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SEC Comment Letter for AgEagle Aerial Systems Inc. (UAVS) (CIK 0000008504) (UAVS) — Jul 15, 2015

AgEagle Aerial Systems Inc. (UAVS) (CIK 0000008504)
Date: July 15, 2015 · CIK: 0000008504 · Accession: 0000000000-15-036854

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Reasoning

File numbers found in text: 333-205069

Date
June 18, 2015
Author
/s/ Loan Lauren P. Nguyen for
Form
UPLOAD
Company
AgEagle Aerial Systems Inc. (UAVS) (CIK 0000008504)

Letter

July 14 , 2015 Robert G. Watson, Jr. Chief Executive Officer EnerJex Resources, Inc. 4040 Broadway Suite 508 San Antonio, TX 78209

Re: EnerJex Resources, Inc. Registration Statement on Form S-1 Filed June 18, 2015 File No. 333-205069

Dear Mr. Watson :

We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form S-1 Filed June 18, 2015

Prospectus Cover Page

1. In the first sentence, you state that you are offering an unspecified number of shares “directly to select accredited investors.” The next sentence suggests that the price of this direct offering has not been set. In the “Plan of Distribution” section at page 30 , you state: “We negotiated the offering price for the shares in this offe ring with prospective investors, ” and you refer to the document as “this prospectus supplement .” Please tell us , and revise your disclosure as appropriate, the extent to which any of the referenced “direct” sales were started or completed prior to your filing th is registration statement. Also revise the prospectus t o specify the number of shares you intend to offer “directly”

Robert G. Watson, Jr. EnerJex Resources, Inc. July 14 , 2015 Page 2

and to disclose the price (or the pricing methodology) for those shares . See Item 501(b)(3) of Regulation S -K; see also Instruction 2 to Item 501(b)(3) .

2. With regard to the resale portion of y our offering , provide all the required price a nd share information that Item 501(b)(2) and (b)(3) of Regulation S -K requires .

3. Please identify your placement agent s with your next amendment. That information will be necessary for us to process your filing . In addition, please file the placement ag ency agreement as an exhibit.

4. Please clarify here, and wherever else appropriate, that your common stock is listed on the NYSE MKT , not the NYSE, under the symbol “ENRJ.”

Plan of Distribution

Additional Information, page 31

5. We note your disclosure suggesting that underwriters and agents, including your placement agents, “may be deemed to be underwriters.” Please revise your disclosure on page 32 to clarify that they are underwriters within the meaning of Section 2(a)(11) of the Securities Act or provide us an analysis explaining why this is not necessary.

Exhibits

6. Please file as an exhibit the legality opinion that Item 601(b)(5) of Regulation S -K requires , as we also noted in a comment relating to the Form S -1 registration statement you filed on September 25, 2014 . Refer to Item 16(a) of Form S -1.

7. We refer you to the conse nt you filed as exhibit 23.1. Please obtain and file an updated consent from L.L. Bradford & Company, LLC that does not cover financial statement dates after the date of the audit report, March 28, 2014.

Closing Comments

We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Act of 1933 and all applicable Securities Act rules require. Since the company and its management are in posses sion of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.

Notwithstanding our comments, in the event you request acceleration of the effective date of the pending registration statement, please provide a written statement from the company acknowledging that:

Robert G. Watson, Jr. EnerJex Resources, Inc. July 14 , 2015 Page 3

 should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;

 the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the company from its full responsibility for the adequacy and accuracy of the disclosure in the filing; and

 the company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

Please refer to Rules 460 and 461 regarding requests for acceleration. We will consider a written request for acceleration of the effective date of the registration statement as confirmation of the fact that those requesting acceleration are aware of their respective responsibilities under the Securities Act of 1933 and the Securities Exchange Act of 1934 as they relate to the proposed public offering of the securities specified in the above registration statement. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

Please contact Paul Monsour , Staff Attorney, at (202) 551 -3360 , or, in his absence, Timothy Levenberg, Special Counsel, at (202) 551-3707 , with any questions.

Sincerely,
/s/ Loan Lauren P. Nguyen for

Show Raw Text
July 14 , 2015

Robert G. Watson, Jr.
Chief Executive  Officer
EnerJex Resources, Inc.
4040 Broadway
Suite 508
San Antonio, TX 78209

Re: EnerJex Resources, Inc.
Registration Statement on Form  S-1
Filed June 18, 2015
File No. 333-205069

Dear  Mr. Watson :

We have  limited  our review  of your registration  statement  to those  issues  we have
addressed  in our comments.   In some  of our comments,  we may ask you to provide  us with
information  so we may better  understand  your disclosure.

Please  respond  to this letter  by amending  your registration  statement  and providing  the
requested  information.   If you do not believe  our comments  apply  to your facts  and
circumstances  or do not believe  an amendment  is appropriate,  please  tell us why in your
response.

After  reviewing  any amendment  to your registration  statement  and the information  you
provide  in response  to these  comments,  we may have  additional  comments.

Registration Statement on Form S-1 Filed  June 18, 2015

Prospectus Cover Page

1. In the first sentence, you state that you are offering an unspecified number of shares
“directly to select accredited investors.”  The next sentence suggests  that the price  of this
direct offering  has not been set.  In the “Plan of Distribution” section  at page 30 , you
state: “We negotiated the offering price for the shares in this offe ring with prospective
investors, ” and you refer to the document as “this prospectus supplement .”  Please tell us ,
and revise your disclosure as appropriate,  the extent to which any of  the referenced
“direct” sales  were started or completed prior to your filing th is registration statement.
Also revise the prospectus t o specify the number of shares you intend  to offer  “directly”

Robert G. Watson, Jr.
EnerJex Resources, Inc.
July 14 , 2015
Page 2

 and to disclose the price (or the pricing methodology)  for those shares .  See Item
501(b)(3) of Regulation S -K; see also Instruction 2 to Item 501(b)(3) .

2. With regard to the resale portion of y our offering , provide all  the required  price a nd share
information  that Item 501(b)(2) and (b)(3) of Regulation S -K requires .

3. Please identify your placement agent s with your next amendment.  That information will
be necessary for us to  process your filing .  In addition, please file the placement ag ency
agreement as an exhibit.

4. Please clarify here, and wherever else appropriate, that your common stock is listed on
the NYSE  MKT , not the NYSE, under the symbol “ENRJ.”

Plan of Distribution

Additional Information, page 31

5. We note your disclosure suggesting that underwriters and agents, including your
placement agents, “may be deemed to be underwriters.”  Please revise your disclosure on
page 32 to clarify that they  are underwriters within the meaning of Section 2(a)(11) of the
Securities Act or provide us an analysis explaining why this is not necessary.

Exhibits

6. Please file as an exhibit  the legality opinion  that Item 601(b)(5) of Regulation S -K
requires , as we also noted  in a comment relating to  the Form S -1 registration statement
you filed on September 25, 2014 .  Refer to Item 16(a) of Form S -1.

7. We refer you to the conse nt you filed as exhibit 23.1.  Please obtain and file an updated
consent from L.L. Bradford & Company, LLC that does not cover financial statement
dates after the date of the audit report, March 28, 2014.

Closing Comments

We urge all persons  who are responsible  for the accuracy  and adequacy  of the disclosure
in the filing  to be certain  that the filing  includes  the information  the Securities  Act of 1933  and
all applicable  Securities  Act rules  require.   Since  the company  and its management  are in
posses sion of all facts  relating  to a company’s  disclosure,  they are responsible  for the accuracy
and adequacy  of the disclosures  they have  made.

Notwithstanding  our comments,  in the event  you request  acceleration  of the effective  date
of the pending  registration  statement,  please  provide  a written  statement  from  the company
acknowledging  that:

Robert G. Watson, Jr.
EnerJex Resources, Inc.
July 14 , 2015
Page 3

  should  the Commission  or the staff,  acting  pursuant  to delegated  authority,  declare  the
filing  effective,  it does not foreclose  the Commission  from  taking  any action  with respect
to the filing;

 the action  of the Commission  or the staff,  acting  pursuant  to delegated  authority,  in
declaring  the filing  effective,  does not relieve  the company  from  its full responsibility  for
the adequacy  and accuracy  of the disclosure  in the filing;  and

 the company  may not assert  staff comments  and the declaration  of effectiveness  as a
defense  in any proceeding  initiated  by the Commission  or any person  under  the federal
securities  laws of the United  States.

Please  refer  to Rules  460 and 461 regarding  requests  for acceleration.   We will consider  a
written  request  for acceleration  of the effective  date of the registration  statement  as confirmation
of the fact that those  requesting  acceleration  are aware  of their respective  responsibilities  under
the Securities  Act of 1933  and the Securities  Exchange  Act of 1934  as they relate  to the proposed
public  offering  of the securities  specified  in the above  registration  statement.   Please  allow
adequate  time for us to review  any amendment  prior  to the requested  effective  date of the
registration  statement.

Please contact Paul Monsour , Staff Attorney, at (202) 551 -3360 , or, in his absence,
Timothy  Levenberg,  Special  Counsel,  at (202)  551-3707 , with any questions.

Sincerely,

/s/ Loan Lauren P. Nguyen for

H. Roger Schwall
Assistant Director

cc:  Mr. Fernando Velez, Jr., Esq.