EX-5.1 2 ea183422ex5-1_society.htm OPINION OF SHERMAN & HOWARD L.L.C.

Exhibit 5.1

 

Sherman & Howard L.L.C.

50 West Liberty Street, Suite 1000, Reno NV 89501
Phone: 775.323.1980

3960 Howard Hughes Parkway, Suite 500

Las Vegas, NV 89169 Phone: 702.387.6073

ShermanHoward.com

 

August 21, 2023

Society Pass Incorporated

701 South Carson Street, Suite 200

Carson City, Nevada 89701

 

Re:Society Pass Incorporated/Registration Statement on Form S-3 (File No. 333-271030)

 

Ladies and Gentlemen:

 

We have acted as special Nevada counsel to Society Pass Incorporated, a Nevada corporation (the “Company”), in connection with the issuance and sale by the Company of up to $10,000,000 of its shares of common stock, $0.0001 par value per share (the “Shares”), to be sold by the Company under an At-The-Market Issuance Sales Agreement dated August 21, 2023 among the Company and Ascendiant Capital Markets, LLC (“Sales Agreement”). The Shares are being registered under the above-referenced Registration Statement (the “Registration Statement”) as filed with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), including the base prospectus forming a part of such Registration Statement dated April 20, 2023 (the “Base Prospectus”), and the prospectus supplement thereto dated August 21, 2023 (the “Prospectus Supplement” and together with the Base Prospectus, the “Prospectus”).

For purposes of these opinions, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

(a)       the Registration Statement;

 

(b)       the Prospectus;

 

(c)       the Sales Agreement;

 

(d)       Articles of Incorporation of the Company as filed with the Secretary of Nevada on June 22, 2018, as amended by Certificates of Amendment as filed with the Secretary of State of Nevada on October 2, 2018, December 4, 2018, and September 21, 2021;

 

(e)       Bylaws of the Company as adopted on October 2, 2018;

 

(f)       resolutions of the Board of Directors and such other matters as relevant related to the (i) approval of the Sales Agreement and authorization of the Company to execute, deliver, and perform its obligations under the Sales Agreement and (ii) such other matters as relevant.

 

 

 

 

 

Society Pass Incorporated

August 21, 2023

Page 2

 

  

We have also examined such other corporate charter documents, records, certificates, and instruments as we deem necessary or advisable to render the opinions set forth herein.

 

In our examination, we have assumed:

 

(a)               the legal capacity and competency of all natural persons executing the documents;

 

(b)               the genuineness of all signatures on the documents;

 

(c)               the authenticity of all documents submitted to us as originals, and the conformity to original documents of all documents submitted to us as copies;

 

(d)               that the parties to such documents, other than the Company, had the power, corporate or other, to enter into and perform all obligations thereunder;

 

(e)               that the Sales Agreement is enforceable in accordance with its terms;

 

(f)                that at the time of issuance of any Shares, the Company validly exists and is duly qualified and in good standing under the laws of Nevada;

 

(g)               that at the time of offering or sale of any of the Shares, there will be sufficient Common Shares authorized and unissued under the Company’s then operative Articles of Incorporation and not otherwise reserved for issuance; and

 

(h)               other than with respect to the Company, the due authorization by all requisite action, corporate or other, the execution and delivery by all parties of the documents, and the validity and binding effect thereof on such parties.

 

The opinions set forth below are also subject to the further qualification that the enforcement of any agreements or instruments referenced herein and to which the Company is a party may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

 

 

 

 

 

Society Pass Incorporated

August 21, 2023

Page 3

 

  

Based on the foregoing and in reliance thereon, and subject to the assumptions, limitations and qualifications set forth herein, we are of the opinion that the Shares have been duly authorized, and when issued against payment therefor as set forth in the Sales Agreement will be validly issued, fully paid, and non-assessable.

The opinions expressed herein are limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or any changes in applicable law that may come to our attention after the date the Registration Statement is declared effective.

While certain members of this firm are admitted to practice in certain jurisdictions other than Nevada, in rendering the foregoing opinions we have not examined the laws of any jurisdiction other than Nevada. Accordingly, the opinions we express herein are limited to matters involving the laws of the State of Nevada (other than the securities laws and regulations of the State of Nevada, as to which we express no opinion). We express no opinion regarding the effect of the laws of any other jurisdiction or state, including any securities laws related to the issuance and sale of the Shares.

 

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and we consent to the reference of our name under the caption “Legal Matters” in the Registration Statement and the Prospectus Supplement. In giving the foregoing consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

 

Very truly yours,

 

/s/ Sherman & Howard L.L.C.

 

SHERMAN & HOWARD L.L.C.