Correspondence 0001575872-23-000822 from INSPIRE VETERINARY PARTNERS, INC. (IVPR)
INSPIRE VETERINARY PARTNERS, INC.
Date: May 23, 2023 · CIK: 0001939365 · Accession: 0001575872-23-000822
AI Filing Summary & Sentiment
File numbers found in text: 333-271198
Referenced dates: May 15, 2023
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CORRESP
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filename1.htm
Joe
Laxague
Partner
jlaxague@cronelawgroup.com
Mason
Allen
Of
Counsel
mallen@cronelawgroup.com
VIA
EDGAR
May
23, 2023
THE
UNITED STATES SECURITIES
AND
EXCHANGE COMMISSION
Washington,
D.C. 20549
Attn:
Sean
Healy
Dorrie
Yale
Re:
Inspire
Veterinary Partners, Inc.
Amendment
No. 1 to Registration Statement on Form S-1
Filed
April 25, 2023
File
No. 333-271198
Dear
Ms. Nimitz and Ms. Yale:
We
write on behalf of Inspire Veterinary Partners, Inc. (the “Company”) in response to comments by the United States Securities
and Exchange Commission (the “Commission”) in its letter dated May 15, 2023, commenting on Amendment No. 1 to the Company’s
Registration Statement on Form S-1 filed April 25, 2023 (the “Registration Statement”).
Titling
and paragraph numbering of the comments listed below corresponds to the titling and numbering used in the Commission’s comment
letter.
Prospectus
Summary, page 1
Anticipated
Growth through Acquisitions, page 4
1. We
note your revisions in response to our prior comment 1, including your statement that approximately
$8.2 million of your outstanding indebtedness is convertible into shares of Class A common
stock. Please further revise to clarify if that entire amount is reflected in the 2,648,656
shares reflected in the table on page 9, and whether the entire amount of that indebtedness
is automatically or mandatorily convertible in connection with the primary offering, or otherwise
expected to be converted in connection with the primary offering.
Response:
In response to this comment, the Company has amended the Registration Statement to clarify that the Company’s outstanding indebtedness
is not automatically or mandatorily convertible, and to further disclose the number of debt holders who have provided written commitments
to convert their debt to equity in connection with the offering.
The
Offering, page 8
2. We
note your revisions in response to our prior comment 2 and reissue in part. There are still
several discrepancies in your prospectus. For example, the shares of class A common stock
that are potentially issuable upon conversion of Class B common stock held by nonaffiliates
do not appear to be included in the total shares of Cass A common stock being offered in
this filing that are set forth in the table on page 9, despite the lead-in narrative and
the amounts disclosed elsewhere, such as in footnote 8 to the selling stockholder table.
Please also revise to address other discrepancies, such as the number of shares of Class
A common stock that are issued and outstanding, as we note three different amounts stated
throughout your prospectus as of the date of the prospectus, and the number of shares of
Class A common stock issuable upon exercise of your warrants.
Response:
In response to this comment, the Company respectfully advises the Staff that the 408,500 shares of Class A common stock that are issuable
upon conversion of shares of Class B common stock held by non-affiliates are included in the chart on page 9 of the prospectus and in
the selling stockholders table, represented by the names “Joshua Levy” and “Joshua Marten”. The Company has further amended the Registration
Statement to update the number of shares being registered in the secondary offering and made conforming changes under the caption “Prospectus
Summary” and throughout the Registration Statement.
The
sale or availability for sale of substantial amounts of our Class A common stock could adversely affect their market price, page 24
3. We
acknowledge your revised disclosures in response to comment 4. As previously noted, please
also revise your risk factor to describe the risk to purchasers in your primary offering
that the large number of shares being offered in the resale transaction could depress the
market price of your common stock. In addition, we note your revised disclosure on page 30,
which indicates that you are not registering the Class A common stock to be held by Messers.
Carr, Coleman, Keiser, Lau and Marten, upon conversion of their shares of Class B common
stock. However, you continue to appear to state on page 24 that those shares are being registered
by this prospectus. Please revise your disclosure to address this discrepancy, and ensure
that footnotes to the selling stockholder table are appropriately updated, including footnote
5.
Response:
In response to this comment, the Company has amended the Registration Statement to update the indicated risk factor and to clarify that
shares of Class A common stock issuable upon conversion of Class B common stock held by Messers. Carr, Coleman, Keiser, Lau and Marten
are not being registered pursuant to the Registration Statement.
Liquidity
and Capital Resources, page 42
4. As
previously requested, please disclose on page 42 whether you are currently in compliance
with all of your debt covenants and also whether there have been any instances of non-compliance
during the periods presented and through the date of this filing.
Response:
In response to this comment, the Company has amended the Registration Statement to disclose that, as of the date of the prospectus, the
Company is in compliance with all covenants and commitments associated with its debt agreements, and that the Company is not aware
of any instances of breaches or non-compliance with its covenants and commitments under its debt agreements.
Security
Ownership of Certain Beneficial Owners and Management, page 69
5. Please
revise your selling stockholder table and beneficial ownership table to reflect information
as of a recent date. Please also revise to explain the exclusion of shares noted in footnotes
3 and 8. Refer to Item 403 of Regulation S-K. In addition, we note your disclosure in a prior
amendment that Star Circle Advisory had distributed 333,250 shares of Class B common stock
to Mr. Carr. However, we note your revised disclosure on page 71 that Star Circle initially
purchased 2,150,000 shares of Class B common stock. Please revise the beneficial ownership
table to reflect similar distributions to other individuals or Star Circle's remaining ownership,
or advise.
Response:
In response to this comment, the Company has amended the Registration Statement to update all selling stockholder share amounts and
to include the shares of Class A common stock issuable to Mr. Carr in connection with an outstanding warrant. The Company
respectfully advises the Staff that Mr. Carr purchased 22,728 shares of Class A common stock in an initial equity round of
investment, and separately Mr. Carr received 333,250 shares of Class B common stock following a distribution of such shares from
Star Circle Advisory. The Company also respectfully advises the Staff that the shares of Class A common stock issuable to Target
Capital 1 LLC remain unexercised as of the date of this correspondence.
Exhibits
6. We
note that you have filed additional exhibits. Please revise your exhibit index to ensure
that it properly reflects your filed exhibits.
Response:
In response to this comment, the Company has amended the Registration Statement to confirm that the exhibit index it properly reflects
the Company’s filed exhibits.
Please
feel free to contact me should you require additional information at (775) 234-5221 or jlaxague@cronelawgroup.com.
THE
CRONE LAW GROUP, P.C.
By:
/s/
Joe Laxague
Joe Laxague, Esq.