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[8-K] Fluent, Inc. Reports Material Event

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8-K
Rhea-AI Filing Summary

Fluent, Inc. (FLNT) completed a private offering and disclosed material terms affecting registration, fees and stockholder approval obligations. The company entered into Purchase Agreements and a Registration Rights Agreement requiring it to file a registration statement covering the sold securities within 30 days of the Effective Date and to have that registration declared effective by the 60th day after the Effective Date (or the 90th day if the SEC conducts a full review). If the company fails to meet those deadlines, it must pay a monthly cash fee equal to 1% of each purchaser's aggregate purchase price (capped at 10% per purchaser) until cured. Benchmark Company, LLC acted as sole placement agent with Kestrel sourcing the deal; fees equal 7.0% of gross proceeds (3.0% for certain pre-existing investors) plus expense reimbursement. Securities were sold unregistered under Section 4(a)(2). The company is also obligated to use reasonable best efforts to obtain Nasdaq stockholder approval within 60 days post-closing and to convene additional meetings until approval is obtained.

Fluent, Inc. (FLNT) ha completato un collocamento privato e ha reso noti termini rilevanti relativi alla registrazione, alle commissioni e alle approvazioni degli azionisti. La societ脿 ha sottoscritto Purchase Agreements e un Registration Rights Agreement che la obbligano a depositare una dichiarazione di registrazione che copra i titoli venduti entro 30 giorni dalla Data di Efficacia e a ottenere che tale registrazione sia dichiarata efficace entro il 60掳 giorno dalla Data di Efficacia (o entro il 90掳 giorno se la SEC avvia una revisione completa). In caso di mancato rispetto di tali termini, la societ脿 dovr脿 corrispondere una commissione mensile in contanti pari al 1% del prezzo aggregato di acquisto di ciascun acquirente (con un tetto del 10% per acquirente) fino alla risoluzione della violazione. Benchmark Company, LLC ha agito come agente di collocamento esclusivo con Kestrel come fonte dell'operazione; le commissioni sono pari al 7,0% dei proventi lordi (3,0% per taluni investitori preesistenti) oltre al rimborso delle spese. I titoli sono stati venduti non registrati ai sensi della Section 4(a)(2). La societ脿 猫 inoltre tenuta a usare la massima diligenza ragionevole per ottenere l'approvazione degli azionisti Nasdaq entro 60 giorni dalla chiusura e a convocare ulteriori assemblee fino all'ottenimento dell'approvazione.

Fluent, Inc. (FLNT) complet贸 una colocaci贸n privada y divulg贸 t茅rminos materiales relacionados con registro, honorarios y obligaciones de aprobaci贸n por parte de los accionistas. La compa帽铆a suscribi贸 Purchase Agreements y un Registration Rights Agreement que la obligan a presentar una declaraci贸n de registro que cubra los valores vendidos dentro de 30 d铆as desde la Fecha de Vigencia y lograr que dicha registraci贸n sea declarada efectiva antes del d铆a 60 desde la Fecha de Vigencia (o el d铆a 90 si la SEC realiza una revisi贸n completa). Si no cumple esos plazos, deber谩 pagar una tarifa mensual en efectivo igual al 1% del precio agregado de compra de cada comprador (con un tope del 10% por comprador) hasta subsanar el incumplimiento. Benchmark Company, LLC actu贸 como agente colocador exclusivo con Kestrel como origen del acuerdo; las comisiones son del 7,0% de los ingresos brutos (3,0% para ciertos inversores preexistentes) m谩s reembolso de gastos. Los valores se vendieron no registrados bajo la Section 4(a)(2). La compa帽铆a tambi茅n est谩 obligada a emplear sus mejores esfuerzos razonables para obtener la aprobaci贸n de los accionistas de Nasdaq dentro de 60 d铆as tras el cierre y a convocar reuniones adicionales hasta obtener la aprobaci贸n.

Fluent, Inc. (FLNT)電� 靷氚滍枆鞚� 鞕勲頃橁碃 霌彪, 靾橃垬耄� 氚� 欤检＜ 鞀轨澑 鞚橂鞐� 鞓來枼鞚� 氙胳箻電� 欤检殧 臁瓣贝鞚� 瓿店皽頄堨姷雼堧嫟. 須岇偓電� 毵るГ瓿勳暯(Purchase Agreements)瓿� 霌彪甓岆Μ瓿勳暯(Registration Rights Agreement)鞚� 觳搓舶頃橃棳 氚滍毃鞚茧攵�韯� 30鞚� 鞚措偞鞐� 毵る弰霅� 歃濌秾鞚� 韽暔頃橂姅 霌彪鞁犼碃靹滊ゼ 鞝滌稖頃橁碃, 氚滍毃鞚茧攵�韯� 60鞚�(SEC臧� 鞝勲┐ 鞁偓毳� 頃� 瓴届毎 90鞚�) 鞚措偞鞐� 攴� 霌彪鞚� 須牓頇旊悩霃勲 頃� 瓴冹潉 鞖旉惮氚涭姷雼堧嫟. 鞚� 旮绊暅鞚� 歆�韨れ 氇豁晿氅� 須岇偓電� 鞚措ゼ 鞁滌爼頃� 霑岅箤歆� 臧� 毵れ垬鞚胳潣 齑� 毵れ瀰臧�鞚� 1%(毵れ垬鞚鸽硠 斓滉碃 10%)鞐� 頃措嫻頃橂姅 鞗旊硠 順勱笀 靾橃垬耄岆ゼ 歆�攵堩暣鞎� 頃╇媹雼�. Benchmark Company, LLC臧� 雼弲 氚办箻 鞐愳澊鞝勴姼搿� 頇滊彊頄堨溂氅� Kestrel鞚� 霐滌潉 靻岇嫳頄堦碃, 靾橃垬耄岆姅 齑濎垬鞚奠潣 7.0%(旮办〈 鞚茧秬 韴瀽鞛愳棎 雽�頃挫劀電� 3.0%)鞕� 牍勳毄 頇橁笁鞛呺媹雼�. 歃濌秾鞚� Section 4(a)(2)鞐� 霐半澕 氙鸽摫搿濎溂搿� 韺愲Г霅橃棃鞀惦媹雼�. 霕愴暅 須岇偓電� 膦呹舶 頉� 60鞚� 鞚措偞鞐� Nasdaq 欤检＜ 鞀轨澑鞚� 鞏魂赴 鞙勴暣 頃╇Μ鞝侅澑 斓滌劆鞚� 雲鸽牓鞚� 旮办毟鞚搓碃, 鞀轨澑鞚� 氚涭潉 霑岅箤歆� 於旉皜 欤检＜齑濏殞毳� 靻岇頃� 鞚橂臧� 鞛堨姷雼堧嫟.

Fluent, Inc. (FLNT) a r茅alis茅 une offre priv茅e et a divulgu茅 des termes importants concernant l'enregistrement, les frais et les obligations d'approbation des actionnaires. La soci茅t茅 a conclu des Purchase Agreements et un Registration Rights Agreement l'obligeant 脿 d茅poser une d茅claration d'enregistrement couvrant les titres vendus dans les 30 jours suivant la date d'entr茅e en vigueur et 脿 obtenir que cette inscription soit d茅clar茅e effective avant le 60e jour suivant la date d'entr茅e en vigueur (ou le 90e jour si la SEC effectue un examen complet). Si elle ne respecte pas ces d茅lais, elle devra payer des frais mensuels en esp猫ces 茅quivalents 脿 1% du prix d'achat agr茅g茅 de chaque acqu茅reur (plafonn茅s 脿 10% par acqu茅reur) jusqu'脿 r茅gularisation. Benchmark Company, LLC a agi en tant qu'agent de placement exclusif avec Kestrel 脿 l'origine de l'op茅ration聽; les frais sont de 7,0% du produit brut (3,0% pour certains investisseurs pr茅existants) plus remboursement des d茅penses. Les titres ont 茅t茅 vendus non enregistr茅s en vertu de la Section 4(a)(2). La soci茅t茅 est 茅galement tenue de d茅ployer des efforts raisonnables et diligents pour obtenir l'approbation des actionnaires Nasdaq dans les 60 jours suivant la cl么ture et de convoquer des assembl茅es suppl茅mentaires jusqu'脿 obtention de cette approbation.

Fluent, Inc. (FLNT) hat eine Privatplatzierung abgeschlossen und wesentliche Bedingungen bez眉glich Registrierung, Geb眉hren und Zustimmungspflichten der Aktion盲re offengelegt. Das Unternehmen hat Kaufvereinbarungen (Purchase Agreements) und eine Registration Rights Agreement unterzeichnet, die es verpflichten, innerhalb von 30 Tagen nach dem Wirksamkeitsdatum einen Registrierungsantrag f眉r die verkauften Wertpapiere einzureichen und die Wirksamkeit dieser Registrierung bis zum 60. Tag nach dem Wirksamkeitsdatum (oder bis zum 90. Tag, falls die SEC eine Vollpr眉fung durchf眉hrt) zu erreichen. Verfehlt das Unternehmen diese Fristen, muss es eine monatliche Bargeb眉hr in H枚he von 1% des aggregierten Kaufpreises jedes K盲ufers zahlen (gedeckelt bei 10% pro K盲ufer), bis der Versto脽 behoben ist. Benchmark Company, LLC fungierte als alleiniger Platzierungsagent, Kestrel hat das Gesch盲ft vermittelt; die Geb眉hren betragen 7,0% des Bruttoerl枚ses (bei bestimmten vorbestehenden Investoren 3,0%) zuz眉glich Spesenersatz. Die Wertpapiere wurden nicht registriert nach Section 4(a)(2) verkauft. Das Unternehmen ist au脽erdem verpflichtet, angemessene Anstrengungen zu unternehmen, um innerhalb von 60 Tagen nach Abschluss die Zustimmung der Nasdaq-Aktion盲re zu erhalten und zus盲tzliche Versammlungen einzuberufen, bis die Zustimmung vorliegt.

Positive
  • Registration framework established: The company agreed to file a registration statement within 30 days and to pursue effectiveness promptly, providing a path to register the securities.
  • Placement executed with institutional support: Benchmark Company, LLC acted as sole placement agent with Kestrel sourcing investors, and an affiliate of Kestrel participated on the same terms as other purchasers.
Negative
  • Monetary penalties for registration delays: Failure to file or obtain effectiveness triggers a 1% per month cash fee to purchasers, capped at 10%, which can become a material cash outflow.
  • High placement fees: Engagement fee equals 7.0% of gross proceeds (3.0% for certain pre-existing investors), increasing transaction costs and diluting net proceeds.
  • Securities unregistered at sale: Securities were sold under Section 4(a)(2), meaning transferability and liquidity are limited until registration is effective.
  • Ongoing stockholder approval obligations: The company must hold repeated meetings until Nasdaq stockholder approval is obtained, creating potential governance burden and expense.

Insights

TL;DR: Private placement includes aggressive registration deadlines, material late-filing penalties and sizable placement fees.

The Registration Rights Agreement imposes firm timelines: a 30-day filing requirement and a 60-day effectiveness target (90 days if reviewed). The 1% monthly penalty, capped at 10%, creates a growing cash obligation tied directly to investor purchase amounts and can become material if SEC review delays effectiveness. Placement agent arrangements (7% fee; 3% for select investors) increase transaction costs. Sale under Section 4(a)(2) means these securities are unregistered until the registration statement is effective, which is why the registration and stockholder approval mechanics are central to the deal's economics and liquidity for purchasers.

TL;DR: Governance duties require repeated stockholder meetings until Nasdaq approval, raising procedural risk and potential expense.

The company must use its reasonable best efforts to obtain stockholder approval within 60 days and, if not achieved, hold additional meetings every 60 days (or use the annual meeting when applicable). This ongoing obligation can impose administrative costs and governance complexity. The filing notes that representations and warranties in the Purchase Agreements are for contracting parties' risk allocation and may not reflect facts available to public investors, highlighting disclosure limitations for outside stakeholders.

Fluent, Inc. (FLNT) ha completato un collocamento privato e ha reso noti termini rilevanti relativi alla registrazione, alle commissioni e alle approvazioni degli azionisti. La societ脿 ha sottoscritto Purchase Agreements e un Registration Rights Agreement che la obbligano a depositare una dichiarazione di registrazione che copra i titoli venduti entro 30 giorni dalla Data di Efficacia e a ottenere che tale registrazione sia dichiarata efficace entro il 60掳 giorno dalla Data di Efficacia (o entro il 90掳 giorno se la SEC avvia una revisione completa). In caso di mancato rispetto di tali termini, la societ脿 dovr脿 corrispondere una commissione mensile in contanti pari al 1% del prezzo aggregato di acquisto di ciascun acquirente (con un tetto del 10% per acquirente) fino alla risoluzione della violazione. Benchmark Company, LLC ha agito come agente di collocamento esclusivo con Kestrel come fonte dell'operazione; le commissioni sono pari al 7,0% dei proventi lordi (3,0% per taluni investitori preesistenti) oltre al rimborso delle spese. I titoli sono stati venduti non registrati ai sensi della Section 4(a)(2). La societ脿 猫 inoltre tenuta a usare la massima diligenza ragionevole per ottenere l'approvazione degli azionisti Nasdaq entro 60 giorni dalla chiusura e a convocare ulteriori assemblee fino all'ottenimento dell'approvazione.

Fluent, Inc. (FLNT) complet贸 una colocaci贸n privada y divulg贸 t茅rminos materiales relacionados con registro, honorarios y obligaciones de aprobaci贸n por parte de los accionistas. La compa帽铆a suscribi贸 Purchase Agreements y un Registration Rights Agreement que la obligan a presentar una declaraci贸n de registro que cubra los valores vendidos dentro de 30 d铆as desde la Fecha de Vigencia y lograr que dicha registraci贸n sea declarada efectiva antes del d铆a 60 desde la Fecha de Vigencia (o el d铆a 90 si la SEC realiza una revisi贸n completa). Si no cumple esos plazos, deber谩 pagar una tarifa mensual en efectivo igual al 1% del precio agregado de compra de cada comprador (con un tope del 10% por comprador) hasta subsanar el incumplimiento. Benchmark Company, LLC actu贸 como agente colocador exclusivo con Kestrel como origen del acuerdo; las comisiones son del 7,0% de los ingresos brutos (3,0% para ciertos inversores preexistentes) m谩s reembolso de gastos. Los valores se vendieron no registrados bajo la Section 4(a)(2). La compa帽铆a tambi茅n est谩 obligada a emplear sus mejores esfuerzos razonables para obtener la aprobaci贸n de los accionistas de Nasdaq dentro de 60 d铆as tras el cierre y a convocar reuniones adicionales hasta obtener la aprobaci贸n.

Fluent, Inc. (FLNT)電� 靷氚滍枆鞚� 鞕勲頃橁碃 霌彪, 靾橃垬耄� 氚� 欤检＜ 鞀轨澑 鞚橂鞐� 鞓來枼鞚� 氙胳箻電� 欤检殧 臁瓣贝鞚� 瓿店皽頄堨姷雼堧嫟. 須岇偓電� 毵るГ瓿勳暯(Purchase Agreements)瓿� 霌彪甓岆Μ瓿勳暯(Registration Rights Agreement)鞚� 觳搓舶頃橃棳 氚滍毃鞚茧攵�韯� 30鞚� 鞚措偞鞐� 毵る弰霅� 歃濌秾鞚� 韽暔頃橂姅 霌彪鞁犼碃靹滊ゼ 鞝滌稖頃橁碃, 氚滍毃鞚茧攵�韯� 60鞚�(SEC臧� 鞝勲┐ 鞁偓毳� 頃� 瓴届毎 90鞚�) 鞚措偞鞐� 攴� 霌彪鞚� 須牓頇旊悩霃勲 頃� 瓴冹潉 鞖旉惮氚涭姷雼堧嫟. 鞚� 旮绊暅鞚� 歆�韨れ 氇豁晿氅� 須岇偓電� 鞚措ゼ 鞁滌爼頃� 霑岅箤歆� 臧� 毵れ垬鞚胳潣 齑� 毵れ瀰臧�鞚� 1%(毵れ垬鞚鸽硠 斓滉碃 10%)鞐� 頃措嫻頃橂姅 鞗旊硠 順勱笀 靾橃垬耄岆ゼ 歆�攵堩暣鞎� 頃╇媹雼�. Benchmark Company, LLC臧� 雼弲 氚办箻 鞐愳澊鞝勴姼搿� 頇滊彊頄堨溂氅� Kestrel鞚� 霐滌潉 靻岇嫳頄堦碃, 靾橃垬耄岆姅 齑濎垬鞚奠潣 7.0%(旮办〈 鞚茧秬 韴瀽鞛愳棎 雽�頃挫劀電� 3.0%)鞕� 牍勳毄 頇橁笁鞛呺媹雼�. 歃濌秾鞚� Section 4(a)(2)鞐� 霐半澕 氙鸽摫搿濎溂搿� 韺愲Г霅橃棃鞀惦媹雼�. 霕愴暅 須岇偓電� 膦呹舶 頉� 60鞚� 鞚措偞鞐� Nasdaq 欤检＜ 鞀轨澑鞚� 鞏魂赴 鞙勴暣 頃╇Μ鞝侅澑 斓滌劆鞚� 雲鸽牓鞚� 旮办毟鞚搓碃, 鞀轨澑鞚� 氚涭潉 霑岅箤歆� 於旉皜 欤检＜齑濏殞毳� 靻岇頃� 鞚橂臧� 鞛堨姷雼堧嫟.

Fluent, Inc. (FLNT) a r茅alis茅 une offre priv茅e et a divulgu茅 des termes importants concernant l'enregistrement, les frais et les obligations d'approbation des actionnaires. La soci茅t茅 a conclu des Purchase Agreements et un Registration Rights Agreement l'obligeant 脿 d茅poser une d茅claration d'enregistrement couvrant les titres vendus dans les 30 jours suivant la date d'entr茅e en vigueur et 脿 obtenir que cette inscription soit d茅clar茅e effective avant le 60e jour suivant la date d'entr茅e en vigueur (ou le 90e jour si la SEC effectue un examen complet). Si elle ne respecte pas ces d茅lais, elle devra payer des frais mensuels en esp猫ces 茅quivalents 脿 1% du prix d'achat agr茅g茅 de chaque acqu茅reur (plafonn茅s 脿 10% par acqu茅reur) jusqu'脿 r茅gularisation. Benchmark Company, LLC a agi en tant qu'agent de placement exclusif avec Kestrel 脿 l'origine de l'op茅ration聽; les frais sont de 7,0% du produit brut (3,0% pour certains investisseurs pr茅existants) plus remboursement des d茅penses. Les titres ont 茅t茅 vendus non enregistr茅s en vertu de la Section 4(a)(2). La soci茅t茅 est 茅galement tenue de d茅ployer des efforts raisonnables et diligents pour obtenir l'approbation des actionnaires Nasdaq dans les 60 jours suivant la cl么ture et de convoquer des assembl茅es suppl茅mentaires jusqu'脿 obtention de cette approbation.

Fluent, Inc. (FLNT) hat eine Privatplatzierung abgeschlossen und wesentliche Bedingungen bez眉glich Registrierung, Geb眉hren und Zustimmungspflichten der Aktion盲re offengelegt. Das Unternehmen hat Kaufvereinbarungen (Purchase Agreements) und eine Registration Rights Agreement unterzeichnet, die es verpflichten, innerhalb von 30 Tagen nach dem Wirksamkeitsdatum einen Registrierungsantrag f眉r die verkauften Wertpapiere einzureichen und die Wirksamkeit dieser Registrierung bis zum 60. Tag nach dem Wirksamkeitsdatum (oder bis zum 90. Tag, falls die SEC eine Vollpr眉fung durchf眉hrt) zu erreichen. Verfehlt das Unternehmen diese Fristen, muss es eine monatliche Bargeb眉hr in H枚he von 1% des aggregierten Kaufpreises jedes K盲ufers zahlen (gedeckelt bei 10% pro K盲ufer), bis der Versto脽 behoben ist. Benchmark Company, LLC fungierte als alleiniger Platzierungsagent, Kestrel hat das Gesch盲ft vermittelt; die Geb眉hren betragen 7,0% des Bruttoerl枚ses (bei bestimmten vorbestehenden Investoren 3,0%) zuz眉glich Spesenersatz. Die Wertpapiere wurden nicht registriert nach Section 4(a)(2) verkauft. Das Unternehmen ist au脽erdem verpflichtet, angemessene Anstrengungen zu unternehmen, um innerhalb von 60 Tagen nach Abschluss die Zustimmung der Nasdaq-Aktion盲re zu erhalten und zus盲tzliche Versammlungen einzuberufen, bis die Zustimmung vorliegt.

false 0001460329 0001460329 2025-08-19 2025-08-19
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): August 19, 2025
 
FLUENT, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware
  
001-37893
  
77-0688094
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(I.R.S. Employer
Identification No.)
 
300 Vesey Street, 9th Floor
New York, New York
  
10282
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (646) 669-7272
 
 
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:
 
☐ 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))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock, $0.0005 par value per share
  
FLNT
  
The NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
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 13(a) of the Exchange Act.  ☐
 
-1-
 
 
Item 1.01         Entry into a Material Definitive Agreement.
 
On August 19, 2025 (the “Effective Date”), Fluent, Inc. (the “Company”) entered into securities purchase agreements (the “Purchase Agreements”) with certain officers and/or directors of the Company (collectively, the “Inside Investors”), and the largest stockholder of the Company and other accredited investors (collectively, together with the Inside Investors, the “Purchasers”), pursuant to which the Company agreed to sell and the Purchasers agreed to purchase an aggregate of (i) 3,542,856 shares (the “Shares”) of the Company’s common stock, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 2,328,571 shares of the Company’s common stock (the “Pre-Funded Warrant Shares”) and (iii) warrants (the “Common Stock Warrants” and together with the Pre-Funded Warrants, the “Warrants”) to purchase up to 5,871,427 shares (the “Common Stock Warrant Shares” and together with the Pre-Funded Warrant Shares, the “Warrant Shares”) of the Company’s common stock at a purchase price of (i) $1.75 per Share and accompanying Common Stock Warrant or (ii) $1.7495 per Pre-Funded Warrant and accompanying Common Stock Warrant  in a private placement for aggregate gross proceeds of approximately $10.3 million, before deducting placement agent fees and other offering expenses (the “Offering”). The Offering is expected to close on August 19, 2025. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Shares, the Warrants and the Warrant Shares are hereinafter referred to as the “Securities.”
 
Each Common Stock Warrant is exercisable for a period of five and one-half years from the date of issuance and may be exercised six months and one day from the date of issuance at an exercise price of $2.21 per share, subject to adjustment. If, at any time after the issuance date of the Common Stock Warrants, a registration statement covering the resale of the Common Stock Warrant Shares is not effective, the holders may exercise the Common Stock Warrants by means of a cashless exercise. Each Pre-Funded Warrant will have an exercise price of $0.0005 per share of common stock, subject to adjustment, and will be immediately exercisable. Notwithstanding the foregoing, any Pre-Funded Warrant issued to Inside Investors will be immediately exercisable after Stockholder Approval (as defined in the Purchase Agreements) and will terminate when exercised in full. The Pre-Funded Warrants may be exercised by means of a cashless exercise. The Company is prohibited from effecting an exercise of the certain Warrants to the extent that, as a result of such exercise, the holder together with the holder’s affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock upon exercise of the Warrants, which beneficial ownership limitation may be increased by the holder up to, but not exceeding, 9.99%.
 
Pursuant to the Purchase Agreements, subject to certain exceptions, for a period of 90 days after the Effectiveness Date (as defined below), the Company and its subsidiaries are prohibited from issuing, entering into any agreement to issue or announcing the issuance or proposed issuance of any shares of common stock or Common Stock Equivalents (as defined in the Purchase Agreements) or filing any registration statement or amendment or supplement thereto, in each case other than as contemplated by the Registration Rights Agreement (as defined below). In addition, subject to certain exceptions, until the earlier of (i) the one year anniversary of the Effectiveness Date and (ii) the date on which no Purchaser owns any Securities, the Company is prohibited from entering into a Variable Rate Transaction (as defined in the Purchase Agreements).
 
In connection with the Offering, on August 19, 2025, the Company entered into Support Agreements with the Inside Investors (the "Support Agreements"). Pursuant to the Support Agreements, the investors party thereto agreed to vote shares of the Company's common stock beneficially owned by them in favor of certain actions subject to Stockholder Approval (as defined in the Support Agreements) at any meeting of stockholders of the Company and to vote against or decline to consent to  any proposal or any other corporate action or agreement that would result in a breach by the Company of the Purchase Agreements or impede, delay or otherwise adversely affect the consummation of the transactions contemplated by the Purchase Agreements or any similar agreements entered into by the Company and the party stockholders in connection with the consummation of the transactions contemplated by the Purchase Agreements.
 
The Company will be obligated to use its reasonable best efforts to obtain Stockholder Approval in accordance with the rules of the Nasdaq Stock Market no later than the 60th calendar day after the closing date of the Offering (the “Stockholder Meeting Deadline”). If, despite the Company’s reasonable best efforts the Stockholder Approval is not obtained on or prior to the Stockholder Meeting Deadline, the Company is required to cause an additional stockholder meeting to be held within 60 days after the Stockholder Meeting Deadline (the “Extended Stockholder Approval Period”); provided that if the Company’s annual meeting of stockholders is to be held within such period, the Company may be permitted to seek the Stockholder Approval at such annual meeting of stockholders in lieu of such additional special meeting. If the Stockholder Approval is not obtained within the Extended Stockholder Approval Period, then the Company shall convene additional stockholder meetings every 60 days thereafter until the Stockholder Approval is obtained; provided that if the Company’s annual meeting of stockholders is to be held within such period, the Company may be permitted to seek the Stockholder Approval at such annual meeting of stockholders in lieu of any such additional special meetings.
 
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In connection with the Offering, on the Effective Date, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers pursuant to which the Company shall prepare and file with the Securities and Exchange Commission (the “SEC”) a registration statement covering the Registrable Securities (as defined in the Registration Rights Agreement) on or prior to the date that is 30 calendar days following Effective Date (the “Filing Date”). The Company shall use its best efforts to cause the registration statement covering the Registrable Securities to be declared effective as promptly as practicable after the filing thereof, but in any event no later the 60th calendar day following the Effective Date (or in the event of a full review by the SEC, the 90th calendar day following the Effective Date) (the “Effectiveness Date”). If, among other things, the Company fails to file the registration statement by the Filing Date or fails to have such registration statement declared effective by the Effectiveness Date (the date on which such failure occurs, the “Event Date”), then on each such Event Date and on each monthly anniversary of each such Event Date until the applicable failure is cured, the Company shall pay to each Purchaser, in cash, a fee (the “Fee”) equal to 1% of the aggregate purchase price paid by such Purchaser; provided, however, that the Fee payable to a Purchaser shall not exceed 10% of the aggregate purchase price paid by such Purchaser.
 
The Benchmark Company, LLC, a StoneX Company (“Benchmark”), acted as sole placement agent in connection with the Offering. The Kestrel Merchant Partners group (“Kestrel”) at Benchmark was responsible for sourcing and executing the Offering.  An affiliate of Kestrel purchased Shares and Common Stock Warrants in the Offering on the same terms as the other Purchasers.
 
Pursuant to the terms of an engagement letter (the “Engagement Letter”) dated as of July 21, 2025 between the Company and Benchmark, the Company (i) will pay Benchmark a total cash fee equal to 7.0% of the aggregate gross proceeds of the Offering; provided, however, that the fee shall be equal to 3.0% for certain pre-existing investors of the Company, and (ii) will reimburse Benchmark for certain expenses.
 
The Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, and were offered and sold in reliance on the exemption from registration under the Securities Act afforded by Section 4(a)(2).
 
The representations, warranties and covenants contained in the Purchase Agreements were made solely for the benefit of the parties to the Purchase Agreements. In addition, such representations, warranties and covenants (i) are intended as a way of allocating the risk between the parties to the Purchase Agreements and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. Accordingly, the Purchase Agreements are included as exhibits with this filing only to provide investors with information regarding the terms of the transaction, and not to provide investors with any other factual information regarding the Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreements, which subsequent information may or may not be fully reflected in public disclosures.
 
Item 3.02         Unregistered Sales of Equity Securities
 
Reference is made to the disclosure under Item 1.01 above with respect to the Securities which is hereby incorporated in this Item 3.02 by reference. The Securities were sold pursuant to the exemption from the registration requirements of the Securities Act available under Section 4(a)(2).
 
Item 8.01         Other Events
 
On August 19, 2025, the Company issued a press release announcing the Offering. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
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Item 9.01         Financial Statements and Exhibits.
 
Exhibit No.
  
Description
99.1
  
Press release dated August 19, 2025
104
  
Cover Page Interactive Data File (formatted as Inline XBRL)
 
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereinto duly authorized.
 
 
 
Fluent, Inc.
  
       
August 19, 2025
By:  
/s/ Donald Patrick
  
 
Name:  
Donald Patrick
  
 
Title:  
Chief Executive Officer 
  
 
 
 
 
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Source:

FAQ

What did FLNT disclose about the private offering terms?

The filing states FLNT sold securities in a private offering and entered into a Registration Rights Agreement requiring a registration statement to be filed within 30 days and effective by 60 days after the Effective Date (or 90 days if the SEC conducts a full review).

What penalties apply if Fluent (FLNT) misses the registration deadlines?

If FLNT fails to file or obtain effectiveness by the deadlines, it must pay purchasers a cash fee equal to 1% of each purchaser's aggregate purchase price per month, capped at 10% of that purchaser's purchase price.

Who acted as placement agent for FLNT's offering?

Benchmark Company, LLC (a StoneX Company) acted as sole placement agent, with the Kestrel Merchant Partners group responsible for sourcing and executing the Offering; a Kestrel affiliate participated as a purchaser.

What fees did FLNT agree to pay the placement agent?

Under an engagement letter dated July 21, 2025, FLNT will pay Benchmark a cash fee equal to 7.0% of aggregate gross proceeds (or 3.0% for certain pre-existing investors) and will reimburse certain expenses.

Were the securities registered at the time of sale?

No. The securities were not registered under the Securities Act and were sold in reliance on the Section 4(a)(2) exemption.
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Fluent, Inc.

NASDAQ:FLNT

FLNT Rankings

#5307 Ranked by Market Cap
N/A Ranked by Dividends

FLNT Latest News

Aug 19, 2025
Fluent Announces聽Second Quarter聽2025 Financial Results; Commerce Media Solutions Annual Revenue Run Rate Exceeds $80 Million
Aug 19, 2025
Fluent Announces $10.3 Million Private Placement of Securities
Aug 14, 2025
Fluent, Inc. Adds Authentic Brands Group to Partner Network, Powering Post-Purchase Monetization Across Brand Portfolio
Aug 13, 2025
Fluent, Inc. to Announce 2025 Second Quarter Financial Results and Host Earnings Conference Call on August 19, 2025
Aug 11, 2025
Fluent, Inc. to Attend 45th Annual Canaccord Genuity Growth Conference

FLNT Latest SEC Filings

Aug 19, 2025
[10-Q] Fluent, Inc. Quarterly Earnings Report
Aug 19, 2025
[8-K] Fluent, Inc. Reports Material Event
Aug 15, 2025
[NT 10-Q] Fluent, Inc. SEC Filing
Jul 3, 2025
[Form 4] Fluent, Inc. Insider Trading Activity
Jul 3, 2025
[Form 4] Fluent, Inc. Insider Trading Activity

FLNT Stock Data

45.62M
7.29M
64.66%
31.62%
0.15%
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