As filed with the Securities and Exchange Commission on September 1, 2017
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Inuvo, Inc. |
(Exact name of registrant as specified in its charter) |
Nevada
(State or other jurisdiction of incorporation or organization)
87-0450450
(I.R.S. Employer Identification Number)
500 President Clinton Boulevard
Suite 300
Little Rock, AR 72201
Telephone (501) 205-8508
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
John B. Pisaris, Esq.
General Counsel
500 President Clinton Boulevard
Suite 300
Little Rock, AR 72201
Telephone (501) 205-8508
(Name, address, including zip code, and telephone number, including area code, of agent for service)
With a copy to:
Jeremy D. Siegfried, Esq.
Porter, Wright, Morris & Arthur LLP
41 South Andrews Avenue
Columbus, Ohio 43215-6194
(614) 227-2181
(614) 227-2100 (fax)
Jsiegfried@porterwright.com
From time to time after effectiveness of this registration statement
(Approximate date of commencement of proposed sale to the public
If the only securities being registered on this Form are being offered pursuant to a dividend or interest reinvestment plans, please check the following box:
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box:
If this Form is to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering:
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box:
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box:
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☐ |
If an emerging growth company, indicate by checkmark if the registrant has elected not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)Section7(a)(2)(B) of the Securities Act:
Title of each class of securities to be registered(1) | Amount to be registered | Proposed maximum aggregate offering price(3) | Amount of registration fee(4) |
Common stock, par value $0.001 per share | - | - | - |
Preferred stock, par value $0.001 per share | - | - | - |
Warrants | - | - | - |
Units | - | - | - |
Total | $15,000,000 (2) | $15,000,000 | $1,738.50 |
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED SEPTEMBER 1, 2017
PROSPECTUS
$15,000,000
Inuvo, Inc.
COMMON STOCK
PREFERRED STOCK
WARRANTS
UNITS
We may offer and sell up to $50,000,000 in the aggregate of any combination of the securities identified above from time to time in one or more offerings, any combinationofferings. This prospectus provides you with a general description of common stock, preferred stock, warrants or units having a maximum aggregate offering price of $15,000,000. Whenthe securities.
Each time we decide tooffer and sell a particular class or series of securities, we will provide a supplement to this prospectus that contains specific information about the offering and the amounts, prices and terms of the offered securities in a prospectus supplement.
We may offer a security that is not registered and sell the securities described in this prospectus at the time of its effectiveness. You should read this prospectus and any prospectus supplement as well asto or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods. If any underwriters, dealers or agents are involved in the documents incorporated by referencesale of any of the securities, their names and any applicable purchase price, fee, commission or deemed todiscount arrangement between or among them will be incorporated by reference intoset forth, or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections of this prospectus carefully before you invest.
Our common stock is listed on the NYSE American LLC under the symbol “INUV.” The last reported sale price of our common stock on August 29, 2017March 12, 2024 was $1.03$0.47 per share.
The aggregate market value of our outstanding common stock held by non-affiliates is $27,366,115$60,043,657.14 based on 28,643,960139,421,544 shares of common stock outstanding, of which 24,005,364127,752,462 shares are held by non-affiliates, and a per share value of $1.14$0.47 based on the closing price of our common stock on the NYSE American on July 28, 2017. We have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the priorMarch 12, calendar month period that ends on and includes the date of this prospectus.
Investing in our securities involves various risks. See “
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus or any accompanying prospectus supplement. Any representation to the contrary is a criminal offense.
The date of this prospectus is _____________, 2017
Page | ||
3 | ||
3 | ||
4 | ||
5 | ||
5 | ||
6 | ||
6 | ||
6 | ||
8 | ||
9 | ||
10 | ||
13 | ||
14 | ||
14 | ||
15 |
You should rely only on the information we have provided or incorporated by reference in this prospectus or in any prospectus supplement. We have not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus or in any prospectus supplement. This prospectus and any prospectus supplement is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information contained in this prospectus and in any prospectus supplement is accurate only as of their respective dates and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any prospective supplement or any sale of securities. The registration statement, including the exhibits and the documents incorporated herein by reference, can be read on the website of the Securities and Exchange Commission, or “SEC,” or on our corporate website at www.inuvo.com as set forth in this prospectus under the heading “Available Information.”
2 |
Table of Contents |
This prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange CommissionSEC utilizing a “shelf” registration, or continuous offering, process. Under the shelf registration process, we may issue and sell any combination of the securities described in this prospectus in one or more offerings with a maximum offering price of up to $15,000,000.
This prospectus provides you with a general description of the securities we may offer. Each time we sell securities under this shelf registration, we will provide a prospectus supplement that will contain certain specific information about the terms of that offering, including a description of any risks related to the offering, if those terms and risks are not described in this prospectus. A prospectus supplement may also add, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and the applicable prospectus supplement, you should rely on the information in the prospectus supplement. The registration statement we filed with the Securities and Exchange CommissionSEC includes exhibits that provide more details on the matters discussed in this prospectus. You should read this prospectus and the related exhibits filed with the Securities and Exchange CommissionSEC and the accompanying prospectus supplement together with additional information described under the headings “
THIS PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT
Neither we, nor any agent, underwriter or dealer has authorized any person to give any information or through underwritersto make any representation other than those contained or dealers, and also may sell securities directly to other purchasers or through agents. To the extent not describedincorporated by reference in this prospectus, the namesany applicable prospectus supplement or any related free writing prospectus prepared by or on behalf of us or to which we have referred you. This prospectus, any underwriters, dealers or agents employed by us in the sale of the securities covered byapplicable supplement to this prospectus or any related free writing prospectus does not constitute an offer to sell or the principal amounts or numbersolicitation of shares oran offer to buy any securities other than the registered securities if any, to be purchased by such underwriters or dealers and the compensation, if any, of such underwriters, dealers or agents will be set forth in the accompanying prospectus supplement.
You should not assume that the information contained in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate on any date subsequent to the date set forth on the front of the document or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus, any applicable prospectus supplement or any related free writing prospectus is delivered, or securities are sold, on a later date.
This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of any other date.
Unless the context otherwise indicates, when used herein, the terms “Inuvo”, “we”, “us” or “we,” “us,” “our” refersand similar terms refer to Inuvo, Inc., a Nevada corporation, and our subsidiaries. Additionally, when used herein, "2016"In addition, “2022” refers to the year ended December 31, 2016, "2015"2022, “2023” refers to the year ended December 31, 2015,2023, and "2017"“2024” refers to the year endingended December 31, 2017.
We file annual, quarterly and other reports, proxy statements and other information with the Securities and Exchange Commission.SEC. You may read and copy any materials that we file at the Securities and Exchange Commission’s Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549. You may obtain informationour filings on the operation of the Public Reference Room by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission also maintains aSEC’s website at www.sec.gov that contains reports, proxyor on our corporate website at www.inuvo.com. The information on our corporate website is not incorporated by reference into and information statements, and other information regarding issuers such as our company that file electronically with the Securities and Exchange Commission.
We have filed a registration statement under the Securities Act of 1933, as amended, or the “Securities Act,” with the Securities and Exchange CommissionSEC with respect to the securities to be sold by pursuant to this prospectus. This prospectus has been filed as part of the registration statement. This prospectus does not contain all of the information set forth in the registration statement because certain parts of the registration statement are omitted in accordance with the rules and regulations of the Securities and Exchange Commission.SEC. You should refer to the registration statement, including the exhibits, for further information about us and the securities being offered pursuant to this prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. You may:
Our corporate website is located at | |
3 |
Table of Contents |
Our Company
Inuvo is an advertising technology and Exchange Commission.
Inuvo’s primary mission is to disrupt the advertising industry with its proprietary and patented generative large language artificial intelligence (AI), a technology capable of identifying and targeting audiences without using a consumer’s identity or data. The AI was designed to replace the consumer data, analytics, segmentation and lookalike modeling technologies that connects advertisershave traditionally served the advertising industry as it transitions to a new paradigm where a consumer’s identity and data are no longer available for advertising decisions due to legislative and technological changes. Rather than targeting people, the AI targets the reasons behind why people are interested in products, services and brands.
The advertising industry Inuvo serves is going through an unprecedented change the likes of which has never occurred with the potential to disrupt the over $600 billion dollars in annual worldwide digital media spend that supports the internet. The cornerstone of the change revolves around the use of a consumer’s identity and data for ad-targeting. While there are many ways to identify consumers, through interactions with Inuvo ad-units on websites and apps across devices. The Inuvo MarketPlace providesthe principal method that has evolved within the browsers has been the cookie, which is the location within the browser where a consumer's identity gets stored. When the cookie is no longer available, the means to interact with tens of thousands of advertisers (Demand) and tens of thousands of online publishers (Supply). We interact with Demand/Supply constituents directly and indirectly. We serve ads within content, video and images. We target ads to consumers using our proprietary ConceptGraph machine learning technology that includeslookup a consumer’s personal information in a database is no longer possible. No Cookie. No Data. No Targeting. Thirteen states have now signed consumer privacy legislation and another 17 have privacy bills in process. Apple has already eliminated the use of 800 million machine profiles. We earn revenue when consumers viewcookies within its browser and click on our ads. We touch 90%Google began phasing them out in January of all US households weekly. Our business scales2024.
Inuvo’s AI technology solves this challenge and can be consumed by clients both as we add Demanda managed service and Supply relationships withsoftware-as-a-service. For certain clients, Inuvo has also developed various proprietary technology and assets that include digital content, websites, automated campaigns, fraud detection, performance reporting and predictive media mix modeling.
There are many barriers to entry associated with the Inuvo business model, including a proficiency in large language model based artificial intelligence, large scale information processing, software development, consumer data products, analytics, IOT (internet of things) integration and the abilityrelationships required to process hundreds of thousands of transactions per second.
Corporate information
We were incorporated under the laws of the State ofin Nevada inas a corporation on October 1987 under the name North Star Petroleum, Inc. In May 1990, we changed our name to Gemstar Enterprises, Inc. In October 1998 we changed our name to CGI Holding Corp. In March 2006 we changed our name to Think Partnership Inc. and in September 2008 we changed our name to Kowabunga! Inc. Lastly, in July 2009 we changed our name to Inuvo, Inc.
4 |
Table of Contents |
An investment in our securities involves a significant degree of risk. Many of the risk factors are, and will continue to be, exacerbated by any worsening of the economic environment. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and discussed under the section entitled “Risk Factors” contained in our most recent Annual Report on Form 10-K, as may be updated by subsequent annual, quarterly and other reports that are incorporated by reference into this prospectus in their entirety. The risks described in these documents are not the only ones we face, but those that we consider to be material. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. Please also read carefully the section below entitled “Cautionary Note Regarding Forward-Looking Information.”
CAUTIONARY STATEMENTSNOTE REGARDING FORWARD-LOOKING INFORMATION
The information included or incorporated by reference into this prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the "Securities Act", and Section 21E of the Securities Exchange Act of 1934, as amended, or the "Exchange Act".Act. These forward-looking statements are subjectthat relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors whichthat may cause our actual results, levels of activity, performance or achievements to bediffer materially different from any future results, levels of activity, performance or achievements expressed or implied by suchthese forward-looking statements. In some cases, you can identify forward-looking statements by terminologyWords such as, “will,but not limited to, “believe,” “should,“expect,” “anticipate,” “estimate,” “intend,” “expect,” “plan,” “anticipate,“targets,” “believe,“likely,” “estimate,“aim,” “will,” “would,” “could,” “should,” “predict,” “potential,” or “continue,” and similar expressions or phrases identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and future events and financial trends that we believe may affect our financial condition, results of operation, business strategy and financial needs. Actual results may differ materially from those expressed or implied in such forward-looking statements as a result of various factors. We do not undertake, and we disclaim, any obligation to update any forward-looking statements or to announce any revisions to any of the negative of such terms or other comparable terminology. Theseforward-looking statements, except as required by law. Certain factors that could cause results to be materially different from those projected in the forward-looking statements include, but are not limited to, our:
· | a decline in general economic conditions; | |
· | decreased market demand for our products and services; | |
· | customer revenue concentration; | |
· | risks associated with customer collections; | |
· | seasonality impacts on financial results and cash availability; | |
· | dependence on | |
· | the ability to acquire traffic in a profitable manner; | |
· | the ability to attract and | |
· | ||
failure to keep pace with | ||
· | interruptions within our information technology infrastructure; | |
· | ||
dependence on key personnel; | ||
· | regulatory and legal uncertainties; | |
· | failure to comply with privacy and data security laws and regulations; | |
· | third party infringement claims; | |
· | publishers fabricating fraudulent clicks; | |
· | the ability to continue to meet the NYSE American listing standards; | |
· | the impact of quarterly results on our common stock price; | |
· | dilution to our stockholders upon the exercise of outstanding restricted stock unit grants and warrants; and | |
· | our ability to identify, finance, complete and successfully integrate future acquisitions. |
We urge you to differ materially from those in the forward-looking statements. Most ofconsider these factors are difficult to predict accurately and are generally beyondbefore investing in our control.common stock. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, and readers should carefully review this prospectus in its entirety, including the risks described in Item 1A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission on February 16, 2017.
We intend to use the net proceeds, if any, from the salesales of the securities offered hereby will be usedby this prospectus for general corporate purposes, which may include additions to working capital capitaland financing potential acquisitions. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds to be received from this offering. The amounts and timing of our actual expenditures and development costs. Wewill depend on numerous factors including our results of operations in future periods. Accordingly, our management will have not allocated any portionbroad discretion in the application of the net proceeds, for any particular use at this time. Theand investors will be relying on the judgment of management regarding the application of the net proceeds may be invested temporarily until they are usedfrom the offering. We will set forth in the particular prospectus supplement our intended use for their stated purpose. Specific information concerning the use ofnet proceeds we receive from the sale of anyour securities will be includedunder such prospectus supplement.
We have not declared or paid cash dividends on our common stock since our inception. Under Nevada law, we are prohibited from paying dividends if the distribution would result in our Company not being able to pay its debts as they become due in the prospectus supplement relatingnormal course of business if our total assets would be less than the sum of our total liabilities plus the amount that would be needed to such securities.
Our authorized capital stock consists of 40,000,000is 200,000,000 shares of common stock, par value $0.001 per share, and 500,000 shares of blank check preferred stock, par value $0.001 per share. The following descriptionAt March 12, 2024, there were 139,421,544 shares of our common stock and ourno shares of preferred stock is a summary. You should refer to our articles of incorporation for the actual terms of our capital stock.
Common stock
Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the stockholders. Holders of common stock do not have cumulative voting rights. Holders of common stock are entitled to share ratably in dividends, if any, as may be declared from time to time by the board of directors in its discretion from funds legally available therefor. In the event of a liquidation, dissolution or winding up of our company, the holders of common stock are entitled to share pro rata all assets remaining after payment in full of all liabilities.
Commencing with our 2008 annual meeting, our directors were divided into three classes and designated Class I, Class II and Class III. Directors may be assigned to each class in accordance with a resolution or resolutions adopted by the board of directors. Directors are elected for a full term of three years. Holders of common stock do not have cumulative voting rights, which means that the holders of a majority of the outstanding shares of our common stock can elect all of the directors then standing for election, and the holders of the remaining shares will not be able to elect any directors.
6 |
Table of Contents |
All of the outstanding shares of common stock are fully paid and non-assessable. Holders of common stock have no preemptive rights to purchase our common stock. There are no conversion or redemption rights or sinking fund provisions with respect to the common stock.
Preferred stock
The board of directors is authorized to provide for the issuance of shares of preferred stock in series and, by filing an amendment pursuant to the applicable laws of Nevada, to establish from time to time the number of shares to be included in each such series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations or restrictions thereof without any further vote or action by the stockholders. Any shares of preferred stock so issued would have priority over the common stock with respect to dividend or liquidation rights.
Any future issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of our company without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. In addition, the issuance of shares of preferred stock, or the issuance of rights to purchase such shares, could be used to discourage an unsolicited acquisition proposal. For instance, the issuance of a series of preferred stock might impede a business combination by including class voting rights that would enable the holder to block such a transaction, or facilitate a business combination by including voting rights that would provide a required percentage vote of the stockholders. In addition, under certain circumstances, the issuance of preferred stock could adversely affect the voting power of the holders of the common stock. Although the board of directors is required to make any determination to issue such stock based on its judgment as to the best interests of our stockholders, the board of directors could act in a manner that would discourage an acquisition attempt or other transaction that some, or a majority, of the stockholders might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then market price of such stock. The board of directors does not at present intend to seek stockholder approval prior to any issuance of currently authorized stock, unless otherwise required by law or stock exchange rules.
Restricted stock units and warrants
At March 12, 2024, restricted stock unit awards for 8,418,345 shares of our common stock, and warrants for 106,998 shares of our common stock with a weighted average exercise price of $0.72 per share, were outstanding.
Transfer agent
The transfer agent and registrar for our common stock is Colonial Stock Transfer Company, 66 Exchange Place, Suite 100, Salt Lake City, UT 84111, and its telephone number is (801) 355-5740.
The transfer agent and registrar for any series or class of preferred stock will be set forth in the applicable prospectus supplement.
NYSE American LLC listing
Our common stock is listed on the NYSE American LLC under the symbol “INUV.”
7 |
Table of Contents |
Anti-Takeover Effects of Various Provisions of Nevada Law and Our Amended and Restated Articles of Incorporation, as amended, and Amended and Restated By-Laws.
Blank Check Preferred Stock.Our Amended and Restated Articles of Incorporation, as amended, permit our board of directors to issue our preferred stock with voting, conversion and exchange rights that could negatively affect the voting power or other rights of our common stock stockholders, and the board of directors could take that action without stockholder approval. The issuance of our preferred stock could delay or prevent a change of control of Inuvo.
Board Vacancies to be Filled by Remaining Directors and Not Stockholders. Our Amended and Restated By-Laws provide that any vacancies on the board of directors, including any newly created directorships, will be filled by the affirmative vote of the majority of the remaining directors then in office, even if such directors constitute less than a quorum. We may also assign such serving director to any class of directors.
Removal of Directors by Stockholders. Our Amended and Restated By-Laws and the Nevada Corporation Law provide that directors may be removed by stockholders only by the affirmative vote of the holders of at least two-thirds of the voting power of the outstanding capital stock entitled to vote.
Special Meetings of Stockholders. Under the Amended and Restated By-Laws, only our president or board of directors may call special meetings of the Company’s stockholders. Stockholders who in the aggregate beneficially own at least 10% of all the outstanding shares of the corporation entitled to vote at the meeting may call a special meeting upon proper request to the president.
Classified Board. Our Amended and Restated By-Laws provide for the board of directors to be divided into three classes of directors serving staggered three-year terms. This provision, when coupled with the vote required to remove directors, can preclude even a majority stockholder of common stock from gaining control of the board of directors in one election.
Nevada Anti-Takeover Statute. We are subject to Nevada’s Combination with Interested Stockholders Statute (Nevada Corporation Law Sections 78.411-78.444) which prohibits an “interested stockholder” from entering into a “combination” with the corporation, unless certain conditions are met. An “interested stockholder” is a person who, together with affiliates and associates, beneficially owns (or within the prior two years, did beneficially own) 10% or more of the corporation’s capital stock entitled to vote.
We may issue warrants for the purchase of preferred stock or common stock, or any combination of these securities. Warrants may be issued independently or together with other securities and may be attached to or separate from any offered securities. Each series of warrants will be issued under a separate warrant agreement. The following outlines some of the general terms and provisions of the warrants that we may issue from time to time. Additional terms of the warrants and the applicable warrant agreement will be set forth in the applicable prospectus supplement.
The following descriptions, and any description of the warrants included in a prospectus supplement, may not be complete and is subject to and qualified in its entirety by reference to the terms and provisions of the applicable warrant agreement, which we will file with the Securities and Exchange Commission in connection with any offering of warrants.
General
The prospectus supplement relating to a particular issue of warrants will describe the terms of the warrants, including the following:
· | the title of the warrants; | |
· | the offering price for the warrants, if any; | |
· | the aggregate number of the warrants; | |
· | the terms of the security that may be purchased upon exercise of the warrants; | |
· | if applicable, the designation and terms of the securities that the warrants are issued with and the number of warrants issued with each security; |
Table of Contents |
· | if applicable, the date from and after which the warrants and any securities issued with the warrants will be separately transferable; | |
· | the dates on which the right to exercise the warrants commence and expire; | |
· | if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; | |
· | if applicable, a discussion of material United States federal income tax considerations; | |
· | anti-dilution provisions of the warrants, if any; | |
· | redemption or call provisions, if any, applicable to the warrants; and | |
· | any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants. |
Exercise of warrants
Each warrant will entitle the holder of the warrant to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we describe in the applicable prospectus supplement. Holders may exercise warrants at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will be void. Holders may exercise warrants as set forth in the prospectus supplement relating to the warrants being offered. Until a holder exercises the warrants to purchase any securities underlying the warrants, the holder will not have any rights as a holder of the underlying securities by virtue of ownership of warrants.
We may issue units consisting of any material United States federal income tax consequences to persons investingcombination of our common stock, preferred stock and warrants. We will issue each unit so that the holder of the unit is also the holder of each security included in the unit. As a result, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities offeredincluded in the unit may not be held or transferred separately, at any time or at any time before a specified date.
The summary below and that contained in any prospectus supplement is qualified in its entirety by reference to all of the provisions of the unit agreement and/or unit certificate, and depositary arrangements, if applicable. We urge you to read the applicable prospectus supplements and any related free writing prospectuses related to the units that we may offer under this prospectus, as well as the complete unit agreement and/or unit certificate, and depositary arrangements, as applicable, that contain the terms of the units.
The applicable prospectus supplement, information incorporated by reference or free writing prospectus may describe:
· | the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; | |
· | any provisions for the issuance, payment, settlement, transfer, or exchange of the units or of the securities composing the units; | |
· | whether the units will be issued in fully registered or global form; and | |
· | any other terms of the units. |
The applicable provisions described in this section, as well as those described under “Description of Our Capital Stock” and “Description of Warrants” above will apply to each unit and to each security included in each unit, respectively.
9 |
Table of Contents |
We can issue securities in registered form or in the form of one or more global securities. We describe global securities in greater detail below. We refer to those persons who have securities registered in their own names on the books that we or any applicable trustee, depositary or warrant agent maintain for this purpose as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those persons who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as “indirect holders” of those securities. As we discuss below, indirect holders are not legal holders, and investors in securities issued in book-entry form or in street name will be set forthindirect holders.
Book-Entry Holders
We may issue securities in book-entry form only, as we will specify in any applicable prospectus supplement. The summaryThis means securities may be represented by one or more global securities registered in the name of a financial institution that holds them as depositary on behalf of other financial institutions that participate in the depositary’s book-entry system. These participating institutions, which are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.
Only the person in whose name a security is registered is recognized as the holder of that security. Securities issued in global form will be presentedregistered in the name of the depositary or its participants. Consequently, for informational purposessecurities issued in global form, we will recognize only however,the depositary as the holder of the securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments it receives to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the securities.
As a result, investors in a global security will not own securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest through a participant. As long as the securities are issued in global form, investors will be indirect holders, and not legal holders, of the securities.
Street Name Holders
We may terminate a global security or issue securities in non-global form. In these cases, investors may choose to hold their securities in their own names or in “street name.” Securities held by an investor in street name would be registered in the name of a bank, broker or other financial institution that the investor chooses, and the investor would hold only a beneficial interest in those securities through an account he or she maintains at that institution.
For securities held in street name, we or any applicable trustee or depositary will recognize only the intermediary banks, brokers and other financial institutions in whose names the securities are registered as the holders of those securities, and we or any applicable trustee or depositary will make all payments on those securities to them. These institutions pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold securities in street name will be indirect holders, not holders, of those securities.
Legal Holders
Our obligations, as well as the obligations of any applicable trustee and of any third parties employed by us or a trustee, run only to the legal holders of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security or has no choice because we are issuing the securities only in global form.
For example, once we make a payment or give a notice to the legal holder, we have no further responsibility for the payment or notice even if that legal holder is required, under agreements with its participants or customers or by law, to pass it along to the indirect holders but does not do so. Whether and how the legal holders contact the indirect holders is up to the legal holders.
10 |
Table of Contents |
Special Considerations for Indirect Holders
If you hold securities through a bank, broker or other financial institution, either in book-entry form because the securities are represented by one or more global securities or in street name, you should check with your own institution to find out:
· | how it handles securities payments and notices; | |
· | whether it imposes fees or charges; | |
· | how it would handle a request for the holder’s consent, if ever required; | |
· | whether and how you can instruct it to send you securities registered in your own name so you can be a holder, if that is permitted in the future; | |
· | how it would exercise rights under the securities if there were a default or other event triggering the need for holders to act to protect their interests; and | |
· | if the securities are in book-entry form, how the depositary’s rules and procedures will affect these matters. |
Global Securities
A global security is a security that represents one or any other number of individual securities held by a depositary. Generally, all securities represented by the same global securities will have the same terms.
Each security issued in book-entry form will be represented by a global security that we issue to, deposit with and register in the name of, a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in any applicable prospectus supplement, DTC will be the depositary for all securities issued in book-entry form.
A global security may not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor depositary, unless special termination situations arise. We describe those situations below under “Special Situations When a Global Security Will Be Terminated.” As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and legal holder of all securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that does. Thus, an investor whose security is represented by a global security will not be intendeda legal holder of the security, but only an indirect holder of a beneficial interest in the global security.
If the prospectus supplement for a particular security indicates that the security will be issued in global form only, then the security will be represented by a global security at all times unless and until the global security is terminated. If termination occurs, we may issue the securities through another book-entry clearing system or decide that the securities may no longer be held through any book-entry clearing system.
Special Considerations for Global Securities
The rights of an indirect holder relating to a global security will be governed by the account rules of the investor’s financial institution and of the depositary, as legal or tax advicewell as general laws relating to prospective purchasers. Prospective purchaserssecurities transfers. We do not recognize an indirect holder as a holder of securities and instead deal only with the depositary that holds the global security.
11 |
Table of Contents |
If securities are urgedissued only in the form of a global security, an investor should be aware of the following:
· | an investor cannot cause the securities to be registered in his or her name, and cannot obtain non-global certificates for his or her interest in the securities, except in the special situations we describe below; | |
· | an investor will be an indirect holder and must look to his or her own bank, broker or other financial institution for payments on the securities and protection of his or her legal rights relating to the securities, as we describe above; | |
· | an investor may not be able to sell interests in the securities to some insurance companies and to other institutions that are required by law to own their securities in non-book-entry form; | |
· | an investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective; | |
· | the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security; | |
· | we and any applicable trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security, nor do we or any applicable trustee supervise the depositary in any way; | |
· | the depositary may, and we understand that DTC will, require that those who purchase and sell interests in a global security within its book-entry system use immediately available funds, and your bank, broker or other financial institution may require you to do so as well; and | |
· | financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the securities. |
There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any of those intermediaries.
Special Situations When a Global Security Will Be Terminated
In a few special situations described below, the global security will terminate and interests in it will be exchanged for physical certificates representing those interests. After that exchange, the choice of whether to hold securities directly or in street name will be up to the investor. Investors must consult their own tax advisors priorbanks, brokers or other financial institutions to find out how to have their interests in securities transferred to their own name, so that they will be direct holders. We have described the rights of holders and street name investors above.
Unless we provide otherwise in any purchaseapplicable prospectus supplement, the global security will terminate when the following special situations occur:
· | if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security and we do not appoint another institution to act as depositary within 90 days; | |
· | if we notify any applicable trustee that we wish to terminate that global security; or | |
· | if an event of default has occurred with regard to securities represented by that global security and has not been cured or waived. |
The prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series of securities.
12 |
Table of Contents |
We may sell the securities from time to time pursuant to underwritten public offerings, "at-the-market" offerings, negotiated transactions, block trades or a combination of these methods. We may sell the securities to or through underwriters or dealers, through agents, or directly to one or more purchasers. We may distribute securities from time to time in one or more transactions:
· | at a fixed price or prices, which may be changed; | |
· | at market prices prevailing at the time of sale; | |
· | at prices related to such prevailing market prices; or | |
· | at negotiated prices. |
We may also sell equity securities covered by this registration statement in an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act. Such offering may be made into an existing trading market for such securities in transactions at other than a fixed price on or through the facilities of the following ways fromNYSE American LLC or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time to time:
Such at the market offerings, if any, may be conducted by underwriters acting as principal or agent.
A prospectus supplement or supplements (and any related free writing prospectusesprospectus that we may authorize)authorize to be provided to you) will describe the terms of suchthe offering including:
· | the name or names of any underwriters, dealers or | |
· | the purchase price of the | |
· | any over-allotment options under which underwriters may purchase additional securities from | |
· | any agency fees or underwriting discounts | |
· | any | |
· | any discounts or concessions allowed or reallowed or paid to | |
· | any securities |
Only underwriters named in the prospectus supplement are underwriters of the securities offered by the prospectus supplement.
If underwriters are used in the sale, the underwritersthey will acquire the offered securities for their own account and may resell themthe securities from time to time in one or more transactions, including negotiated transactions at a fixed public offering price or at varying prices determined at the time of sale. The offeredobligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may be offered eitheroffer the securities to the public through underwriting syndicates represented by one or more managing underwriters or by one or more underwriters without a syndicate. Unless otherwise set forth in a prospectus supplement, the obligations of the underwriters to purchase any series of securities will be subjectSubject to certain conditions, precedent, and the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time. We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement, naming the underwriter, the nature of any such seriesrelationship.
We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities, ifand we will describe any are purchased (other than securities subject to any over-allotment option).
We may be effected on the NYSE American, in the over-the-counter market,authorize agents or otherwise. Underwriters are not requiredunderwriters to engage in anysolicit offers by certain types of these activities, orinstitutional investors to continue such activities if commenced.
We may provide agents and underwriters with indemnification against civil liabilities related to that offering. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment.
All securities we offer, other than our common stock, which is listed on the NYSE American, each of the securities issued hereunder will be a new issueissues of securities will havewith no priorestablished trading market, and may or may not be listed on a national securities exchange.market. Any common stock sold pursuant to a prospectus supplement will be listed on the NYSE American, subject to official notice of issuance. Any underwriters to whom we sell securities for public offering and sale may make a market in thethese securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. We cannot assure you that there will beguarantee the liquidity of the trading markets for any securities.
Any underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty bids. Overallotment involves sales in excess of the offering size, which create a market forshort position. Stabilizing transactions permit bids to purchase the offered securities.
Underwriters may engage in passive market making transactions in the securities in accordance with Regulation M. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.
Porter, Wright, Morris & Arthur LLP, 41 South High Street, Suite 2800, Columbus, Ohio 43215-6194, will pass upon certain legal matters relating to the issuance and sale of the common stock, preferred stock, warrants and units offered by this prospectus willhereby on behalf of Inuvo. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by Pearlman Law Group LLP, 200 South Andrews Avenue, Suite 901, Fort Lauderdale, FL 33301.
The consolidated balance sheets of Inuvo, Inc. as of December 31, 20162023 and 2015,2022, and the related consolidated statements of income,operations, stockholders’ equity and cash flows for each of the years then ended, December 31, 2016 and 2015 incorporated by reference in the registration statement of which this prospectus is a part have been audited by Mayer Hoffman McCann P.C.,EisnerAmper, LLP, independent registered public accounting firm, as indicatedstated in their report with respect thereto, andwhich is incorporated herein by reference. Such financial statements have been so includedincorporated herein by reference in reliance uponon the report of such firm given onupon their authority as experts in accounting and auditing.
We file annual, quarterly and other reports, proxy statements and other information with the SEC. The Securities and Exchange CommissionSEC allows us to “incorporateincorporate by reference”reference the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus supplement, and later information filed with the Securities and Exchange CommissionSEC will update and supersede this information. We incorporate by reference the documents listed below that we have previously filed with the SEC, except that information furnished under Item 2.02 or Item 7.01 of our Current Reports on Form 8-K or any ofother filing where we indicate that such documentsinformation is being furnished and not filed sinceunder the date this registration statement wasExchange Act, is not deemed to be filed and any future filings with the Securities and Exchange Commission under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until the termination of the offering of securities coverednot incorporated by this prospectus:
· | our Annual Report on Form 10-K for the year ended December 31, | |
· | the description of our common stock contained in the registration statement on Form | |
We will provide without charge to any person to whomalso incorporate by reference into this prospectus is delivered, onadditional documents that we may file with the written or oral request of such person, a copy of any or all of the foregoing documents incorporated by reference, excluding exhibits, unless we have specifically incorporated an exhibit in the incorporated document. Written requests should be directed to: Corporate Secretary, Inuvo, Inc., 500 President Clinton Boulevard, Suite 300, Little Rock, AR 72201.
This prospectus may contain information that updates, modifies or supersededis contrary to information in one or more of the documents incorporated by reference in this prospectus. You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus.
We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, at no cost to the requester, a copy of any and all of the information that is incorporated by reference in this prospectus.
We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, at no cost to the requester, a copy of any and all of the information that is incorporated by reference in this prospectus. You may request a copy of these filings, at no cost to you, by telephoning us at (501) 205-8508 or by writing us at the following address:
Inuvo, Inc.
500 President Clinton Boulevard
Suite 300
Little Rock, Arkansas 72201
Attention: Investor Relations
You may also access the documents incorporated by reference in this prospectus on the SEC’s website at www.sec.gov or through our website at www.inuvo.com. The reference to our website is an inactive textual reference only and, except for the specific incorporated documents listed above, no information available on or through our website shall not be deemed except as so modifiedto be incorporated in this prospectus, the accompanying prospectus or superseded, to constitute a part of the registration statement or this prospectus.
15 |
Table of Contents |
$50,000,000
COMMON STOCK, PREFERRED STOCK,
WARRANTS OR UNITS
PROSPECTUS
_______________________, 2024
16 |
Table of Contents |
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
The information relating to our company containedestimated expenses payable by Inuvo, Inc. in this prospectus and the accompanying prospectus supplement is not comprehensive, and you should read it togetherconnection with the information contained indistribution of the incorporated documents.
SEC registration and filing fee |
| $ | 0 |
|
Legal fees and expenses |
| ** |
| |
Accounting fees and expenses |
| ** |
| |
EDGAR fees and printing costs |
| ** |
| |
Transfer agent fees |
| ** |
| |
Blue Sky fees and expenses |
| ** |
| |
Miscellaneous |
| ** |
| |
TOTAL |
| $ | ** |
|
** Estimated expenses are presently not known and cannot be estimated.
Item 15. Indemnification of Directors and Officers.
Under our Amended and Restated Articles of Incorporation, as amended, our directors are not liable for monetary damages for breach of fiduciary duty, except in connection with:
· | a breach of the | |
· | acts or omissions not in good faith or which involve intentional misconduct, fraud or a knowing violation of law; | |
· | a transaction from which our director received an improper benefit; or | |
· | an act or omission for which the liability of a director is expressly provided under Nevada law. |
In addition, our bylawsAmended and Restated By-Laws provide that we must indemnify our officers and directors to the fullest extent permitted by Nevada law for all expenses incurred in the settlement of any actions against such persons in connection with their having served as officers or directors.
Insofar as the limitation of, or indemnification for, liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, or persons controlling us pursuant to the foregoing, or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such limitation or indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
Page | ||
About this Prospectus | 2 | |
Available Information | 2 | $15,000,000 |
Our Company | 3 | |
Cautionary Statements Regarding Forward-Looking Information | 3 | |
Risks Factors | 4 | ![]() |
Use of Proceeds | 5 | |
Description of Capital Stock | 5 | |
Description of Warrants | 6 | COMMON STOCK, PREFERRED STOCK, |
Material Federal Income Tax Consequences | 7 | WARRANTS OR UNITS |
Plan of Distribution | 7 | |
Legal Matters | 8 | PROSPECTUS |
Experts | 8 | |
Information Incorporated By Reference | 8 | ________, 2017 |
Disclosure of Commission Position on Indemnification for Securities Act Liabilities | 9 |
SEC registration and filing fee | $ | 1,738.50 |
Legal fees and expenses | 7,500.00 | |
Accounting fees and expenses | 2,500.00 | |
EDGAR fees and printing costs | 2,000.00 | |
Transfer agent fees | 500.00 | |
Blue Sky fees and expenses | 500.00 | |
Miscellaneous | 261.50 | |
TOTAL | $ | 15,000.00 |
Item 16. Exhibits.
No. | Exhibit Description | Form | Date Filed | Number | Filed or Furnished Herewith | ||||||
1.1 | Underwriting Agreement | *** | |||||||||
10-KSB | 3/1/04 | 4 | |||||||||
10-KSB | 3/31/06 | 3.2 | |||||||||
8-K | 7/24/09 | 3.4 | |||||||||
8-K | 12/10/10 | 3(i).4 | |||||||||
10-K | 3/29/12 | 3(i).5 | |||||||||
10-K | 3/29/12 | 3(i).6 | |||||||||
10-Q | 5/15/20 | 3(i).7 | |||||||||
10-Q | 11/9/20 | 3(i)8 | |||||||||
Articles of Amendment to Articles of Incorporation as filed January 7, 2021 | 10-K | 2/11/21 | 3(i).9 | ||||||||
Articles of Amendment to Articles of Incorporation as filed on August 19, 2021 | 10-Q | 11/12/21 | 3(i).10 | ||||||||
10-K | 3/31/10 | 3(ii).4 | |||||||||
8-K | 3/6/12 | 3(ii).1 | |||||||||
4.1 | Form of preferred stock certificate | *** | |||||||||
4.2 | Form of warrant agreement | *** | |||||||||
4.3 | Form of unit agreement | *** | |||||||||
Opinion of | Filed | ||||||||||
Filed | |||||||||||
Consent of | Filed | ||||||||||
24.1 | Power of Attorney (included on signature page of registration statement) | Filed | |||||||||
Filed |
*** To be filed, if necessary, by amendment or as an exhibit to a Current Report on Form 8-K and incorporated by reference herein.
II-2 | ||||
Contents |
Item 17. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. 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) under the Securities Act 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; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however
, that paragraphs (a)(1)(i) (a)(1)(ii) and (a)(1)(iii) of this section do not apply if(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
II-3 |
Table of Contents |
(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i) If the registrant is relying on Rule 430B:
(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(ii) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(d) The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the
(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
II-4 |
Table of Contents |
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 offor filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Little Rock, State of Arkansas on September 1, 2017.
Inuvo, Inc. | |||
By: | /s/ Wallace D. Ruiz | ||
Wallace D. Ruiz, | |||
Chief Financial Officer |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Wallace D. Ruiz his true and lawful attorney-in-fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Form S-3 registration statement, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Name | Positions | Date | |||
/s/ Richard K. Howe | Chairman of the Board of Directors and Chief Executive Officer | March 13, 2024 | |||
Richard K. Howe | (principal executive | ||||
/s/ Wallace D. Ruiz | Chief Financial Officer | March 13, 2024 | |||
Wallace D. Ruiz | |||||
/s/ Charles D. Morgan | Director | March 13, 2024 | |||
Charles D. Morgan | |||||
/s/ Jonathon Bond | Director | March 13, 2024 | |||
Jonathon Bond | |||||
/s/ Gordon J. Cameron | Director | March 13, 2024 | |||
Gordon J. Cameron | |||||
/s/ Kenneth Lee | Director | March 13, 2024 | |||
Kenneth Lee |
II-5 |