperation.
The Company will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the
transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate
officers, during regular business hours and at the Company’s principal offices, as the Agent may reasonably request and upon reasonable
advance notice.
(k) Required Filings
Relating to Placement of Placement Shares. The Company agrees that on such dates as the Securities Act shall require, the Company
will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each
and every filing under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, within the relevant
period, the amount of Placement Shares sold through the Agent, the Net Proceeds to the Company and the compensation payable by the Company
to the Agent with respect to such Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each
exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.
(l) Representation Dates;
Certificate. On the date of this Agreement, on each Representation Date and each time the Company:
(i) files the Prospectus relating
to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other
than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective
amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus
relating to the Placement Shares;
(ii) files an annual report
on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended financial information or a material amendment to the
previously filed Form 20-F);
(iii) files a current report
on Form 6-K containing amended financial information under the Exchange Act; or
(iv) furnishes its
unaudited interim financial statements on Form 6-K under the Exchange Act;
(each date of filing of one or more of the documents
referred to in clauses (i) through (iv) shall be a “Representation Date”), the Company shall furnish the Agent (but
in the case of clause (iv) above only if the Agent reasonably determines that the information contained in such Form 6-K is material)
with a certificate, in the form attached hereto as Exhibit 7(l). The requirement to provide a certificate under this Section 7(l)
shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until
the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered
a Representation Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation
Date on which the Company files its annual report on Form 20-F. Notwithstanding the foregoing, if the Company subsequently decides to
sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate
under this Section 7(l), then before the Company delivers the Placement Notice or the Agent sells any Placement Shares, the Company
shall provide the Agent with a certificate, in the form attached hereto as Exhibit 7(l), dated the date of the Placement Notice.
(m) Legal Opinions.
On or prior to the date of the first Placement Notice given hereunder and thereafter within five (5) Trading Days after each subsequent
Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit
7(l) for which no waiver is applicable, the Company shall cause to be furnished to the Agent written opinions and a negative assurance
letter of Sheppard Mullin Richter & Hampton LLP, counsel to the Company as to certain matters of U.S. law and written opinions of
Conyers Dill & Pearman Limited, counsel to the Company as to certain matters of Bermuda law (collectively, “Company Counsel”),
or other counsel satisfactory to the Agent, in form and substance satisfactory to the Agent and their counsel, modified, as necessary,
relating to the Registration Statement and the Prospectus as then amended or supplemented, and with customary assumptions and exceptions;
provided, however, that in lieu of such opinions for subsequent periodic filings under the Exchange Act, Company Counsel may furnish
the Agent with a letter (a “Reliance Letter”) to the effect that the Agent may rely on a prior opinion delivered under
this Section 7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).
(n) Comfort Letter.
On or prior to the date of the first Placement Notice given hereunder and thereafter within five (5) Trading Days after each subsequent
Representation Date, other than pursuant to Section 7(l)(iv), with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable, the Company shall cause its independent
accountants to furnish the Agent letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, which
shall meet the requirements set forth in this Section 7(n); provided, that if requested by the Agent, the Company shall cause a
Comfort Letter to be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event,
including the restatement of the Company’s financial statements. The Comfort Letter from the Company’s independent accountants
shall be in a form and substance satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within
the meaning of the Securities Act and the Public Company Accounting Oversight Board, (ii) stating, as of such date, the conclusions and
findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort
letters” to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort Letter”)
and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it
been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.
(o) Market Activities.
The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably
be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of Common Shares or (ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay anyone any compensation for soliciting
purchases of the Placement Shares other than the Agent.
(p) Investment Company
Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor any of its Subsidiaries
will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined
in the Investment Company Act.
(q) No Offer to Sell.
Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in its capacity as agent hereunder, neither
the Agent nor the Company (including its agents and representatives, other than the Agent in its capacity as such) will make, use, prepare,
authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with
the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.
(r) Sarbanes-Oxley Act.
The Company and the Subsidiaries will maintain and keep accurate books and records reflecting their assets and maintain internal accounting
controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with International Financial Reporting Standards and including those policies
and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit
the preparation of the Company’s consolidated financial statements in accordance with International Financial Reporting Standards,
(iii) that receipts and expenditures of the Company are being made only in accordance with management’s and the Company’s
directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the Company’s assets that could have a material effect on its financial statements. The Company and the Subsidiaries
will use commercially reasonable efforts to maintain such controls and other procedures, including, without limitation, those required
by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder, that are designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms, including, without limitation, controls and
procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the
Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and principal
financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and
to ensure that material information relating to the Company or the Subsidiaries is made known to them by others within those entities,
particularly during the period in which such periodic reports are being prepared.
8. Representations
and Covenants of the Agent. The Agent represents and warrants that:
(a) it is duly registered
as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares
will be offered and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required.
The Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the
applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which
it is exempt from registration or such registration is not otherwise required, during the term of this Agreement. The Agent will comply
with all applicable law and regulations in connection with the offer and sale of the Placement Shares, including, but not limited to,
Regulation M under the Exchange Act;
(b) neither it, nor any of
its affiliates or subsidiaries, shall engage in (i) any short sale of any security of the Company or (ii) any sale of any security of
the Company that the Agent does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or
for the account of, the Agent; and
(c) neither it, nor any of
its affiliates or subsidiaries, engages in any proprietary trading or trading for such Agent’s (or its affiliates’ or subsidiaries’)
own account.
9. Payment
of Expenses. The Company will pay all expenses incident to the performance of its obligations under this Agreement, including
(i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial
statements and exhibits) as originally filed and of each amendment and supplement thereto and each Free Writing Prospectus, in such number
as the Agent shall deem necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required
in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery
of the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the fees
and disbursements of the counsel, accountants and other advisors to the Company, (v) the reasonable and documented out-of-pocket expenses
of the Agent, including reasonable and documented fees and disbursements of counsel to the Agent incurred in connection with (a) entering
into the transactions contemplated by this Agreement in an amount not to exceed $75,000 in the aggregate, and (b) ongoing diligence arising
from the transactions contemplated by this Agreement in an amount not to exceed $10,000 in the aggregate per calendar year, (vi) the fees
and expenses of the transfer agent, registrar, depositary and custodian for the Placement Shares, (vii) the filing fees incidental to
any review by FINRA of the terms of the sale of the Placement Shares, and (viii) the fees and expenses incurred in connection with the
listing of the Placement Shares on the Exchange.
10. Conditions
to the Agent’s Obligations. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its
obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment, and to
the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:
(a) Registration Statement
Effective. The Registration Statement shall have become effective and shall be available for the sale of all Placement Shares
contemplated to be issued by any Placement Notice.
(b) No Material Notices.
None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information
from the Commission or any other federal, state or foreign governmental authority during the period of effectiveness of the Registration
Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus;
(ii) the issuance by the Commission or any other federal, state or foreign governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement
made in the Registration Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or documents so
that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the
Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(c) No Misstatement or Material Omission.
The Agent shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains
an untrue statement of fact that in the Agent’s reasonable opinion is material, or omits to state a fact that in the Agent’s
opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.
(d) Material Changes.
Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have
been any material adverse change, on a consolidated basis, or any Material Adverse Effect, or any development that could reasonably be
expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company’s securities
(other than asset backed securities) by any rating organization or a public announcement by any rating organization that it has under
surveillance or review its rating of any of the Company’s securities (other than asset backed securities), the effect of which,
in the case of any such action by a rating organization described above, in the reasonable judgment of the Agent (without relieving the
Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with
the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.
(e) Legal Opinions.
The Agent shall have received the opinions and negative assurance letter of Company Counsel required to be delivered pursuant Section
7(m) on or before the date on which such delivery of such opinions are required pursuant to Section 7(m).
(f) Comfort Letter.
The Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(n) on or before the date on which
such delivery of such letter is required pursuant to Section 7(n).
(g) Representation Certificate.
The Agent shall have received the certificate required to be delivered pursuant to Section 7(l) on or before the date on which
delivery of such certificate is required pursuant to Section 7(l).
(h) Secretary Certificate.
On or prior to the first Representation Date, the Agent shall have received a certificate, signed on behalf of the Company by its corporate
Secretary, in form and substance satisfactory to the Agent and its counsel.
(i) No Suspension.
Trading in the Common Shares shall not have been suspended on the Exchange and the Common Shares shall not have been delisted from the
Exchange.
(j) Other Materials.
On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the Company shall have furnished
to the Agent such appropriate further information, certificates and documents as the Agent may reasonably request. All such opinions,
certificates, letters and other documents will be in compliance with the provisions hereof. The Company will furnish the Agent with such
conformed copies of such opinions, certificates, letters and other documents as the Agent shall reasonably request.
(k) Securities Act Filings
Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of
any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.
(l) Approval for Listing.
The Common Shares are registered under Section 12(b) of the Exchange Act and the Company has filed an application to list the Placement
Shares on the Exchange.
(m) FINRA. FINRA
shall have raised no objection to the terms of this offering and the amount of compensation allowable or payable to the Agent as described
in the Prospectus.
(n) No Termination Event.
There shall not have occurred any event that would permit the Agent to terminate this Agreement pursuant to Section 13(a).
11. Indemnification
and Contribution.
(a) Company Indemnification.
The Company agrees to indemnify and hold harmless the Agent, its partners, members, directors, officers, employees and agents and each
person, if any, who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:
(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
(iii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount
paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided
that (subject to Section 11(d) below) any such settlement is effected with the written consent of the Agent, which consent shall
not unreasonably be delayed or withheld; and
(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent
that any such expense is not paid under (i) or (ii) above,
provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information
furnished to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).
(b) Indemnification
by the Agent. The Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who
signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 11(a), as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the
Company in writing by the Agent expressly for use therein.
(c) Procedure.
Any party that proposes to assert the right to be indemnified under this Section 11 will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section
11, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission
so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified
party otherwise than under this Section 11 and (ii) any liability that it may have to any indemnified party under the foregoing
provision of this Section 11 unless, and only to the extent that, such omission results in the forfeiture of substantive rights
or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written
notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly
with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying
party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable
costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have
the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense
of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
party, (2) the indemnified party has reasonably concluded (based on written advice of counsel) that there may be legal defenses available
to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict
or potential conflict exists (based on written advice of counsel to the indemnified party) between the indemnified party and the indemnifying
party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified
party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel
will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges
of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All
such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives
a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event,
be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior
written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim,
action or proceeding relating to the matters contemplated by this Section 11 (whether or not any indemnified party is a party thereto),
unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising
out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.
(d) Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of this Section 11 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or
the Agent, the Company and the Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative,
legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
or any claim asserted, but after deducting any contribution received by the Company from persons other than the Agent, such as persons
who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors
of the Company, who also may be liable for contribution) to which the Company and the Agent may be subject in such proportion as shall
be appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other hand. The relative
benefits received by the Company on the one hand and the Agent on the other hand shall be deemed to be in the same proportion as the total
net proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation
received by the Agent (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation
provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion
as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company,
on the one hand, and the Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability,
expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.
Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Agent, the intent
of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The
Company and the Agent agree that it would not be just and equitable if contributions pursuant to this Section 11(d) were to be
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred
to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action
in respect thereof, referred to above in this Section 11(d) shall be deemed to include, for the purpose of this Section 11(d),
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action
or claim to the extent consistent with Section 11(d) hereof. Notwithstanding the foregoing provisions of this Section 11(d),
the Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person
found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 11(d), any person who controls
a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of the
Agent, will have the same rights to contribution as that party, and each officer and director of the Company who signed the Registration
Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled
to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution
may be made under this Section 11(d), will notify any such party or parties from whom contribution may be sought, but the omission
to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have
under this Section 11(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive
rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of
Section 11(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written
consent if such consent is required pursuant to Section 11(c) hereof.
12. Representations
and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 11 of this Agreement
and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective
dates, regardless of (i) any investigation made by or on behalf of the Agent, any controlling persons, or the Company (or any of their
respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)
any termination of this Agreement.
13. Termination.
(a) The Agent may terminate
this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this
Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development that has
occurred that is reasonably likely to have a Material Adverse Effect has occurred or, in the sole judgment of the Agent, is material and
adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares,
(2) if there has occurred any material adverse change in the financial markets in the United States, Bermuda or the international financial
markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective
change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it,
in the judgment of such Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the
Placement Shares, (3) if trading in the Common Shares has been suspended or limited by the Commission or the Exchange, or if trading generally
on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of
trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5)
if a major disruption of securities settlements or clearance services in the United States or Bermuda shall have occurred and be continuing,
or (6) if a banking moratorium has been declared by U.S. Federal, New York or Bermuda authorities. Any such termination shall be without
liability of any party to any other party except that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification
and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time;
Waiver of Jury Trial), Section 19 (Consent to Jurisdiction) and Section 20 (Appointment of Agent for Service) hereof shall
remain in full force and effect notwithstanding such termination. If the Agent elects to terminate this Agreement as provided in this
Section 13(a), the Agent shall provide the required notice as specified in Section 14 (Notices).
(b) The Company shall have
the right, by giving five (5) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time
after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions
of Section 9, Section 11, Section 12, Section 18 , Section 19 and Section 20 hereof shall remain
in full force and effect notwithstanding such termination.
(c) The Agent shall have the
right, by giving five (5) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after
the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions
of Section 9, Section 11, Section 12, Section 18, Section 19 and Section 20 hereof shall remain
in full force and effect notwithstanding such termination.
(d) Unless earlier terminated
pursuant to this Section 13, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares
through the Agent on the terms and subject to the conditions set forth herein except that the provisions of Section 9, Section
11, Section 12, Section 18, Section 19 and Section 20 hereof shall remain in full force and effect notwithstanding
such termination.
(e) This Agreement shall remain
in full force and effect unless terminated pursuant to Sections 13(a), (b), (c), or (d) above or otherwise
by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide
that Section 9, Section 11, Section 12, Section 18, Section 19 and Section 20 shall remain in
full force and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission
or other compensation with respect to any Shares not otherwise sold by the Agent under this Agreement.
(f) Any termination of this
Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be
effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination
shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions
of this Agreement.
(g) Subject to the additional
limitations set forth in Section 7 of this Agreement, in the event of termination of this Agreement prior to the sale of any Placement
Shares, the Agent shall be entitled only to reimbursement of their respective out-of-pocket expenses actually incurred.
14. Notices.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement
shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:
B. Riley Securities, Inc.
299 Park Avenue, 21st Floor
New York, NY 10171
Attention: General Counsel
Telephone: (212) 457-9947
Email: atmdesk@brileyfin.com
with a copy to:
Duane Morris LLP
1540 Broadway
New York, NY 10036
Attention: James T. Seery
Telephone: (973) 424-2088
Email: jtseery@duanemorris.com
and if to the Company, shall
be delivered to:
Tiziana Life Sciences Ltd.
9th Floor, 107
Cheapside
London EC2V 6DN, United Kingdom
Attention: Finance Director
Telephone: +44 20 7495 2379
Email: kshah@TizianaLifeSciences.com
with a copy to:
Sheppard Mullin Richter & Hampton LLP
30 Rockefeller Plaza
New York, New York 10112
Attention: Jeffrey Fessler, Esq.
Telephone: (212) 634-3067
E-mail: jfessler@sheppardmullin.com
Each party to this Agreement
may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each
such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile transmission (with an
original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding
Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business
Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes
of this Agreement, “Business Day” shall mean any day on which the Exchange and commercial banks in the City of New
York are open for business.
An electronic communication
(“Electronic Notice”) shall be deemed written notice for purposes of this Section 14 if sent to the electronic
mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending
Electronic Notice receives confirmation of receipt by the receiving party. Any party receiving Electronic Notice may request and shall
be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”) which shall be sent to
the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.
15. Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Agent and their respective successors
and the affiliates, controlling persons, officers and directors referred to in Section 11 hereof. References to any of the parties
contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns
any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party.
16. Adjustments
for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect
to the Placement Shares.
17. Entire
Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices
issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings,
both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may
be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent
jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof
shall be in accordance with the intent of the parties as reflected in this Agreement.
18. GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
19. CONSENT
TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN
THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED
HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY
SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE
OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS
BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED)
TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT
SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW.
20. Appointment
of Agent for Service. The Company hereby irrevocably appoints Tiziana Therapeutics, Inc, 420 Lexington Avenue, Suite 2525, New
York, NY 10170 as its agent for service of process in any suit, action or proceeding described in Section 19 and agrees that service
of process in any suit, action or proceeding may be made upon it at the office of such agent. The Company waives, to the fullest extent
permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants
that such agent has agreed to act as the Company’s agent for service of process, and the Company agrees to take any and all action,
including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.
21. Use
of Information. The Agent may not use any information gained in connection with this Agreement and the transactions contemplated
by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved by the Company.
22. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission.
23. Waiver.
A waiver of any right, power or remedy under this Agreement must be in writing signed by the party granting it. A waiver only affects
the particular obligation or breach for which it is given. It is not an implied waiver of any other obligation or breach or an implied
waiver of that obligation or breach on any other occasion.
24. Further
Acts. Each party must promptly execute all documents and do or use reasonable endeavors to cause a third party to do all things
that another party from time to time may reasonably request in order to give effect to, perfect or complete this Agreement and all transactions
incidental to it.
25. Effect
of Headings. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.
26. Permitted
Free Writing Prospectuses. The Company represents, warrants and agrees that, unless it obtains the prior consent of the Agent,
and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make
any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute
a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus
consented to by the Agent or by the Company, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.”
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer
free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable
to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For
the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit 26 hereto are Permitted
Free Writing Prospectuses.
27. Absence
of Fiduciary Relationship. The Company acknowledges and agrees that:
(a) The Agent is acting solely
as agent in connection with the sale of the Placement Shares and in connection with each transaction contemplated by this Agreement and
the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates,
shareholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand,
has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent
has advised or is advising the Company on other matters, and the Agent has no obligation to the Company with respect to the transactions
contemplated by this Agreement except the obligations expressly set forth in this Agreement;
(b) it is capable of evaluating
and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;
(c) The Agent has not provided
any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;
(d) it is aware that the Agent
and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and
the Agent has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency
relationship or otherwise; and
(e) it waives, to the fullest
extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach of fiduciary duty in
connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not have any liability (whether direct
or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty
claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect of the Agent’s obligations
under this Agreement and to keep information provided by the Company to the Agent and their counsel confidential to the extent not otherwise
publicly-available.
28. Definitions.
As used in this Agreement,
the following terms have the respective meanings set forth below:
“Applicable Time”
means (i) each Representation Date and (ii) the time of each issue of any Placement Shares pursuant to this Agreement.
“Issuer Free Writing
Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Placement Shares
that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a “written communication”
within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant
to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms,
in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company’s records pursuant to Rule 433(g) under the Securities Act Regulations.
“Rule 163,”
“Rule 164,” “Rule 172,” “Rule 405,” “Rule 415,” “Rule
424,” “Rule 424(b),” “Rule 430B,” and “Rule 433” refer to such rules
under the Securities Act Regulations.
All references in this Agreement
to financial statements and schedules and other information that is “contained,” “included” or “stated”
in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus,
as the case may be.
All references in this Agreement
to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy
filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer
Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the
copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to the Prospectus
shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering,
sale or private placement of any Placement Shares by the Agent outside of the United States.
[Remainder of page intentionally left blank]
If the foregoing correctly
sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose, whereupon
this At Market Issuance Sales Agreement shall constitute a binding agreement between the Company and the Agent.
| |
Very truly yours, |
| |
|
| |
TIZIANA LIFE SCIENCES LTD. |
| |
|
|
|
| |
By: |
/s/ Keeren Shah |
| |
|
Name: |
Keeren Shah |
| |
|
Title: |
CFO |
| |
ACCEPTED as of the date first-above written: |
| |
|
| |
B. RILEY SECURITIES, INC. |
| |
|
| |
By: |
/s/ Patrice McNicoll |
| |
|
Name: |
Patrice McNicoll |
| |
|
Title: |
Co-Head of Investment Banking |
SCHEDULE 1
_________________________________
FORM OF PLACEMENT NOTICE
_________________________________
| |
From: |
Tiziana Life Sciences Ltd. |
| |
To: |
B. Riley Securities, Inc. |
| |
Attention: |
[●] |
| |
Subject: |
At Market Issuance - Placement Notice |
| |
Date: |
_______________, 20___ |
Pursuant to the terms and
subject to the conditions contained in the At Market Issuance Sales Agreement (“Agreement”) between Tiziana Life Sciences
Ltd., an exempted company incorporated under the laws of Bermuda (the “Company”), and B. Riley Securities, Inc., dated
September 1, 2023, the Company hereby requests that the Agent sell up to [________] shares of the Company’s Placement Shares at a minimum
market price of $[_______] per share, during the time period beginning [month, day, time] and ending [month, day, time].
All capitalized terms used
but not defined herein shall have the meanings given to such terms in this Agreement
SCHEDULE 2
__________________________
Compensation
__________________________
The Company shall pay to the
Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to up to 3.0% of the gross proceeds from
each sale of Placement Shares.
SCHEDULE
3
__________________________
Notice Parties
__________________________
The Company
Gabriele Cerrone
Keeren Shah
The Agent
| Matthew Feinberg |
|
| |
|
| Patrice McNicoll |
|
| |
|
| Keith Pompliano |
|
| |
|
| Scott Ammaturo |
|
| |
|
| with a copy to |
SCHEDULE 4
__________________________
Subsidiaries
__________________________
Tiziana Therapeutics Inc.,
USA
Tiziana Pharma Limited, England
& Wales
Longevia Genomics S.r.l.,
Italy
EXHIBIT 7(l)
Form of Representation Date Certificate
_______________________, 20__
This Representation Date Certificate
(this “Certificate”) is executed and delivered in connection with Section 7(l) of the At Market Issuance Sales
Agreement (the “Agreement”), dated September 1, 2023, and entered into between Tiziana Life Sciences Ltd. (the “Company”)
and B. Riley Securities, Inc. (the “Agent”). All capitalized terms used but not defined herein shall have the meanings
given to such terms in the Agreement
The undersigned, a duly appointed
and authorized officer of the Company, having made reasonable inquiries to establish the accuracy of the statements below and having been
authorized by the Company to execute this certificate on behalf of the Company, hereby certifies as follows:
1. As
of the date of this Certificate, (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii) neither the
Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Prospectus in order for (i)
and (ii) to be true.
2. Each
of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date of
this Certificate, true and correct in all material respects.
3. Except
as waived by the Agent in writing, each of the covenants required to be performed by the Company in the Agreement on or prior to the date
of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement, has been
duly, timely and fully performed in all material respects and each condition required to be complied with by the Company on or prior to
the date of the Agreement, the Representation Date, and each such other date prior to the date hereof as set forth in the Agreement has
been duly, timely and fully complied with in all material respects.
4. Subsequent
to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including Incorporated
Documents, there has been no Material Adverse Effect.
5. No
order suspending the effectiveness of the Registration Statement or the qualification or registration of the Placement Shares under the
securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened, to
the Company’s knowledge or in writing, by any securities or other governmental authority (including, without limitation, the Commission).
The undersigned has executed
this Representation Date Certificate as of the date first written above.
| |
TIZIANA LIFE SCIENCES LTD. |
| |
|
|
| |
By: |
|
| |
Name: |
|
| |
Title: |
|
EXHIBIT 26
Permitted Issuer Free Writing Prospectuses
None.
43
Exhibit 5.1
September 1, 2023
Matter No.:364738
Doc Ref: 20435779.1
+1 441 298 7861
robert.alexander@conyers.com
Tiziana Life Sciences Ltd.
Century House
16 Par-la-Ville Road
Hamilton HM 08
Bermuda
Dear Sirs,
| Re: | Tiziana Life Sciences Ltd. (the “Company”) and
Registration Statement on Form F-3 (File No. 333- 252441) |
We have acted as
special Bermuda counsel to the Company )in connection with the above-referenced registration statement (the “Registration Statement”),
the base prospectus dated March 3, 2022 (the “Base Prospectus”), and the prospectus supplement dated September 1, 2023
(collectively with the Base Prospectus, the “Prospectus”), relating to the offering by the Company of up to $50,000,000
of shares (the “Shares”) of the Company’s common shares, par value $0.001 per share (“Common Shares”).
The Shares are covered by the Registration Statement and we understand that the Shares are to be offered and sold in the manner described
in the Prospectus. This opinion is being delivered at the request of the Company and in accordance with the requirements of Item 601(b)(5)
of Regulation S-K promulgated by the Securities and Exchange Commission (the “Commission”).
For the purposes of giving
this opinion, we have examined a copy of the Registration Statement. We have also reviewed the memorandum of association and the bye-laws
of the Company, each certified by the Secretary of the Company on September 1, 2023, unanimous written resolutions of the Company’s
board of directors dated _____, 2023 (the “Resolutions”), the branch register of members of the Company (the “Branch
Register”) prepared by Computershare Inc., the branch registrar of the Company on September 1, 2023, and such other documents and
made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.
We have assumed (a) the genuineness
and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the
authenticity and completeness of the originals from which such copies were taken, (b) that where a document has been examined by us in
draft form, it will be or has been executed and/or filed in the form of that draft, and where a number of drafts of a document have been
examined by us all changes thereto have been marked or otherwise drawn to our attention, (c) the accuracy and completeness of all factual
representations made in the Registration Statement and other documents reviewed by us, (d) that the Resolutions were passed at one or
more duly convened, constituted and quorate meetings, or by unanimous written resolutions, remain in full force and effect and have not
been rescinded or amended, and (e) that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any
implication in relation to the opinions expressed herein.
We have made no investigation
of and express no opinion in relation to the laws of any jurisdiction other than Bermuda. This opinion is to be governed by and construed
in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion
is issued solely for the purposes of the filing of the Registration Statement and the offering of the Shares by the Company and is not
to be relied upon in respect of any other matter. Our opinion in paragraph 2 below is based solely upon a review of the Branch Register.
On the basis of and subject to the foregoing,
we are of the opinion that:
| 1. | The Company is duly incorporated
and existing under the laws of Bermuda in good standing (meaning solely that it has not failed to make any filing with any Bermuda government
authority or to pay any Bermuda government fees or tax which would make it liable to be struck off the Register of Companies and thereby
cease to exist under the laws of Bermuda). |
| 2. | The Shares are validly issued,
fully paid and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof
in connection with the issue thereof). |
We hereby consent to the filing
of this opinion as an exhibit to Form 6-K which is incorporated by reference in the Prospectus and to the references to our firm under
the caption “Legal Matters” in the Prospectus. In giving this consent, we do not hereby admit that we are experts within the
meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of
the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.
Yours faithfully,
/s/ Conyers Dill & Pearman Limited
Conyers Dill & Pearman Limited
Tiziana Life Sciences (NASDAQ:TLSA)
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