Registration
No. 333-
As
filed with the Securities Exchange Commission on May 19, 2023
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-3
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
STRYVE
FOODS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
87-1760117 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
Post
Office Box 864
Frisco,
TX 75034
Telephone:
(972) 987-5130
(Address,
including zip code, and telephone number, of registrant’s principal executive offices)
Norma
Garcia
Post
Office Box 864
Frisco,
TX 75034
Telephone:
(972) 987-5130
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
John
J. Wolfel
Chris
Babcock
Foley
& Lardner LLP
One
Independent Drive, Suite 1300
Jacksonville,
Florida 32202
(904)
359-2000
Approximate
date of proposed sale to the public: From time to time after this Registration Statement becomes effective.
If
the only securities being registered on this Form are being offered pursuant to 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 filed 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 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, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act ☐
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 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 preliminary 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 preliminary prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Subject
to completion, dated May 19,
2023
PROSPECTUS
STRYVE
FOODS, INC.
7,964,550
Shares of Class A Common Stock Issuable Upon Exercise of Warrants
This
prospectus relates to the resale, from time to time, of up to 7,964,550 shares of our Class A common stock, $0.0001 per share (the “Class
A Common Stock”), of Stryve Foods, Inc., a Delaware corporation (the “Company” or “Stryve”), by the selling
stockholders identified in this prospectus. The shares covered by this prospectus consist of 7,964,550 shares of Class A Common Stock
issuable upon exercise of warrants issued to the selling stockholders in a private placement as described in this prospectus.
The
selling stockholders may sell or otherwise dispose of the shares of Class A Common Stock covered by this prospectus in a number of different
ways and at varying prices. We provide more information about how the selling stockholders may sell or otherwise dispose of their shares
of Class A Common Stock in the section entitled “Plan of Distribution” on page 7. The selling stockholders will pay all brokerage
fees and commissions and similar expenses. We will pay all expenses (except brokerage fees and commissions and similar expenses) relating
to the registration of the shares with the Securities and Exchange Commission.
Our
shares of Class A Common Stock and Warrants are listed on Nasdaq under the symbols “SNAX” and “SNAXW,” respectively.
On May 10, 2023, the closing sale price per share of our Class A Common Stock and Warrants was $0.4349 and $0.0244, respectively.
We
are an “emerging growth company,” as that term is used in the Jumpstart Our Business Startups Act of 2012, and are subject
to reduced public company reporting requirements.
Investing
in our Class A Common Stock is highly speculative and involves a significant degree of risk. See “Risk Factors” beginning
on page 3 of this prospectus for a discussion of information that should be considered before making a decision to purchase our Class
A Common Stock.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2023.
TABLE
OF CONTENTS
PROSPECTUS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the SEC under which the Selling Securityholders may, from time to time,
offer and sell, any combination of the securities described in this prospectus in one or more offerings. The Selling Securityholders
may use the registration statement to sell shares of Class A common stock up to the amounts set forth in the section entitled “Selling
Securityholders”, from time to time through any means described in the section entitled “Plan of Distribution.”
More specific terms of any securities that the Selling Securityholders offer and sell may be provided in a prospectus supplement that
describes, among other things, the specific amounts and prices of the Class A common stock being offered and the terms of the offering.
A
prospectus supplement may also add, update or change information included in this prospectus. Any statement contained in this prospectus
will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus
supplement modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only
as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus. You should rely only on the
information contained in this prospectus, any applicable prospectus supplement or any related free writing prospectus, together with
the information described under the headings “Where You Can Find Additional Information” and “Incorporation
of Certain Information by Reference.”
Neither
we nor the Selling Securityholders have authorized anyone to provide any information or to make any representations other than those
contained in or incorporated by reference into this prospectus, any accompanying prospectus supplement or any free writing prospectus
we have prepared. We and the Selling Securityholders take no responsibility for, and can provide no assurance as to the reliability of,
any other information that others may give you. This prospectus is an offer to sell only the securities offered hereby and only under
circumstances and in jurisdictions where it is lawful to do so. No dealer, salesperson or other person is authorized to give any information
or to represent anything not contained in this prospectus, any applicable prospectus supplement or any related free writing prospectus.
This prospectus is not an offer to sell securities, and it is not soliciting an offer to buy securities, in any jurisdiction where the
offer or sale is not permitted. You should assume that the information appearing in this prospectus or any prospectus supplement is accurate
only as of the date on the front of those documents and that any information incorporated by reference is accurate only as of the date
of the document incorporated by reference, unless we indicate otherwise, regardless of the time of delivery of this prospectus or any
applicable prospectus supplement, or any sale of a security. Our business, financial condition, results of operations and prospects may
have changed since those dates.
This
prospectus contains or incorporates by reference 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 which this prospectus is a part, and you may obtain copies of those documents as described
below under “Where You Can Find Additional Information.”
All
references in this prospectus to “Stryve,” the “Company,” “we,” “us,” “our,”
or similar references refer to Stryve Foods, Inc. and our consolidated subsidiaries, except where the context otherwise requires or as
otherwise indicated.
PROSPECTUS
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus or incorporated by reference in this prospectus
and does not contain all of the information that you should consider in making your investment decision. Before investing in our securities,
you should read this entire prospectus and any applicable prospectus supplement carefully, including the sections of this prospectus
entitled “Risk Factors”, “Special Note Regarding Forward-Looking Statements”, the section entitled “Risk
Factors” in our most recent annual report on Form 10-K incorporated by reference herein (together with any material changes thereto
contained in subsequently filed quarterly reports on Form 10-Q, current reports on Form 8-K or other documents that we file with the
Securities and Exchange Commission, which are incorporated herein by reference as described under the heading “Where You Can Find
Additional Information”), our consolidated financial statements and the related notes incorporated by reference in this prospectus
and all other information included or incorporated by reference in this prospectus. Unless the context otherwise requires, references
in this prospectus to the “Company,” “Stryve” “we,” “our,” “us” or similar
terms mean Stryve Foods, Inc. and our consolidated subsidiaries.
Overview
Stryve
is an emerging healthy snacking company which manufactures, markets and sells highly differentiated healthy snacking products that Stryve
believes can disrupt traditional snacking categories. Stryve’s mission is “to help Americans snack better and live happier,
better lives.” Stryve offers convenient snacks that are lower in sugar and carbohydrates and higher in protein than other snacks.
Stryve offers all-natural, delicious snacks which it believes are nutritious and offer consumers a convenient healthy snacking option
for their on-the-go lives.
Stryve’s
current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve®, Kalahari®, Braaitime®,
and Vacadillos® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices,
are never cooked, generally contain zero grams of sugar, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and
preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content,
Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today.
Stryve
distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets,
as well as directly to consumers through its owned e-commerce websites as well as direct to consumer through the Amazon platform.
Stryve
believes increased consumer focus in the U.S. on health and wellness will continue to drive growth of the nutritional snacking category
and increase demand for Stryve’s products. Stryve has made substantial investments since its inception in product development,
establishing its manufacturing facility, and building its marketing, sales and operations infrastructure to grow its business. Stryve
intends to continue to invest in product innovation and acquisition, improving its supply chain, increasing its manufacturing capacity,
and expanding its marketing and sales initiatives to continue its growth.
Additional
information about us can be found in our most recent annual report on Form 10-K incorporated by reference herein together with any material
changes thereto contained in subsequently filed quarterly reports on Form 10-Q.
Corporate
Information
Andina
was a blank check company incorporated as a Cayman Islands exempted company on July 29, 2016. Stryve Foods, LLC was a Texas limited liability
company formed on January 13, 2017. On July 20, 2021, we completed the Business Combination, under which Andina was domesticated as a
corporation in the State of Delaware, renamed “Stryve Foods, Inc.” and was organized as an “Up-C” structure in
which substantially all of the assets of the combined company are held by Holdings, and our only assets are our equity interests in Holdings.
As the managing member of Holdings, we have full, exclusive and complete discretion to manage and control the business of Holdings and
to take all action we deem necessary, appropriate, advisable, incidental, or convenient to accomplish the purposes of Holdings set forth
in the Amended Holdings Operating Agreement. As of the open of trading on July 21, 2021, our Class A Common Stock and Warrants, formerly
those of Andina, began trading on Nasdaq as “SNAX” and “SNAXW,” respectively.
Our
principal executive offices are located at P.O. Box 864, Frisco, Texas 75034, and our telephone number is (972) 987-5130. Our website
address is www.stryve.com. Information contained on our website is not a part of this prospectus, and the inclusion of our website address
in this prospectus is an inactive textual reference only.
The
Offering
Shares
of Class A Common Stock offered by the selling stockholders |
|
Up
to 7,964,550 shares. |
|
|
|
Use
of Proceeds |
|
We
will not receive any proceeds from the resale of the shares of the Class A Common Stock by the selling stockholders in this offering.
We will, however, receive proceeds from any portion of the warrants that are exercised through the payment of their respective exercise
price in cash. For additional information, refer to the section entitled “Use of Proceeds. |
|
|
|
Nasdaq
Capital Market symbols |
|
Our
Class A Common Stock and Warrants are listed on the Nasdaq Capital Market under the symbols “SNAX” and “SNAXW,”
respectively. |
|
|
|
Risk
factors |
|
Investing
in our Class A Common Stock is highly speculative and involves a significant degree of risk. As an investor you should be able to
bear a complete loss of your investment. You should carefully consider the information set forth in the “Risk Factors”
section beginning on page 3. |
RISK
FACTORS
Investing
in our securities involves significant risks. Before making an investment decision, you should carefully consider the risks, uncertainties
and other factors described in our most recent annual report on Form 10-K, as supplemented and updated by subsequent quarterly reports
on Form 10-Q and current reports on Form 8-K that we have filed or will file with the SEC, and in documents which are incorporated by
reference into this prospectus, as well as the risk factors and other information contained in or incorporated by reference into the
applicable prospectus supplement.
If
any of these risks were to occur, our business, affairs, prospects, assets, financial condition, results of operations and cash flow
could be materially and adversely affected. If this occurs, the market or trading price of our securities could decline, and you could
lose all or part of your investment. In addition, please read “Special Note Regarding Forward-Looking Statements”
in this prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included
or incorporated by reference into this prospectus.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference in this prospectus contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, or the Exchange Act. Forward-looking statements provide our current expectations or forecasts of future events.
Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements
that are not historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predicts,” “project,”
“should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. Examples of forward-looking statements in this prospectus and
the documents incorporated by reference into this prospectus include, but are not limited to, statements regarding disclosure
concerning our operations, cash flows, financial position and dividend policy. These forward-looking statements include, but are not
limited to:
| ● | our
market opportunity and the potential growth of that market; |
| ● | the
impact of inflation and cost increases on our business; |
| ● | our
strategy, expected outcomes and growth prospects; |
| ● | trends
in our operations, industry and markets; |
| ● | our
future profitability, indebtedness, liquidity, access to capital and financial condition;
and |
| ● | our
integration of companies that we have acquired or may acquire into our operations |
Forward-looking
statements are based on management’s current expectations, estimates, forecasts and projections about our business and the industry
in which we operate, and management’s beliefs and assumptions are not guarantees of future performance or development and involve
known and unknown risks, uncertainties and other factors that are in some cases beyond our control, including those described in the
section titled “Risk Factors” and elsewhere in this prospectus and the documents incorporated by reference into this
prospectus.
You
should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events
and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly
any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual results or to changes
in our expectations, except as required by law.
You
should read this prospectus and the documents we have filed with the SEC that are incorporated
by reference in this prospectus with the understanding that our actual future results, levels of activity, performance and events
and circumstances may be materially different from what we expect.
USE
OF PROCEEDS
All
proceeds from the resale of the shares of Class A Common Stock offered by this prospectus will belong to the selling stockholders. We
will not receive any proceeds from the resale of the shares by the selling stockholders. We will, however, receive proceeds from any
portion of the warrants that are exercised through the payment of their respective exercise price in cash. We intend to use the proceeds,
if any, for general corporate purposes.
The
selling stockholders will pay any underwriting fees, discounts, selling commissions, stock transfer taxes and certain legal expenses
incurred by such selling stockholder in disposing of its shares of Class A Common Stock, and we will bear all other costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus.
SELLING
SECURITYHOLDERS
This
prospectus relates to the resale, from time to time, of up to 7,964,550 shares of our Class A Common Stock by the selling stockholders
identified below. The shares covered by this prospectus consist of 7,964,550 shares of Class A Common Stock issuable upon exercise of
warrants issued to the selling stockholders in a private placement (the “Warrants”).
On
April 19, 2023, we issued an aggregate of $4.1 million in principal amount of secured promissory notes (the “Notes”) to select
accredited investors (including certain members of our management and Board of Directors) (the “Lenders”). The Notes accrue
interest annually at a rate of 12% and will mature upon the earlier of (i) December 31, 2023, or (ii) the closing of the next sale (or
series of related sales) by us of our equity securities (other than pursuant to Warrants described below), following the date of the
Notes, from which we receive gross proceeds of not less than $3.0 million. The Notes are secured by a security interest on substantially
all of our assets that are subordinate to the security interests of our existing first and second lien lenders.
Each
Lender that purchased Notes received a Warrant to purchase one share of the Company’s Class A Common Stock for each $0.5134 of
principal amount of the Notes, for an aggregate of 7,964,550 Warrants. Each Warrant is exercisable immediately, has an exercise price
per share of Class A Common Stock equal to $0.5134 and will expire three years and three months from the date of issuance and may be
exercised on a cashless basis if a registration statement registering the resale of the shares issuable upon exercise is not effective.
The warrant holder will be prohibited, subject to certain exceptions, from exercising the Warrants for shares of the Company’s
Class A common stock to the extent that immediately prior to or after giving effect to such exercise, the warrant holder, together with
its affiliates and other attribution parties, would own more than 4.99% or 9.99%, as applicable, of the total number of shares of the
Company’s Class A Common Stock then issued and outstanding, which percentage may be changed at the warrant holders’ election
to a higher or lower percentage not in excess of 9.99% upon 61 days’ notice to us. We agreed to use commercially reasonable efforts
to register the shares of Class A Common Stock underlying the Warrants within 60 days of closing and to have the registration statement
declared effective within 30 days thereafter.
The
following table sets forth, as of the date of this prospectus, the names of the selling stockholders, the aggregate number of shares
of Class A Common Stock held by each selling stockholder immediately prior to the sale of the shares of Class A Common Stock in this
offering, the number of shares of our Class A Common Stock that may be sold by each selling stockholder under this prospectus (assuming
exercise of the Warrants) and that each Selling Stockholder will beneficially own after this offering. Unless otherwise indicated, each
selling stockholder will own less than 1% of our shares of Class A common stock following this offering.
The
information presented regarding the selling stockholders is based, in part, on information the selling stockholders provided to us specifically
for use herein.
The
selling stockholders may have sold, transferred or otherwise disposed of some or all of the securities listed below in exempt or registered
transactions since the date on which the information below was provided to us and may in the future sell, transfer or otherwise dispose
of some or all of the shares in private placement transactions exempt from, or not subject to the registration requirements of, the Securities
Act. We have assumed for purposes of the table below that the selling stockholders will sell all of the securities being offered hereby
pursuant to this prospectus. Unless otherwise noted, the principal business address of all the individuals listed in the table below
is c/o Stryve Foods, Inc., Post Office Box 864, Frisco, TX 75034.
The
following table is prepared based on information provided to us by the selling Stockholders. Information about the selling Stockholders
may change from time to time, including by addition of additional selling stockholders, and if necessary, we will supplement this prospectus
accordingly. The selling stockholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.”
Unless otherwise indicated, the selling stockholder will own less than 1% of our shares of Class A common stock following the offering.
Name
of Selling Stockholder | |
Number
of Shares of Class A Common Stock Owned Prior to Offering | | |
Maximum
Number of Shares of Class A Common Stock to be Sold Pursuant to this Prospectus | | |
Number
of Shares of Class A Common Stock Owned After Offering | |
Anthracite Holdings
LP(1) | |
| 1,162,949 | | |
| 973,899 | | |
| 189,050 | |
W. E. Rosenthal Interests,
Ltd(2) | |
| 944,141 | | |
| 701,208 | | |
| 242,933 | |
W. E. Rosenthal Issue Trust(3) | |
| 314,713 | | |
| 233,736 | | |
| 80,977 | |
Suite 201 Partners, LLC(4) | |
| 62,943 | | |
| 46,747 | | |
| 16,196 | |
Wallace Capital Management, Inc.(5) | |
| 127,912 | | |
| 77,912 | | |
| 50,000 | |
Act Four, LLC(6) | |
| 312,021 | | |
| 194,780 | | |
| 117,241 | |
Christopher J. Boever(7) | |
| 3,507,020 | | |
| 1,460,849 | | |
| 2,046,171 | |
Ted Casey(8) | |
| 2,292,327 | | |
| 97,390 | | |
| 2,194,937 | |
Robert D. Ramsey III | |
| 102,762 | | |
| 19,478 | | |
| 83,284 | |
Christopher Tim Whitehair
& Leslie Dana Whitehair | |
| 292,170 | | |
| 292,170 | | |
| 0 | |
Greg Christenson(9) | |
| 343,033 | | |
| 194,780 | | |
| 148,253 | |
African Sky Family Holdings,
LP(10) | |
| 194,780 | | |
| 194,780 | | |
| 0 | |
Christopher
Thomason(11) | |
| 205,806 | | |
| 38,956 | | |
| 166,850 | |
Gerald
Goldner | |
| 79,739 | | |
| 9,739 | | |
| 70,000 | |
Norma L. Garcia | |
| 19,478 | | |
| 19,478 | | |
| 0 | |
Proxima Capital L.P.(12) | |
| 1,591,950 | | |
| 486,950 | | |
| 1,105,000 | |
Lytton-Kambara Foundation
(13) | |
| 2,921,698 | | |
| 2,921,698 | | |
| 0 | |
(1)
Includes 189,050 Class V shares. Gregory Bird is the control person. The address is 640 Taylor Street, Suite 2400, Fort Worth, Texas
76102.
(3)
Benjamin Rosenthal is the control person. The address is 600 E. Exchange Ave, Suite 200, Fort Worth, Texas 76164.
(3)
William Rosenthal is the control person. The address is 600 E. Exchange Ave, Suite 200, Fort Worth, Texas 76164.
(4)
Steve Hudgins is the control person. The address is 600 E. Exchange Ave, Suite 200, Fort Worth, Texas 76164.
(5)
Christopher Thomason is the control person. The address is 100 Crescent Court, Suite 1190, Dallas TX 75201.
(6)
Chandler Buie is the control person. The address is P.O. Box 1556, Santa Barbara CA 93102. Includes 117,241 shares held by
X4 Investment Partners, LLC.
(7)
Excludes 375,000 shares subject to vesting and 950,000 performance based grants. Assuming the sale of all shares of Class A common stock
offered hereunder, the selling stockholder would own 6.0% of the Class A common stock.
(8)
Includes 388,306 shares of Class A common stock held by various family trusts. Thomas Farrell Casey is the trustee and control person
of, with voting and dispositive power over the securities held by, such trusts. Ted Casey disclaims beneficial ownership of the shares
of Class A common stock owned by the trusts except to the extent of his pecuniary interest therein. Excludes 112,500 shares subject to
vesting. Includes 1,491,314 Class V shares. Assuming the sale of all shares of Class A common stock offered hereunder, the selling stockholder
would own 6.5% of the Class A common stock.
(9)
Includes 15,000 held indirectly through trusts.
(10)
Gordon Pirie is the control person. The address is 4031 Woodbine Lane, Prosper Texas 75078.
(11)
The address is 100 Crescent Court, Suite 1190, Dallas TX 75201.
(12)
Includes 85,000 warrants
to purchase shares of Class A common stock. Youlia Krasteva Rowland is the control person. The address is 651 Steamboat Road, Greenwich
CT 06830. Assuming the sale of all shares of Class A common stock offered hereunder, the selling stockholder would own 3.3% of the Class
A common stock.
(13)
Laurence Lytton
is the control person. The address is 467 Central Park West 17-A New York, NY 10025.
PLAN
OF DISTRIBUTION
Each
selling stockholder of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their securities covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which
the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A selling stockholder may use
any one or more of the following methods when selling securities:
| ● | ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| ● | block
trades in which the broker-dealer will attempt to sell the securities as agent but may position
and resell a portion of the block as principal to facilitate the transaction; |
| ● | purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
| ● | an
exchange distribution in accordance with the rules of the applicable exchange; |
| ● | privately
negotiated transactions; |
| ● | settlement
of short sales; |
| ● | in
transactions through broker-dealers that agree with the selling stockholders to sell a specified
number of such securities at a stipulated price per security; |
| ● | through
the writing or settlement of options or other hedging transactions, whether through an options
exchange or otherwise; |
| ● | a
combination of any such methods of sale; or |
| ● | any
other method permitted pursuant to applicable law. |
The
selling stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.
Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.
In
connection with the sale of the securities or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The selling stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
selling stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each selling stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the selling stockholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar
effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the selling stockholders or any other person. We will make copies of this prospectus available to the selling stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
LEGAL
MATTERS
The
validity of the securities offered will be passed upon for us by Foley & Lardner LLP, Jacksonville, Florida.
EXPERTS
The
audited financial statements incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated
by reference in reliance on the report of Marcum LLP, independent registered public accountants,
upon the authority of said firm as experts in accounting and auditing.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
have filed with the SEC a registration statement on Form S-3 under the Securities Act relating to the shares of our common stock offered
by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information
set forth in the registration statement or the exhibits thereto. For more information regarding us and the shares of our Class A common
stock offered by this prospectus, we refer you to the full registration statement, including the exhibits filed therewith. This prospectus
summarizes certain provisions of certain contracts and other documents filed as exhibits to which we refer you. Because the summaries
may not contain all of the information that you may find important, you should review the full text of those documents.
You
may access our SEC filings, including this registration statement, at the SEC’s website at www.sec.gov. We are subject to the information
reporting requirements of the Exchange Act and file reports, proxy statements, and other information with the SEC. These reports, proxy
statements and other information will be available for review at the SEC’s website referred to above. We also maintain a website
at www.lightningemotors.com, at which you may access these materials free of charge as soon as reasonably practicable after they are
electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website does not
constitute part of this prospectus, and the inclusion of our website address in this prospectus is an inactive textual reference only.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important
information about us by referring to another document filed separately with the SEC. The information incorporated by reference is considered
to be a part of this prospectus. This prospectus incorporates by reference the documents and reports listed below other than portions
of these documents that are furnished under Item 2.02 or Item 7.01 of a current report on Form 8–K:
| ● | our
annual report on Form 10–K for the fiscal year ended December 31, 2022, filed with
the SEC on April 17, 2023; |
| | |
| ● | our
quarterly report on Form 10–Q for the three months ended March 31, 2023, filed with
the SEC on May 15, 2023; |
| | |
| ● | our
current reports on Form 8–K filed with the SEC on February 2, 2023 and April 21, 2023; |
| | |
| ● | our
definitive revised proxy filed with the SEC on May 2, 2023; and |
| | |
| ● | the
description of the common stock contained in our registration statement on Form 8-A (File
No. 001-38785), filed with the SEC on January 23, 2019, pursuant to Section 12 of the Exchange
Act, as updated by Exhibit 4.5 of our annual report on Form 10-K for the fiscal year ended
December 31, 2022, filed on April 17, 2023. |
In
addition, all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, shall be deemed
to be incorporated by reference in this prospectus and to be a part hereof from the date of filing of such documents. In addition, all
reports and other documents filed by us pursuant to the Exchange Act after the date of the initial registration statement and prior to
effectiveness of the registration statement shall be deemed to be incorporated by reference into this prospectus. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this prospectus to the extent that a statement contained herein or in any subsequently filed document that also is or is deemed to
be incorporated by reference herein, as the case may be, 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 prospectus.
Copies
of the documents incorporated herein by reference may be obtained on our website at www.stryve.com. The information on our website is
not incorporated by reference into this prospectus. These documents are also available on the SEC’s website at http://www.sec.gov.
We
will provide, without charge, to any person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon oral
or written request of such person, a copy of any or all of the documents that have been incorporated by reference in this prospectus
but not delivered with the prospectus, including any exhibits to such documents that are specifically incorporated by reference in those
documents.
Please
make your request by writing or telephoning us at the following address or telephone number:
Stryve
Foods, Inc.
Post
Office Box 864
Frisco,
TX 75034
Telephone:
(972) 987-5130
DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION
Insofar
as indemnification for liabilities arising under the Securities Act, as amended, may be permitted to directors, officers, and controlling
persons of the registrant pursuant to the Company’s constituent documents, or otherwise, the registrant has been advised that in
the opinion of the SEC 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 in the successful defense of any action, suit, or proceeding) is asserted by such
director, officer, or controlling person connected with the securities being registered, we will, unless in the opinion of our 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.
STRYVE
FOODS, INC.
7,964,550
Shares of Class A Common Stock
The
date of this prospectus is , 2023
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
ITEM
14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The
following table sets forth all fees and expenses payable by the registrant in connection with the sale of the securities being registered.
SEC registration
fees | |
$ | 451 | |
Accounting fees and expenses | |
$ | 5,000 | |
Legal fees and expenses | |
$ | 10,000 | |
Miscellaneous expenses | |
$ | 549 | |
Total | |
$ | 16,000 | |
ITEM
15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Subsection
(a) of Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) empowers a corporation to indemnify
any person who was or is a party or who is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the
fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe the person’s conduct was unlawful.
Subsection
(b) of Section 145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person acted in any of the capacities set forth above, against expenses (including attorneys’ fees) actually and reasonably
incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification
shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
Section
145 further provides that to the extent a director or officer of a corporation has been successful on the merits or otherwise in the
defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or
matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred
by such person in connection therewith; that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights
to which the indemnified party may be entitled; and the indemnification provided for by Section 145 shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the
benefit of such person’s heirs, executors and administrators. Section 145 also empowers the corporation to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his
status as such, whether or not the corporation would have the power to indemnify such person against such liabilities under Section 145.
Section
102(b)(7) of the DGCL provides that a corporation’s certificate of incorporation may contain a provision eliminating or limiting
the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director,
provided that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director’s duty
of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper
personal benefit.
Additionally,
our Charter limits the liability of our directors to the fullest extent permitted by the DGCL, and our Bylaws provide that we will indemnify
them to the fullest extent permitted by such law. We have also entered into and expect to continue to enter into agreements to indemnify
our directors, executive officers and other employees as determined by our Board of Directors. Each indemnification agreement provides
for indemnification and advancement by the Company of certain expenses and costs relating to claims, suits or proceedings arising from
service to the Company or, at its request, service to other entities, as officers or directors to the maximum extent permitted by applicable
law.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the
Company pursuant to the foregoing provisions, the Company has been informed that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
ITEM
16. EXHIBITS
ITEM
17. UNDERTAKINGS
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) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration
fee” table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement;
provided,
however, that paragraphs (1)(i), (1)(ii) and (1)(iii) shall 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 Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(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.
(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.
(6)
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 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 the securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or 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 Securities Act of 1933 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 of 1933 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-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Plano, Texas, on this May 19, 2023.
|
STRYVE FOODS, INC. |
|
|
|
|
By: |
/s/
Christopher Boever |
|
Name: |
Christopher
Boever |
|
Title: |
Chief
Executive Officer |
POWER
OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Christopher Boever and Nor his true
and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and
all capacities to sign any and all amendments including post-effective amendments to this registration statement, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.
SIGNATURES
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 |
|
Title |
|
Date |
|
|
|
|
|
/s/
Christopher Boever |
|
Chief
Executive Officer and Director |
|
|
Christopher
Boever |
|
(Principal
Executive Officer) |
|
May
19, 2023 |
|
|
|
|
|
/s/
R. Alex Hawkins |
|
Chief
Financial Officer |
|
|
R.
Alex Hawkins |
|
(Principal
Financial and Accounting Officer) |
|
May
19, 2023 |
|
|
|
|
|
/s/
B. Luke Weil |
|
|
|
|
B.
Luke Weil |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Kevin Vivian |
|
|
|
|
Kevin
Vivian |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Robert Ramsey |
|
|
|
|
Robert
Ramsey |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Ted Casey |
|
|
|
|
Ted
Casey |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Mauricio Orellana |
|
|
|
|
Mauricio
Orellana |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Chris Whitehair |
|
|
|
|
Chris
Whitehair |
|
Director |
|
May
19, 2023 |
|
|
|
|
|
/s/
Gregory S. Christenson |
|
|
|
|
Gregory
S. Christenson |
|
Director |
|
May
19, 2023 |
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