Item 1.01 Entry into a Material Definitive Agreement.
OnApril 1, 2020 ,Inuvo, Inc. entered into Subscription Agreements (the "Subscription Agreements") with certain investors pursuant to which we agreed to issue and sell an additional 1,400,285 shares of our common stock at a price of$0.175 per share in a previously announced registered direct offering (the "Offering"). The aggregate gross proceeds from the final closing of sales in the Offering are expected to be$245,050 . We expect to this final closing to occur onApril 2, 2020 , subject to the satisfaction of customary closing conditions contained in the Subscription Agreements. No underwriter or placement agent participated in the Offering. The shares of common stock in the Offering were offered pursuant to a shelf registration statement (File No. 333-220317) which was declared effective by theUnited States Securities and Exchange Commission ("SEC") onSeptember 8, 2017 . A prospectus supplement relating to the final closing of the Offering will be filed byInuvo with theSEC . When filed with theSEC , copies of the prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained at theSEC's website at www.sec.gov or fromInuvo, Inc. , 500President Clinton Boulevard , Suite 300,Little Rock, Arkansas 72201, Attention: Investor Relations. The foregoing description of the form of Subscription Agreements does not purport to be complete and is qualified in its entirety by reference to the form of Subscription Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. Item 8.01 Other Events.
OnApril 1, 2020 Inuvo issued a press release relating to the final closing of the Offering. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Incorporated by Reference Filed or Furnished No. Exhibit Description Form Date Filed Number Herewith
5.1 Opinion of Pearlman Law Group LLP Filed 10.1 Form of Subscription Agreement Filed 99.1 Press release dated April 1, 2020 Furnished
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