Securities Registration: Employee Benefit Plan (s-8)
August 03 2020 - 5:32PM
Edgar (US Regulatory)
As
filed with the Securities and Exchange Commission on August 3, 2020
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
AYRO,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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98-0204758
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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900
E. Old Settlers Boulevard, Suite 100
Round
Rock, Texas 78664
(Address
of principal executive offices) (Zip Code)
AYRO,
Inc. 2020 Long-Term Equity Incentive Plan
(Full
title of the Plan)
Rodney
C. Keller, Jr.
President
and Chief Executive Officer
AYRO,
Inc.
900
E. Old Settlers Boulevard, Suite 100
Round
Rock, Texas 78664
(Name
and address of agent for service)
512-994-4917
(Telephone
number, including area code, of agent for service)
Copy
to:
Rick
A. Werner, Esq.
Matthew
L. Fry, Esq.
Haynes
and Boone, LLP
30
Rockefeller Plaza, 26th Floor
New
York, New York 10112
Telephone:
(212) 659-7300
Facsimile:
(212) 884-8234
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer
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[ ]
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Accelerated
filer
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[ ]
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Non-accelerated
filer
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[X]
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Smaller
reporting company
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[X]
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Emerging
growth company
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[ ]
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
[ ]
CALCULATION
OF REGISTRATION FEE
Title
of each class of securities
to
be registered
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Amount
to
be
registered
(1)
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Proposed
maximum
offering
price
per
share (2)
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Proposed
maximum
aggregate
offering
price (2)
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Amount
of
registration
fee
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Common Stock, par value
$0.0001
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2,676,034
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(3)
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$
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4.20
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$
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11,239,342.80
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$
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1,458.87
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Total
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2,676,034
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$
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4.20
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$
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11,239,342.80
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$
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1,458.87
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(1)
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Pursuant
to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), the number of shares registered
hereunder includes such additional number of shares of AYRO, Inc. (the “Company”) common stock, par value $0.0001
per share (the “Common Stock”), as are required to prevent dilution resulting from a stock split, stock dividend
or similar transaction.
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(2)
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Estimated
solely for the purpose of calculating the registration fee, pursuant to Rule 457(c) and Rule 457(h) under the Securities Act,
based on the average of the high and low prices of the Common Stock as reported on the Nasdaq Capital Market on July 28, 2020.
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(3)
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Includes
(i) 2,219,494 shares of Common Stock that may be issued under the AYRO, Inc. 2020 Long-Term Equity Incentive Plan (the
“2020 Equity Incentive Plan”) and (ii) 456,540 shares of Common Stock, representing the registrant’s
estimate of shares that may become available for awards under the 2020 Equity Incentive Plan upon the future forfeiture, expiration,
cancellation or settlement in cash of awards under the 2020 Equity Incentive Plan.
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In
accordance with the instructional Note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part
I of Form S-8 has been omitted from this Registration Statement on Form S-8 for offers of Common Stock pursuant to the Plan.
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The
documents containing the information specified in Part I of this Registration Statement will be sent or given to eligible participants
as specified in Rule 428(b)(1) of the Securities Act of 1933, as amended (the “Securities Act”). Such documents are
not being filed by AYRO, Inc. (the “Company,” “we,” “our” or “us”) with the Securities
and Exchange Commission (the “Commission”) either as part of this Registration Statement or as prospectuses or prospectus
supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated by reference in this Registration
Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section
10(a) of the Securities Act.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
ITEM
3.
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Incorporation
of Documents by Reference.
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The
following documents filed by the Company with the SEC are hereby incorporated into this Registration Statement by reference:
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1.
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AYRO,
Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 30, 2020,
as amended on April 10, 2020;
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2.
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AYRO,
Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 14, 2020;
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3.
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AYRO,
Inc.’s Current Reports on Form 8-K filed with the SEC on February 5, 2020; February 7, 2020, as amended on February
14, 2020; February 24, 2020; March 6, 2020; May 15, 2020; May 19, 2020; May 26, 2020; May 28, 2020; May 29, 2020, as amended
on June 3, 2020; June 19, 2020; July 8, 2020; and July 23, 2020; and
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4.
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The
description of AYRO, Inc.’s Common Stock contained in the Company’s Registration Statement on Form S-4 (File No.
333- 236461) filed with the SEC on February 14, 2020, as amended on April 24, 2020, including any amendments or reports filed
for the purpose of updating such description.
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In
addition, all documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934, as amended, subsequent to the date of this Registration Statement (other than any such documents or portions thereof that
are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K, unless otherwise indicated therein, including any
exhibits included with such Items), prior to the filing of a post-effective amendment which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of such documents.
Any
statement contained in this Registration Statement or in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained
or incorporated by reference herein or in any subsequently filed document which is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
Notwithstanding
the foregoing, no information is incorporated by reference in this Registration Statement where such information under applicable
forms and regulations of the Commission is not deemed to be “filed” under Section 18 of the Exchange Act or otherwise
subject to the liabilities of that section, unless the report or filing containing such information indicates that the information
therein is to be considered “filed” under the Exchange Act or is to be incorporated by reference in this Registration
Statement.
Item
4.
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Description
of Securities.
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Not
applicable.
Item
5.
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Interests
of Named Experts and Counsel.
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Not
applicable.
Item
6.
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Indemnification
of Directors and Officers.
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Set
forth below is a description of certain provisions of the Company’s Amended and Restated Certificate of Incorporation, as
amended to date (the “Certificate of Incorporation”) and Amended and Restated Bylaws, as amended to date (the “Bylaws”),
and the Delaware General Corporation Law (the “DGCL”). This description is intended as a summary only and is qualified
in its entirety by reference to the Certificate of Incorporation, the Bylaws and the DGCL.
Limitation
on Liability of Directors
Article
IX of the Certificate of Incorporation and Article VIII of the Bylaws eliminate the personal liability of directors to the Company
or the Company’s stockholders for monetary damages for breach of fiduciary duty, except to the extent such exemption from
liability or limitation thereof is not permitted under the DGCL.
Indemnification
and Insurance
In
accordance with Section 145 of the DGCL, Article VIII of the Bylaws grants the Company’s directors and officers a right
to indemnification for all expenses, liabilities and losses relating to civil, criminal, administrative or investigative actions,
suits or proceedings to which they are a party (1) by reason of the fact that such person is or was a director or officer of the
Company, or (2) by reason of the fact that such person is or was a director or officer of the Company serving at the request of
the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise.
In
addition, Article VIII of the Bylaws provides that directors and officers therein described shall be indemnified to the fullest
extent permitted by the DGCL, and if the DGCL is subsequently amended to expand further the indemnification or advancements permitted,
then the Company shall indemnify such directors and officers to the fullest extent permitted by the DGCL, as so amended.
The
Certificate of Incorporation and the Bylaws authorize the Company to purchase insurance for any director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, against any expense, liability or loss, whether
or not the Company would have the power to indemnify such against any liability asserted against him or her and incurred by him
or her in any such capacity, or arising out of his or her status as such, whether or not the Company shall have the power to indemnify
him or her against such liability under the Certificate of Incorporation. The Company intends to maintain insurance coverage for
its officers and directors as well as insurance coverage to reimburse the Company for potential costs of its corporate indemnification
of directors and officers.
Item
7.
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Exemption
from Registration Claimed.
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Not
applicable.
Exhibit
Number
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Exhibit
Description
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Filed
with
this
Report
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Incorporated
by
Reference
herein
from
Form
or
Schedule
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Filing
Date
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4.1
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Amended and Restated Certificate of Incorporation, effective May 28, 2020
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Form
8-K
(Exhibit
3.2)
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05/29/20
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4.2
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Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective May 28, 2020
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Form
8-K
(Exhibit
3.3)
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05/29/20
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4.3
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Amended and Restated Bylaws, effective May 28, 2020
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Form
8-K
(Exhibit
3.4)
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05/29/20
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5.1
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Opinion of Haynes and Boone, LLP
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X
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23.1
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Consent of Haynes and Boone, LLP (included in the opinion filed as Exhibit 5.1)
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X
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23.2
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Consent of Friedman LLP, independent registered public accounting firm
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X
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23.3
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Consent of Plante & Moran, PLLC, independent registered public accounting firm
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X
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24.1
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Power of Attorney (included on the signature page to this Registration Statement on Form S-8)
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X
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99.1
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AYRO, Inc. 2020 Long-Term Equity Incentive Plan
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X
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(a)
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The
undersigned registrant hereby undertakes:
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(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the “Calculation of Registration Fee” table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to
Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Austin, State of Texas, on July 31, 2020.
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AYRO,
INC.
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By:
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/s/
Rodney C. Keller, Jr.
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Name:
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Rodney
C. Keller, Jr.
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Title:
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President
and Chief Executive Officer
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POWER
OF ATTORNEY
Each
person whose signature appears below constitutes and appoints Rodney C. Keller, Jr. and Curtis Smith, severally, each with full
power to act alone and without the others, his true and lawful attorney-in-fact, with full power of substitution, and with the
authority to execute in the name of each such person, any and all amendments (including without limitation, post-effective amendments)
to this registration statement, and to file such registration statements with the SEC, together with any exhibits thereto and
other documents therewith, necessary or advisable to enable the registrant to comply with the Securities Act, and any rules, regulations
and requirements of the SEC in respect thereof, which amendments may make such other changes in the registration statement as
the aforesaid attorney-in-fact executing the same deems appropriate.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
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Title
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Date
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/s/
Rodney C. Keller, Jr.
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President,
Chief Executive Officer and Director
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July
31, 2020
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Rodney C. Keller, Jr.
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(Principal Executive Officer)
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/s/
Curtis Smith
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Chief
Financial Officer
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July
31, 2020
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Curtis Smith
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(Principal
Financial Officer and Principal
Accounting
Officer)
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/s/
Joshua Silverman
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Chairman
of the Board of Directors
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July
31, 2020
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Joshua Silverman
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/s/ Mark
Adams
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Director
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July
31, 2020
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Mark Adams
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/s/
George Devlin
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Director
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July
31, 2020
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George Devlin
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/s/
Sebastian Giordano
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Director
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July
31, 2020
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Sebastian Giordano
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/s/
Zvi Joseph
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Director
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July
31, 2020
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Zvi Joseph
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/s/
Greg Schiffman
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Director
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July
31, 2020
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Greg Schiffman
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