8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

(Date of earliest event reported): November 22, 2024

Cineverse Corp.

(Exact name of registrant as specified in its charter)

Delaware	001-31810	22-3720962
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

224 W. 35th Street, Suite 500, #947, New York, NY	10001
(Address of principal executive offices)	(Zip Code)

212-206-8600

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transmission period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, Par Value $0.001 Per Share	CNVS	The Nasdaq Capital Market

Item 8.01 Other Events.

As previously disclosed, on June 16, 2023, Cineverse Corp. (the “Company”) sold certain securities, including warrants (the “Common Warrants”) to purchase up to 2,666,667 shares of its Class A common stock, par value $0.001 per share (the “Common Stock”), in an offering registered on a registration statement that has since expired. All of the 2,666,667 Common Warrants remain outstanding. The sale of the shares of Common Stock issuable upon exercise of the Common Warrants is being registered pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-273098) by filing a prospectus supplement dated November 22, 2024, to replace the expired registration statement. The Company is filing the prospectus supplement to register the issuance of the Warrant Shares in accordance with the terms of the Securities Purchase Agreement pursuant to which the Common Warrants were sold and because the current trading price of the Common Stock is in excess of the exercise price of the Common Warrants.

This is not a new offering by the Company and the shares will only be issued pursuant to the prospectus supplement if and when a warrant holder exercises Common Warrants and makes cash payment to the Company of the exercise price of $3.00 per share. On November 21, 2024, the last reported sale price of the Common Stock on Nasdaq was $3.71 per share.

Subject to certain beneficial ownership limitations, the Common Warrants are exercisable immediately from the date of issuance. The Common Warrants have an exercise price of $3.00 per share and expire on the five (5) year anniversary of the date of issuance. The exercise price of the Warrants is subject to certain adjustments, including stock dividends, stock splits, combinations and reclassifications of the Company’s common stock.

The opinion of Kelley Drye & Warren LLP regarding the validity of the shares of Common Stock issuable upon exercise of the Common Warrants is attached hereto as Exhibit 5.1.

The foregoing description of the Common Warrants does not purport to be complete and is qualified in its entirety by reference to, and incorporates herein by reference, the full text thereof, a copy of which is filed herewith as Exhibit 4.1.

Item 9.01 Financial Statements and Exhibits.  

Exhibit No. Description

4.1	Form of Common Warrant (incorporated by reference to Ex. 4.2 of the Company’s Current Report on Form 8-K filed on June 15, 2023, File No. 001-31810).
5.1	Opinion of Kelley Drye & Warren LLP.
23.1	Consent of Kelley Drye & Warren LLP (included in Exhibit 5.1 hereto).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 22, 2024	By:	/s/ Gary S. Loffredo
	Name:	Gary S. Loffredo
	Title:	Chief Legal Officer, Secretary and Senior Advisor

EX-5.1

Exhibit 5.1

Kelley Drye & Warren LLP

3 World Trade Center

175 Greenwich street

New York, NY 10007

Tel: (212) 808-7800

Fax: (212) 808-7897

November 22, 2024

The Board of Directors of

Cineverse Corp.

224 W. 35th St., Suite 500, #947

New York, NY 10001

Ladies and Gentlemen:

We have acted as special counsel to Cineverse Corp., a Delaware corporation (the "Company"), in connection with the offering by the Company of 2,666,667 shares (the “Warrant Shares”) of Class A Common Stock, par value $0.001 per share (the “Common Stock”) issuable upon the exercise of outstanding warrants (the “Warrants”), pursuant to a Registration Statement on Form S-3 (Registration No. 333-273098) (the "Registration Statement") filed with the Securities and Exchange Commission ( the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Act”), and declared effective on January 25, 2024, as supplemented by the prospectus supplement relating to the Warrant Shares filed or to be filed with the Commission pursuant to Rule 424(b) promulgated under the Act (the “Prospectus Supplement”). As such counsel, you have requested our opinion as to the matters described herein relating to the issuance of the Warrant Shares.

We have examined the Fifth Amended and Restated Certificate of Incorporation and the Second Amended and Restated By-Laws of the Company, each as amended and restated through the date hereof; records of corporate proceedings of the Company, as made available to us by officers of the Company; an executed copy of the Registration Statement and all exhibits thereto, in the form filed with the Commission; the Prospectus Supplement as filed or to be filed with the Commission; and such matters of law deemed necessary by us in order to deliver this opinion. We have assumed, without independently verifying or having any duty to verify, that all documents mentioned herein have been duly authorized, executed and delivered by all parties thereto (other than the Company) and are enforceable, and that there was no misrepresentation, omission or deceit by any person in connection with the execution, delivery or performance of any of the documents referred to herein. In the course of our examination, we have assumed the genuineness of all signatures, including signatures made and/or transmitted using electronic signature technology (e.g., via DocuSign or similar electronic signature technology), that any such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party’s handwritten signature (provided that no such assumption is made to the extent governed by the laws of the State of New York), the authority of all signatories to sign on behalf of their principals, if any, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies and the authenticity of the originals of such copies, and the legal capacity of all natural persons. As to certain factual matters, we have relied upon information furnished to us by officers of the Company.

Our opinion expressed below is subject to the qualification that we express no opinion as to any law other than the General Corporation Law of the State of Delaware and the federal laws of the United States of America. Without limiting the foregoing, we express no opinion with respect to the applicability thereto or effect of municipal laws or the rules, regulations or orders of any municipal agencies within any such state. In addition, we express no opinion with respect to the enforceability of any agreement or instrument or any provision thereof (i) to the extent such enforceability may be subject to, or affected by, applicable bankruptcy, insolvency, moratorium or similar state or federal laws affecting the rights and remedies of creditors generally (including, without limitation, fraudulent conveyance laws) or general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), (ii) providing for specific performance, injunctive relief or other equitable remedies

(regardless of whether such enforceability is sought in a proceeding in equity or at law), (iii) providing for indemnification or contribution, which provisions may be limited by federal and state securities laws or policies underlying such laws, (iv) requiring any waiver of stay or extension laws, diligent performance or other acts which may be unenforceable under principles of public policy or (v) providing for a choice of law, jurisdiction or venue. We have assumed that such agreements, instruments or provisions are enforceable.

Based on the foregoing and solely in reliance thereon, it is our opinion that the Warrant Shares are duly authorized and, when the Warrant Shares are issued, paid for and delivered in accordance with the applicable Warrant, the Warrant Shares will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this letter as an exhibit to the Registration Statement and to the reference to it in the prospectus included therein under the caption "Legal Matters." In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.

This opinion is furnished to you in connection with the filing of the Registration Statement or a prospectus supplement thereto and is not to be used, circulated, quoted or otherwise relied upon for any other purpose except that purchasers of the securities offered pursuant to the Registration Statement may rely on this opinion to the same extent as if it were addressed to them. We have no obligation to update this opinion for events or changes in law or fact occurring after the date hereof.

Very truly yours,

/s/ KELLEY DRYE & WARREN LLP

XML

Document and Entity Information	Nov. 22, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 22, 2024
Entity Registrant Name	Cineverse Corp.
Entity Central Index Key	0001173204
Entity Emerging Growth Company	false
Entity File Number	001-31810
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3720962
Entity Address, Address Line One	224 W. 35th Street
Entity Address, Address Line Two	Suite 500, #947
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	206-8600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock, Par Value$0.001 Per Share
Trading Symbol	CNVS
Security Exchange Name	NASDAQ