EXHIBIT 5.1
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Loeb & Loeb LLP
345 Park Avenue New York, NY 10154-1895
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July 8, 2024
Airship AI Holdings, Inc.
8210 154th Ave NE
Redmond, WA 98052
Re: Registration Statement on Form S-1 (File No. 333-280418)
Ladies and Gentlemen:
We have acted as counsel to Airship AI Holdings, Inc., a Delaware corporation (the “Company”), in connection with its filing of the Registration Statement on Form S-1 (File No. 333-280418), as amended prior to being declared effective (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”), with the Securities and Exchange Commission. The Registration Statement relates to (i) up to $9,200,000 aggregate public offering price of a presently indeterminate number of shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (“Common Stock”); (ii) warrants to be issued to the representative of the underwriters in the Company’s offering (the “Representative Warrants”) to purchase up to 10% of the number of shares of Common Stock sold in the offering, including any shares of Common Stock sold to cover over-allotments, if any; and (iii) the shares of Common Stock underlying the Representative Warrants (the “Representative Shares”). The Shares and Representative Warrants will be issued and sold pursuant to the terms of the underwriting agreement to be entered into by and between the Company and Roth Capital Partners, LLC, acting as representative of the several underwriters named therein, in the form filed as Exhibit 1.1 to the Registration Statement (the “Underwriting Agreement”).
In connection with this opinion letter, we have examined (i) the Registration Statement, (ii) originals, or copies, certified or otherwise identified to our satisfaction of the form of the Company’s Certificate of Incorporation, as amended, and Bylaws, each in the form filed as an exhibit to the Registration Statement, (iii) the Underwriting Agreement, in the form filed as an exhibit to the Registration Statement, (iv) the Representative Warrants, in the form filed as an exhibit to the Registration Statement, (v) the resolutions and other actions of the Company’s board of directors that authorize and provide for the filing of the Registration Statement, the execution of the Underwriting Agreement and the offer and sale of the Shares and the issuance of the Representative Warrants and the Representative Shares (the “Board Resolutions”), and (vi) such other documents, records and instruments as we have deemed appropriate for purposes of the opinion set forth herein. We have, to the extent deemed appropriate, relied upon certain representations of certain officers of the Company as to questions of fact material to this opinion.
We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with the originals of all documents submitted to us as certified, facsimile, or photo static copies and the authenticity of the originals of all documents submitted to us as copies.
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| Airship AI Holdings, Inc. July 8, 2024 Page 2 |
Based upon the foregoing, we are of the opinion that:
1. The Shares have been duly authorized by the Company and, when issued and sold by the Company and delivered by the Company against receipt of the purchase price therefor, in the manner contemplated by the Registration Statement, will be validly issued, fully paid and non-assessable.
2. The Representative Warrants have been duly authorized by the Company and, when issued and delivered by the Company in accordance with the terms of the Underwriting Agreement, will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms.
3. The Representative Shares have been duly authorized by the Company and, when issued and delivered by the Company in accordance with the terms of the Representative Warrants, will be validly issued, fully paid and non-assessable.
We are opining solely on (i) all applicable statutory provisions of Delaware corporate law, including the rules and regulations underlying those provisions, all applicable provisions of the Constitution of the State of Delaware and all applicable judicial and regulatory determinations, and (ii) the laws of the State of New York.
In addition, the foregoing opinions are qualified to the extent that (a) enforceability may be limited by and be subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law (including, without limitation, concepts of notice and materiality), and by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ and debtors’ rights generally (including, without limitation, any state or federal law in respect of fraudulent transfers); and (b) no opinion is expressed herein as to compliance with or the effect of federal or state securities or blue sky laws. We hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.
Very truly yours,
/s/ Loeb & Loeb LLP
Loeb & Loeb LLP