As filed with the Securities and Exchange
Commission on November 19, 2014
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
ACORN ENERGY, INC.
(Exact Name of Registrant
as Specified in its Charter)
Delaware |
|
7371 |
|
22-2786081 |
(State or Other Jurisdiction of |
|
(Primary Standard Industrial |
|
(I.R.S. Employer |
Incorporation or Organization) |
|
Classification Code Number) |
|
Identification No.) |
3903 Centerville Road
Wilmington, Delaware 19807
(302) 656-1708
(Address, Including
Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
John A. Moore |
President and Chief Executive Officer |
Acorn Energy, Inc. |
3903 Centerville Road |
Wilmington, Delaware 19807 |
(302) 656-1708 |
(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent for Service)
COPIES TO |
|
Sheldon Krause, Esq |
Eilenberg & Krause LLP |
11 East 44th Street , 19th Floor |
New York, New York 10017 |
(212) 986-9700 |
Approximate date of commencement of proposed
sale of the securities to the public: From time to time after the effective date of this registration statement.
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: x
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 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. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer ¨ Accelerated
filer ¨ Non-accelerated filer ¨ Smaller
reporting company x
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be
Registered | |
Amount to be Registered | | |
Proposed Maximum Offering Price per Share | | |
Proposed Maximum Aggregate Offering Price | | |
Amount of Registration Fee | |
Common Stock par value $0.01 per share | |
| 4,285,714 | | |
$ | 1.01 | (1) | |
$ | 4,328,572 | (1) | |
$ | 503 | |
Common Stock par value $0.01 per share | |
| 2,142,857 |
(2) | |
| 1.01 | (1) | |
| 2,164,286 | (1) | |
| 252 | |
Total | |
| 6,428,571 | | |
| | | |
$ | 6,492,858 | (1) | |
$ | 755 | |
(1) |
Estimated solely for purposes of calculating the filing fees pursuant to Rule 457(c) under the Securities Act of 1933. Based on the average of the high and low prices per share reported on the Nasdaq Global Market on November 12, 2014. |
|
|
(2) |
Represents shares of common stock issuable upon the exercise of warrants. |
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 Securities and Exchange
Commission, acting pursuant to said Section 8(a), may determine.
The information in this prospectus
is not complete and may be changed. Holders 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 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 November
19, 2014
PROSPECTUS
6,428,571 Shares of Common Stock
This prospectus covers the offer and sale
of up to 6,428,571 shares of our common stock from time to time by certain selling security holders named in this prospectus.
The shares being offered by the selling
security holders include:
| · | 4,285,714 shares of common stock; and |
| · | 2,142,857 shares of common stock issuable upon the exercise of outstanding warrants. |
We are not offering any shares of common
stock.
The selling security
holders will receive all of the net proceeds from sales of the common stock registered hereby and will pay all underwriting discounts
and selling commissions, if any, applicable to those sales. We will not receive any proceeds from sales of any of these shares.
However, we will receive the exercise price of the warrants, to the extent they are not exercised subject to their cashless exercise
provisions.
The selling security
holders may periodically sell the shares directly or through agents, underwriters or dealers. The shares may be sold:
| • | in the over-the-counter market, in privately negotiated transactions or otherwise; |
| • | directly to purchasers or through agents, brokers, dealers or underwriters; and |
| • | at market prices prevailing at the time of sale, at prices related to the prevailing market prices,
or at negotiated prices. |
We urge you to carefully
read this prospectus and any accompanying prospectus supplement before you make an investment decision.
Our common stock is
listed on the Nasdaq Global Market under the symbol “ACFN.” On November 18, 2014, the closing price of our common stock
was $1.01.
Investing in our
securities involves certain risks. You should consider the information under “Risk Factors” on page 1 in deciding whether
to buy any shares of our common stock.
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus
is _______ ___, 2014
TABLE OF CONTENTS
The terms “ACFN,”
the “Company,” “we,” “our” and “us” refer to Acorn Energy, Inc. and its subsidiaries
unless the context suggests otherwise. The term “you” refers to a prospective purchaser of our common stock.
SPECIAL NOTE REGARDING FORWARD LOOKING
STATEMENTS
Certain statements
contained in, or incorporated by reference in, this prospectus are forward-looking in nature. These statements can be identified
by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,”
“should,” or “anticipates,” or the negatives thereof or comparable terminology, or by discussions of strategy.
You are cautioned that our business and operations are subject to a variety of risks and uncertainties and, consequently, our actual
results may materially differ from those projected by any forward-looking statements. Certain of these risks and uncertainties
are discussed below under the heading “Risk Factors.” We make no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances after the date any such statement is made.
RISK FACTORS
Investing in our securities
entails substantial risk. In deciding whether to invest in our securities, you should carefully consider the information contained
in this prospectus, information incorporated by reference into this prospectus, particularly the information under the heading
“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, and information that we file
with the Securities and Exchange Commission from time to time. The information in this prospectus is complete and accurate as of
this date, but the information may change after the date of this prospectus.
USE OF PROCEEDS
We will not receive
any proceeds from the sale of the shares by the selling security holders. However, we will receive the exercise price of the warrants,
to the extent they are not exercised subject to their cashless exercise provisions. Any proceeds we receive from the exercise of
the warrants will be used for general working capital purposes.
SELLING SECURITY HOLDERS
On October 31, 2014,
we entered into a Securities Purchase Agreement pursuant to which the selling security holders listed below agreed to purchase
in a private placement transaction (i) an aggregate of 4,285,714 shares of our common stock and (ii) warrants to purchase an aggregate
of 2,142,857 shares of our common stock
This prospectus covers
the sale by the selling security holders from time to time of 6,428,571 shares of common stock, which includes the shares of common
stock sold in the private placement and the shares of common stock issuable upon exercise of the warrants issued in the private
placement.
We issued the securities
to the selling security holders without registration under the Securities Act of 1933 (the “Securities Act“) in reliance
upon the exemption provided by Section 4(2) of the Securities Act for transactions not invloving a public offering. Prior to issuance,
each selling security holder represented to us that it was an accredited investor, as defined in Rule 501 of Regulation D under
the Securities Act, and that it was acquiring the securities for investment purposes only and not with a view to, or sale in connection
with, any distibution thereof.
The term
"selling security holder" includes (1) each person and entity that is identified in the table below (as such table
may be amended from time to time by means of an amendment to the registration statement of which this prospectus forms a
part) and (2) any transferee, donee, pledgee or other successor of any person or entity named in the table that acquires any
of the shares of common stock covered by this prospectus in a transaction exempt from the registration requirements of the
Securities Act of 1933 and that is identified in a supplement or amendment to this prospectus.
We have listed below:
| - | the name of each selling security holder; |
| | |
| - | the number of shares of common stock beneficially owned by the selling security holder as of the
date of this prospectus; |
| - | the maximum number of shares of common stock being offered by each of them in this offering; and |
| - | the number of shares of common stock to be owned by the selling security holder after this offering
(assuming sale of such maximum number of shares) and the percentage of the class which such number constitutes (if one percent
or more). |
The footnotes to
the table identify each selling security holder that is a registered broker-dealer or an affiliate of a registered broker-dealer.
Except as otherwise
noted below, during the last three years, no selling security holder has been an officer, director or affiliate of our company,
nor has any selling security holder had any material relationship with our company or affilliates during that period. Each selling
security holder represented at the closing of the private placement that it did not have any contract, undertaking, agreement or
arrangement with any person to sell, transfer, pledge, hypothecate, grant any option to purchase or otherwise dispose of any of
the securities. The selling security holders purchased the securities in the ordinary course of business, to the best of our knowledge.
The shares of common
stock being offered hereby are being registered to permit public secondary trading, and the selling security holders are under
no obligation to sell all or any portion of their shares included in this prospectus. The information contained in the following
table is derived from information provided by the selling security holders, our books and records, as well as from our transfer
agent. The following table assumes the sale of all securities covered by this prospectus.
Selling Security Holder | |
Shares Beneficially Owned Prior to Offering | | |
Shares Being
Offered | | |
Shares Beneficially Owned After Offering | | |
Percentage
of Shares Beneficially Owned After Completion of Offering* | |
Anson Investments Master Fund LP (1) | |
| 712,500 | (2) | |
| 712,500 | (2) | |
| 0 | | |
| | ** |
Capital Ventures International (3) (4) | |
| 712,500 | (2) | |
| 712,500 | (2) | |
| 0 | | |
| | ** |
Cranshire Capital Master Fund, Ltd. (5) (6) | |
| 585,804 | (7) | |
| 585,804 | (7) | |
| 0 | | |
| | ** |
Robert Dziedzic | |
| 300,000 | (8) | |
| 300,000 | (8) | |
| 0 | | |
| | ** |
Empery Asset Master, LTD (9) | |
| 149,859 | (10) | |
| 149,859 | (10) | |
| 0 | | |
| | ** |
Empery Tax Efficient, LP (11) | |
| 42,609 | (12) | |
| 42,609 | (12) | |
| 0 | | |
| | ** |
Empery Tax Efficient II, LP (13) | |
| 332,532 | (14) | |
| 332,532 | (14) | |
| 0 | | |
| | ** |
Equitec Specialists, LLC (15) (16) (17) | |
| 195,267 | (18) | |
| 195,267 | (18) | |
| 0 | | |
| | ** |
Iroquois Master Fund Ltd. (19) | |
| 397,500 | (20) | |
| 397,500 | (20) | |
| 0 | | |
| | ** |
Newland Master Fund, Ltd. (21) | |
| 375,000 | (22) | |
| 375,000 | (22) | |
| 0 | | |
| | ** |
J. Victor & Barbara Samuels | |
| 712,500 | (2) | |
| 712,500 | (2) | |
| 0 | | |
| | ** |
Tristan Offshore Fund, Ltd. (23) | |
| 873,786 | (24) | |
| 655,150 | (25) | |
| 218,636 | | |
| | ** |
Tristan Partners, L.P. (23) | |
| 1,684,807 | (26) | |
| 1,257,350 | (27) | |
| 427,457 | | |
| 1.6 | % |
* Based upon 26,475,591 shares
outstanding.
**Less than 1%.
| (1) | M5V Advisors Inc. and Frigate Ventures LP (“M5V” and “Frigate”), the Co-Investment
Advisers of Anson Investments Master Fund LP (“Anson”), hold voting and dispositive power over the common stock
held by Anson. Bruce Winson is the managing member of Admiralty Advisors LLC, which is the general partner of Frigate.
Moez Kassam and Adam Spears are directors of M5V. Mr. Winson, Mr. Kassam and Mr. Spears each disclaim beneficial ownership
of these shares except to the extent of their pecuniary interest therein. The principal business address of Anson is
190 Elgin Ave; George Town, Grand Cayman. |
| (2) | Consists of 475,000 shares of common stock and 237,500 shares of common stock issuable upon exercise
of warrants. |
| (3) | This selling security holder is an affiliate of a registered broker-dealer. |
| (4) | Heights Capital Management, Inc., the authorized agent of Capital Ventures International (“CVI”),
has discretionary authority to vote and dispose of the shares held by CVI and may be deemed to be the beneficial owner of these
shares. Martin Kobinger, in his capacity as Investment Manager of Heights Capital Management, Inc., may also be deemed to have
investment discretion and voting power over the shares held by CVI. Mr. Kobinger disclaims any such beneficial ownership of the
shares. |
| (5) | Cranshire Capital Advisors, LLC (“CCA”) is the investment manager of Cranshire Capital
Master Fund, Ltd. (“Cranshire Master Fund”) and has voting control and investment discretion over securities held by
Cranshire Master Fund. Mitchell P. Kopin (“Mr. Kopin”), the president, the sole member and the sole member of the Board
of Managers of CCA, has voting control over CCA. As a result, each of Mr. Kopin and CCA may be deemed to have beneficial ownership
(as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended) of the securities held by Cranshire Master
Fund. |
| (6) | CCA is also the investment manager for managed accounts for Equitec Specialists, LLC (“Equitec”)
and CCA has voting control and investment discretion over securities held in the managed accounts for Equitec. Mr. Kopin, the president,
the sole member and the sole member of the Board of Managers of CCA, has voting control over CCA. As a result, each of Mr. Kopin
and CCA also may be deemed to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934,
as amended) of an additional 195,267 shares of common stock of the issuer, consisting of (i) 130,178 shares of common stock owned
by Equitec and (iv) 65,089 shares of common stock that are issuable upon exercise of warrants owned by Equitec. |
| (7) | Consists of 390,536 shares of common stock and 195,268 shares of common stock issuable upon exercise
of warrants. |
| (8) | Consists of 200,000 shares of common stock and 100,000 shares of common stock issuable upon exercise
of warrants. |
| (9) | Empery Asset Management LP, the authorized agent of Empery Asset Master Ltd (“EAM”),
has discretionary authority to vote and dispose of the shares held by EAM and may be deemed to be the beneficial owner of these
shares. Martin Hoe and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may also be deemed to
have investment discretion and voting power over the shares held by EAM. EAM, Mr. Hoe and Mr. Lane each disclaim any beneficial
ownership of these shares. |
| (10) | Consists of 99,906 shares of common stock and 49,953 shares of common stock issuable upon exercise
of warrants. |
| (11) | Empery Asset Management LP, the authorized agent of Empery Tax Efficient, LP (“ETE”),
has discretionary authority to vote and dispose of the shares held by ETE and may be deemed to be the beneficial owner of these
shares. Martin Hoe and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may also be deemed to
have investment discretion and voting power over the shares held by ETE. ETE, Mr. Hoe and Mr. Lane each disclaim any beneficial
ownership of these shares. |
| (12) | Consists of 28,406 shares of common stock and 14,203 shares of common stock issuable upon exercise
of warrants. |
| (13) | Empery Asset Management LP, the authorized agent of Empery Tax Efficient II, LP (“ETE II”),
has discretionary authority to vote and dispose of the shares held by ETE II and may be deemed to be the beneficial owner of these
shares. Martin Hoe and Ryan Lane, in their capacity as investment managers of Empery Asset Management LP, may also be deemed to
have investment discretion and voting power over the shares held by ETE II. ETE II, Mr. Hoe and Mr. Lane each disclaim any beneficial
ownership of these shares. |
| (14) | Consists of 221,688 shares of common stock and 110,844 shares of common stock issuable upon exercise
of warrants. |
| (15) | Equitec is an affiliate of a broker-dealer. Equitec acquired the shares being registered hereunder
in the ordinary course of business, and at the time of the acquisition of the shares and warrants described herein, Equitec did
not have any arrangements or understandings with any person to distribute such securities. |
| (16) | Cranshire Capital Advisors, LLC (“CCA”) is the investment manager of a managed account
for Equitec Specialists, LLC (“Equitec”) and has voting control and investment discretion over securities held by Equitec
in such managed account. Mitchell P. Kopin (“Mr. Kopin”), the president, the sole member and the sole member of the
Board of Managers of CCA, has voting control over CCA. As a result, each of Mr. Kopin and CCA may be deemed to have beneficial
ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended) of the securities held by Equitec
in such managed account. |
| (17) | CCA is also the investment manager of Cranshire Capital Master Fund, Ltd. (“Cranshire Master
Fund”). Mr. Kopin, the president, the sole member and the sole member of the Board of Managers of CCA, has voting control
over CCA. As a result, each of Mr. Kopin and CCA may be deemed to have beneficial ownership (as determined under Section 13(d)
of the Securities Exchange Act of 1934, as amended) of the securities held by Cranshire Master Fund described above in footnote
7. |
| (18) | Consists of 130,178 shares of common stock and 65,089 shares of common stock issuable upon exercise
of warrants. |
| (19) | Iroquois Capital Management L.L.C. (“Iroquois Capital”) is the investment manager of
Iroquois Master Fund Ltd (“IMF”). Consequently, Iroquois Capital has voting control and investment discretion over
securities held by IMF. As managing members of Iroquois Capital, Joshua Silverman and Richard Abbe make voting and investment decisions
on behalf of Iroquois Capital in its capacity as investment manager to IMF. As a result of the foregoing, Mr. Silverman and Mr.
Abbe may be deemed to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended)
of the securities held by IMF. |
| (20) | Consists of 265,000 shares of common stock and 132,500 shares of common stock issuable upon exercise
of warrants. |
| (21) | Michael Vermut has the power to vote or dispose of the securities held by this selling security
holder. |
| (22) | Consists of 250,000 shares of common stock and 125,000 shares of common stock issuable upon exercise
of warrants. |
| (23) | J.
Carlo Cannell, in his capacity as Managing Member of Cannell Capital LLC, has the power to vote or dispose of the securities held
by this selling security holder.
|
| (24) | Consists of 655,403 shares of common stock and 218,383 shares of common stock issuable upon exercise
of warrants. |
| (25) | Consists of 436,767 shares of common stock and 218,383 shares of common stock issuable upon exercise
of warrants. |
| (26) | Consists of 1,265,690 shares of common stock and 419,117 shares of common stock issuable upon exercise
of warrants. |
| (27) | Consists of 838,233 shares of common stock and 419,117 shares of common stock issuable upon exercise
of warrants. |
PLAN OF DISTRIBUTION
Each selling security
holder (the “Selling Stockholders”) 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 principal Trading 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 under the Securities Act of 1933, as amended (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 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.
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.
The Selling Stockholders
will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities
covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather
than under this prospectus. The Selling Stockholders have advised us that there is no underwriter acting in connection with the
proposed sale of the resale securities by the Selling Stockholders.
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 securities 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 shares of Common Stock
which may be offered pursuant to this prospectus has been passed upon by Eilenberg & Krause LLP, counsel to the Company. Sheldon
Krause, a partner of Eilenberg & Krause LLP, is our Assistant Secretary.
EXPERTS
The financial statements incorporated in
this prospectus by reference to our Annual Report on Form 10-K for the year ended December 31, 2013 have been so incorporated
in reliance on the report of Friedman LLP, an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting.
INFORMATION INCORPORATED
BY REFERENCE
The SEC allows us to “incorporate
by 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 a part of this prospectus.
We incorporate by reference the following
documents:
| - | Our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (filed on March 17, 2014); |
| - | Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 (filed on May 12, 2014), June 30, 2014 (filed August
11, 2014) and September 30, 2014 (filed on November 12, 2014); |
| - | The description of our common stock contained in our registration statement on Form 8-A, declared effective by the SEC in February
11, 1992; and |
| - | Our Current Reports on Form 8-K filed on January 9, 2014, June 3, 2014, July 30, 2014, September 29, 2014, October 31, 2014,
November 5, 2014 (and Amendment No.1 thereto on Form 8-K/A filed on November 6, 2014) and November 10, 2014. |
All documents that we subsequently file
with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior to the termination of
the offering shall also be deemed to be incorporated by reference into this prospectus.
Anyone may request a free copy of any of
the documents that are incorporated by reference into this prospectus by writing to the Secretary of our company at Acorn Energy,
Inc., 3903 Centerville Road, Wilmington, DE 19807 or by telephone at (302) 656-1708.
WHERE YOU CAN FIND MORE INFORMATION
We are subject to
the informational requirements of the Securities Exchange Act of 1934. Accordingly, we file annual, quarterly and special reports,
proxy statements and other information with the SEC. You may read and copy any document that we file with the SEC at the SEC’s
public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
on the public reference room. Our SEC filings are also available to you free of charge at the SEC’s website at http://www.sec.gov.
You can read and print
press releases, financial statements, our most recent annual and quarterly reports and additional information about us, free of
charge, at our website at http://www.acornenergy.com.
This prospectus is
a part of a registration statement on Form S-3 filed by us with the SEC under the Securities Act of 1933. This prospectus does
not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance with
the rules and regulations of the SEC. For further information with respect to us and the shares of our common stock offered hereby,
please refer to the registration statement. The registration statement may be inspected at the public reference facilities maintained
by the SEC at the addresses set forth above. Statements in this prospectus about any document filed as an exhibit are not necessarily
complete and, in each instance, you should refer to the copy of such document filed with the SEC. Each such statement is qualified
in its entirety by such reference.
PART II – INFORMATION
NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses
of Issuance and Distribution.
The Registrant will pay
all expenses incident to the offering and sale to the public of the shares being registered other than any commissions and discounts
of underwriters, dealers or agents and any transfer taxes. Such expenses are set forth in the following table. All of the amounts
shown are estimates except the SEC registration fee.
SEC registration fee | |
$ | 755.00 | |
Legal fees and expenses | |
| 25,000.00 | |
Accounting fees and expenses | |
| 4,000.00 | |
Miscellaneous expenses | |
| 3,000.00 | |
Total | |
$ | 32,755.00 | |
Item 15. Indemnification
of Directors and Officers.
The Certificate of
Incorporation, as amended, and the Amended Bylaws of the Registrant provide that the Registrant shall indemnify its officers, directors
and certain others to the fullest extent permitted by the General Corporation Law of Delaware (“DGCL”). Section 145
of the DGCL provides that the Registrant, as a Delaware corporation, is empowered, subject to certain procedures and limitations,
to indemnify any person against expenses (including attorney’s fees), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding (including a
derivative action) in which such person is made a party by reason of his being or having been a director, officer, employee or
agent of the Registrant (each, an “Indemnitee”); provided that the right of an Indemnitee to receive indemnification
is subject to the following limitations: (i) an Indemnitee is not entitled to indemnification unless he acted in good faith and
in a manner that he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful and (ii) in the case of a derivative
action, an Indemnitee is not entitled to indemnification in the event that he is judged to be liable to the Company (unless and
only to the extent that the court determines that the Indemnitee is fairly and reasonably entitled to indemnification for such
expenses as the court deems proper). The statute provides that indemnification pursuant to its provisions is not exclusive of other
rights of indemnification to which a person may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors,
or otherwise.
Pursuant to Section
145 of the DGCL, the Registrant has purchased insurance on behalf of its present and former directors and officers against any
liability asserted against or incurred by them in such capacity or arising out of their status as such.
In accordance with
Section 102(b)(7) of the DGCL, the Certificate of Incorporation of the Registrant eliminates personal liability of the Registrant’s
directors to the Registrant or its stockholders for monetary damages for breach of their fiduciary duties as a director, with certain
limited exceptions set forth in Section 102(b) (7) of the DGCL.
The Registrant has
entered into an indemnification agreement with all of its present officers and directors and plans to enter into such agreements
with all future officers and directors. The terms of the agreement require that the Registrant maintain a minimum level of insurance
coverage for claims against officers and directors and that the Registrant indemnify the officer and/or director against claims
against them that arise in their service on behalf of the Registrant.
Item 16.
Exhibits.
Exhibits — See Exhibit Index
on page II-4.
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 this Registration Statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement
or any material change to such information in this 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 herein, 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:
| i. | If the registrant is relying on Rule 430B (230.430B of this chapter): |
| 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) (§230.415(a)(1)(i),
(vii), or (x) of this chapter) 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; or |
| ii. | If the registrant is subject to Rule 430C (§230.430C of this chapter), 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 (§230.430A of this chapter),, 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 15(d) of the Securities Exchange Act of 1934 that is incorporated
by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered
herein, 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.
EXHIBIT INDEX
No. |
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4.1 |
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Registration Rights Agreement, dated as of October 31, 2014, between the Registrant and the purchasers signatory thereto (incorporated herein by reference to Exhibit 4.03 to the Registrant’s Amendment No.1 to Current Report on Form 8-K/A filed November 6, 2014). |
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#5.1 |
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Opinion of Eilenberg & Krause LLP. |
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#23.1 |
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Consent of Friedman LLP. |
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23.2 |
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Consent of Eilenberg & Krause LLP (included in Exhibit 5.1 hereto). |
| # | This Exhibit is filed or furnished herewith. |
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 on Form S-3 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Wilmington, State of Delaware, on this 19th day of November, 2014.
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ACORN ENERGY, INC. |
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By: |
/s/ JOHN A. MOORE |
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John A. Moore |
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President and Chief Executive Officer |
POWER OF ATTORNEY
Each person whose signature appears below
constitutes and appoints John A. Moore and Christopher E. Clouser, jointly and severally, as attorneys-in-fact, each with the power
of substitution, in any and all capacities, to sign any amendment to this Registration Statement and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting to sale attorneys-in-fact,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
connection therewith, as fully to all intents and purposes they might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact or any of them, or their, his or her 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.
Signature |
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Title |
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Date |
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/s/ JOHN A. MOORE |
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John A. Moore |
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President and Chief Executive Officer; Director (Principal Executive Officer) |
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November 19, 2014 |
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/s/ MICHAEL BARTH |
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Michael Barth |
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Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
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November 19, 2014 |
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/s/ CHRISTOPHER E. CLOUSER |
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Christopher E. Clouser |
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Director |
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November 19, 2014 |
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/s/ MANNIE L. JACKSON |
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Mannie L. Jackson |
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Director |
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November 19, 2014 |
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/s/ ROBERT E. MCKEE, III |
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Robert E. McKee, III |
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Director |
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November 19, 2014 |
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/s/ EDGAR S. WOOLARD, JR. |
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Edgar S. Woolard, Jr. |
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Director |
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November 19, 2014 |
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/s/ SAMUEL M. ZENTMAN |
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Samuel M. Zentman |
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Director |
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November 19, 2014 |
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Exhibit 5.1
November 19, 2014
Acorn Energy, Inc.
3903 Centerville Road
Wilmington, Delaware 19807
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
We have acted as counsel for Acorn Energy,
Inc., a Delaware corporation (the "Company"), in connection with the Registration Statement on Form S-3 (the "Registration
Statement") filed by the Company under the Securities Act of 1933 for the purpose of registering the resale by certain selling
security holders identified in the Registration Statement of (i) an aggregate of 4,285,714 shares of the Company’s common
stock, par value $.01 per share (the "Shares") and (ii) an aggregate of 2,142,857 shares of the Company’s common
stock, par value $.01 per share, issuable upon the exercise of warrants (the “Warrant Shares”).
On the basis of such investigation as we
have deemed necessary, we are of the opinion that (i) the Shares and Warrant Shares have been duly authorized for issuance, (ii)
the Shares are fully paid and non-assessable shares of common stock of the Company and (iii) the Warrant Shares will be, when issued
pursuant to the exercise of the warrants according to their terms, fully paid and non-assessable shares of common stock of the
Company.
We hereby consent to the filing of this
opinion as an Exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category
of persons whose consent is required under Section 7 of the Securities Act of 1933 or the Rules and Regulations of the Securities
and Exchange Commission thereunder.
Very truly yours,
/s/ Eilenberg & Krause LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
We hereby consent to the incorporation
by reference in this Registration Statement on Form S-3, of our report dated March 17, 2014 relating to the consolidated financial
statements of Acorn Energy, Inc., which appears in Acorn Energy, Inc.’s Annual Report on Form 10-K for the year ended December
31, 2013. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ Friedman LLP
November 19, 2014
East Hanover, New Jersey
Grafico Azioni Acorn Energy (QB) (USOTC:ACFN)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Acorn Energy (QB) (USOTC:ACFN)
Storico
Da Giu 2023 a Giu 2024