0001493152-21-001731.txt : 20210125 0001493152-21-001731.hdr.sgml : 20210125 20210125160341 ACCESSION NUMBER: 0001493152-21-001731 CONFORMED SUBMISSION TYPE: S-3MEF PUBLIC DOCUMENT COUNT: 5 333-233470 FILED AS OF DATE: 20210125 DATE AS OF CHANGE: 20210125 EFFECTIVENESS DATE: 20210125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Qumu Corp CENTRAL INDEX KEY: 0000892482 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 411577970 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-3MEF SEC ACT: 1933 Act SEC FILE NUMBER: 333-252388 FILM NUMBER: 21549672 BUSINESS ADDRESS: STREET 1: 400 SOUTH 4TH STREET STREET 2: SUITE 401-412 CITY: MINNEAPOLIS STATE: MN ZIP: 55415 BUSINESS PHONE: (612) 638-9100 MAIL ADDRESS: STREET 1: 400 SOUTH 4TH STREET STREET 2: SUITE 401-412 CITY: MINNEAPOLIS STATE: MN ZIP: 55415 FORMER COMPANY: FORMER CONFORMED NAME: RIMAGE CORP DATE OF NAME CHANGE: 19930328 S-3MEF 1 forms-3mef.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM S-3

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

Qumu Corporation

(Exact name of registrant as specified in its charter)

 

Minnesota   41-1577970

(State or other jurisdiction

of incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

400 S. 4th Street, Suite 401-412

Minneapolis, MN 55415

(612) 638-9100

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

TJ Kennedy

President and Chief Executive Officer

Qumu Corporation

400 S. 4th Street, Suite 401-412

Minneapolis, MN 55415

(612) 638-9100

(Name, address, including zip code, and telephone number, including area code, of agent for service)

  

Copies to:

April Hamlin, Esq.

Ballard Spahr LLP

2000 IDS Center

80 South 8th Street

Minneapolis, MN 55402

(612) 371-3211

 

Approximate date of commencement of proposed sale 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. [  ]

 

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. [X] 333-233470

 

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 on 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, 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 [X] Smaller reporting company [X]
       
    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 pursuant to Section 7(a)(2)(B) of the Securities Act. [  ]

 

CALCULATION OF REGISTRATION FEE

 

Title of each class of securities to be registered  Proposed maximum aggregate offering price per (1)(2)  

Amount of

registration fee (3)

 
Common stock, preferred stock, warrants, subscription rights and units (4)  $4,174,000   $455.38 

 

(1) Represents the additional amount of common stock, preferred stock, warrants, subscription rights, and/or units being registered. Does not include the securities that the registrant previously registered on the Registration Statement on Form S-3 (File No. 333-233470).
(2) The registrant previously registered common stock, preferred stock, warrants, subscription rights and units with a proposed maximum aggregate offering price $30,000,000 on a Registration Statement on Form S-3 (File No. 333-233470), which was declared effective by the Securities and Exchange Commission on September 5, 2019 (the “Prior Registration Statement”), and paid a fee of $3,636.00 in connection therewith. The registrant sold $9,130,000 of its common stock as described in a prospectus supplement dated November 7, 2019 to the Prior Registration Statement. In accordance with Rule 462(b) under the Securities Act of 1933, as amended, the registrant is registering an additional amount of securities having a proposed maximum aggregate offering price of no more than 20% of the maximum aggregate offering price of the remaining securities eligible to be sold under the Prior Registration Statement.
(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.
(4) Also includes such indeterminate number of shares of common stock, shares of preferred stock, warrants, subscription rights, and/or units. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. The securities registered also include such (i) securities of the registrant as may be issued upon conversion of, or in exchange for, warrants and/or preferred stock registered hereby, or (ii) securities of the registrant as may be issued upon exercise of warrants or subscription rights registered hereby. In addition, pursuant to Rule 416 under the Securities Act, the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions

 

This registration statement shall become effective upon filing in accordance with Rule 462(b) under the Securities Act of 1933, as amended.

 

 

 

 

 

 

EXPLANATORY NOTE AND

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

 

This Registration Statement on Form S-3 (the “Registration Statement”) is being filed with the Securities and Exchange Commission (the “Commission”) with respect to the registration of additional shares of common stock, par value $0.01 per share (“Common Stock”) of Qumu Corporation (the “Company”) pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”). This Registration Statement incorporates by reference the contents of, including all amendments and exhibits thereto and all information incorporated by reference therein, the Registration Statement on Form S-3 (File No. 333-233470) (the “Prior Registration Statement”), which the Commission declared effective on September 5, 2019, and is being filed solely for the purpose of increasing the aggregate offering price of the Common Stock to be offered in the public offering by $4,174,000. The additional shares of common stock that are being registered for issuance and sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price of the remaining securities eligible to be sold under the Prior Registration Statement.

 

The required opinion and consents are listed on the Exhibit Index attached hereto and filed herewith.

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, 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 Duluth, State of Minnesota, on January 25, 2021.

 

  QUMU CORPORATION
   
  By: /s/ TJ Kennedy
    TJ Kennedy
    President and Chief Executive Officer

 

POWER OF ATTORNEY

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ TJ Kennedy   President and Chief Executive Officer (Principal Executive Officer), Director   January 25, 2021
TJ Kennedy      
       
/s/ David G. Ristow  

Chief Financial Officer (Principal

Financial and Accounting Officer)

   January 25, 2021
David G. Ristow      
         
*   Director   January 25, 2021
Neil E. Cox        
         
/s/ Mary Chowning   Director   January 25, 2021
Mary Chowning        
         
*   Director   January 25, 2021
Daniel R. Fishback        
         
/s/ Edward D. Horowitz   Director   January 25, 2021
Edward D. Horowitz        
         
*   Director   January 25, 2021
Kenan Lucas        
         
*   Director   January 25, 2021
Robert F. Olson        

 

By: /s/ David G. Ristow  
  David G. Ristow  
  Attorney-In-Fact  

 

2

 

 

EXHIBIT INDEX

 

Exhibit

Number

   Description
5.1   Opinion of Ballard Spahr LLP.
     
23.1   Consent of Ballard Spahr LLP (included in Exhibit 5.1).
     
23.2   Consent of RSM US LLP, Independent Registered Public Accounting Firm.
     
23.3   Consent of KPMG LLP, Independent Registered Public Accounting Firm.
     
24.1   Power of Attorney (included in the signature page of the Registration Statement on Form S-3 (File No. 333-233470), filed with the Securities and Exchange Commission on August 26, 2019).

 

3

 

 

 

 EX-5.1 2 ex5-1.htm

 

Exhibit 5.1

 

 

2000 IDS Center

80 South 8th Street

Minneapolis, MN 55402-2119

Tel: 612.371.3211

Fax: 612.271.3207

www.ballardspahr.com

  

 

January 25, 2021

Qumu Corporation

400 S. 4th Street, Suite 401-412

Minneapolis, MN 55415

 

RE: Qumu Corporation

 

Ladies and Gentlemen:

 

We have acted as counsel to Qumu Corporation, a Minnesota corporation (the “Company”), in connection with a Registration Statement on Form S-3 (the “Registration Statement”) being filed with the Securities and Exchange Commission (the “Commission”) pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”).

 

The Registration Statement relates to the issuance and sale by the Company from time to time, pursuant to Rule 415 promulgated under the Securities Act, of up to $4,174,000 in aggregate initial offering price of the following securities (collectively, the “Securities”): (i) shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), (ii) shares of the Company’s preferred stock, par value $0.01 per share (the “Preferred Stock”), (iii) warrants to purchase Common Stock or Preferred Stock (the “Warrants”), (iv) subscription rights to purchase Common Stock, Preferred Stock, or any combination thereof (“Subscription Rights”), and (v) units (the “Units”) consisting of an interest in two or more of the Common Stock, Preferred Stock, Subscription Rights or Warrants or any combination of the foregoing.

 

As counsel for the Company, we have examined the Registration Statement and originals or copies, certified or otherwise identified to our satisfaction, of such instruments, documents, certificates and records as we have deemed relevant and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity to the originals of all documents submitted to us as copies; and (iii) the legal capacity and competency of all natural persons. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established or verified the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

 

 

 

 

Qumu Corporation

January 25, 2021

Page 2

 

For purposes of this opinion letter, we have assumed that all of the following shall have occurred prior to the issuance of the Securities referred to therein: (i) the issuance, sale, amount and terms of any Securities to be offered from time to time under the Registration Statement will have been duly authorized and established by proper action of the Board of Directors of the Company or a duly authorized committee of the Board of Directors (“Board Action”) in accordance with the Company’s Restated Articles of Incorporation, as amended (the “Articles”), and the Company’s Amended and Restated Bylaws, as amended, and applicable provisions of Minnesota corporate law, in a manner that does not violate any law, government or court-imposed order or restriction or agreement or instrument then binding on the Company or otherwise impair the valid or binding nature of the obligations represented by the applicable Securities; (ii) at the time of offer, issuance and sale of any Securities, the Registration Statement, and any amendments thereto (including post-effective amendments), will have become effective under the Securities Act, and will continue to remain effective; (iii) a prospectus supplement and any other offering material with respect to such Securities will have been filed with the Commission in compliance with the Securities Act and the rules and regulations thereunder; (iv) all Securities will be issued and sold in compliance with applicable U.S. federal and state securities laws and in the manner stated in the Registration Statement and the applicable prospectus supplement; (v) prior to the issuance of any Securities, a definitive purchase, underwriting or similar agreement with respect to any Securities offered will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; (vi) any Warrants will be issued under one or more warrant agreements, each to be between the Company and a warrant agent identified therein; (vii) any Subscription Rights will be issued pursuant to one or more subscription rights agreement (including, if applicable, a form of certificate evidencing the Subscription Rights); (viii) any Units will be issued pursuant to one or more unit agreements by the Company and a unit agent; (ix) if being sold by the issuer thereof, the Securities will be delivered against payment of valid consideration therefor and in accordance with the terms of the applicable Board Action authorizing such sale and any applicable underwriting agreement or purchase agreement and as contemplated by the Registration Statement and/or the applicable prospectus supplement; (x) the Company will remain a Minnesota corporation; (xi) upon the issuance of any Common Stock, including Common Stock which may be issued upon conversion or exercise of any other Securities convertible into or exercisable for Common Stock (“Common Securities”), the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Articles; (xii) upon the issuance of any Securities that are shares of Preferred Stock, including any Preferred Stock which may be issued upon conversion or exercise of any other Securities convertible into or exercisable for Preferred Stock (“Preferred Securities”), the total number of shares of Preferred Stock issued and outstanding, and the total number of issued and outstanding shares of the applicable class or series of Preferred Stock designated pursuant to the Articles, will not exceed the total number of shares of Preferred Stock or the number of shares of such class or series of Preferred Stock that the Company is then authorized to issue under the Articles; (xiii) with respect to any Preferred Securities, a statement containing the text of the resolution setting forth the number of shares and the terms of any class or series of Preferred Stock to be issued by the Company will be filed with the Minnesota Secretary of State prior to their issuance (the “Preferred Filings”); (xiv) the terms of the Securities will conform in all material respects to the respective descriptions thereof in the Prospectus which is part of the Registration Statement; (xv) certificates, if required, representing the Securities will be duly executed and delivered and, to the extent required by any applicable agreement, duly authenticated and countersigned; and (xvi) any Securities convertible into or exercisable or exchangeable for any other Securities will be duly converted, exercised, or exchanged in accordance with their terms.

 

 

 

 

Qumu Corporation

January 25, 2021

Page 3

 

To the extent that the obligations of the Company with respect to the Securities may be dependent upon such matters, we assume for purposes of this opinion that the other party under the subscription rights agreement for any Subscription Rights, under the warrant agreement for any Warrants, and under the unit agreement for any Units, namely, the subscription agent, the warrant agent, or the unit agent, respectively, is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; that such other party will be duly qualified to engage in the activities contemplated by such subscription rights agreement, warrant agreement, or unit agreement, as applicable; that such subscription rights agreement, warrant agreement, or unit agreement, as applicable, will have been duly authorized, executed and delivered by the other party and will constitute the legal, valid and binding obligation of the other party enforceable against the other party in accordance with its terms; that such other party will be in compliance with respect to performance of its obligations under such subscription rights agreement, warrant agreement, or unit agreement, as applicable, with all applicable laws and regulations; and that such other party will have the requisite organizational and legal power and authority to perform its obligations under such subscription rights agreement, warrant agreement, or unit agreement, as applicable.

 

Based upon, subject to and limited by the foregoing, we are of the opinion that:

 

1. Upon completion of the Board Action, the Common Securities will be duly authorized and, when and if issued and delivered against payment therefor in accordance with the Registration Statement and the Board Action, will be validly issued, fully paid and nonassessable.

 

2. Upon the completion of the Board Action and the Preferred Filings relating to the Preferred Securities, the Preferred Securities will be duly authorized and, when and if issued and delivered against payment therefor in accordance with the Registration Statement and the Board Action and Preferred Filings, will be validly issued, fully paid and nonassessable.

 

3. Upon completion of the Board Action, the due authorization for issuance of the shares of Common Stock or shares of Preferred Stock for which the Warrants are exercisable, the due execution and delivery of a warrant agreement relating thereto on behalf of the Company and the warrant agent named therein, and the due execution and delivery of the Warrants on behalf of the Company, the Warrants will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

4. Upon completion of the Board Action, the due authorization for issuance of the shares of Common Stock or shares of Preferred Stock for which the Subscription Rights are exercisable, and the due execution of a subscription rights agreement relating thereto on behalf of the Company and the subscription agent named therein, the Subscription Rights will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

 

 

 

Qumu Corporation
January 25, 2021

Page 4

 

5. Upon completion of the Board Action, the due authorization for issuance of the underlying Securities that are components of the Units, the due execution and delivery of a unit agreement relating thereto on behalf of the Company and the unit agent named therein, and due execution and delivery of the Units on behalf of the Company, the Units will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

The foregoing opinions are subject to the limitation that the validity, binding effect, or enforceability of the provisions of any agreement or instrument is qualified as to:

 

(a) limitations imposed by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally;

 

(b) rights to indemnification and contribution, which may be limited by applicable law or equitable principles; and

 

(c) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief and limitation of rights of acceleration, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

This opinion letter is based solely on (i) the Minnesota Business Corporation Act and (iii) the federal securities laws of the United States of America, each as in effect on the date hereof. We express no opinion herein as to any other laws, statutes, ordinances, rules or regulations.

 

This opinion letter has been prepared for your use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

 

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to reference to us under the caption “Legal Matters” in the prospectus forming a part of the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

 

Sincerely,

 

/s/ Ballard Spahr LLP  

 

 

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EXHIBIT 23.2

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in this Registration Statement on Form S-3 of Qumu Corporation filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, of our report dated March 6, 2020 relating to our audit of the consolidated financial statements of Qumu Corporation, which appears in the Annual Report on Form 10-K of Qumu Corporation for the year ended December 31, 2019.

 

We also consent to the reference to our firm under the heading “Experts” in the Prospectus incorporated by reference into such Registration Statement.

 

/s/ RMS US LLP  
   
Minneapolis, MN  
January 25, 2021  

 

 

 

 EX-23.3 5 ex23-3.htm

 

EXHIBIT 23.3

 

Consent of Independent Registered Public Accounting Firm

 

The Board of Directors

 

Qumu Corporation

 

We consent to the use of our report dated March 15, 2019, with respect to the consolidated balance sheet of Qumu Corporation as of December 31, 2018, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2018, and the related notes, incorporated herein by reference, and to the reference to our firm under the heading “Experts”, in the registration statement on Form S-3 to be filed on or about January 25, 2021.

 

Our report refers to a change in the method of accounting for revenue.

 

/s/ KPMG LLP  

 

Minneapolis, Minnesota

 

January 25, 2021