# EDGAR Filing Document

**Accession Number:** 0000948708
**File Stem:** 0001437749-26-017968
**Filing Date:** 2026-5
**Character Count:** 115788
**Document Hash:** 6fc9a0d42ecc8accd13964b380d4c745
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-017968.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001437749-26-017968

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMITH MICRO SOFTWARE, INC.
- **CENTRAL INDEX KEY:** 0000948708
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 330029027
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295700
- **FILM NUMBER:** 261005023

**BUSINESS ADDRESS:**
- **STREET 1:** 5800 CORPORATE DRIVE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15237
- **BUSINESS PHONE:** 4128375300

**MAIL ADDRESS:**
- **STREET 1:** 5800 CORPORATE DRIVE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH MICRO SOFTWARE, INC
- **DATE OF NAME CHANGE:** 20181023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH MICRO SOFTWARE INC
- **DATE OF NAME CHANGE:** 19950731

[**Table of Contents**](#toc)

**PROSPECTUS**

**Filed Pursuant to Rule 424(b)(3)**

**Registration Statement No. 333-295700**

![smsi20260519d_424b3img001.jpg](smsi20260519d_424b3img001.jpg)

**7,190,188 Shares of Common Stock Issuable Upon Conversion of Notes**

**11,034,437 Shares of Common Stock Issuable Upon Exercise of Warrants**

This prospectus relates to the resale or other disposition from time to time by the selling stockholders identified herein (each, a "Selling Stockholder" and, together, the "Selling Stockholders") or their pledgees, assignees, distributees and successors-in-interest from time to time, of up to 18,224,625 shares of Company Common Stock, par value $0.001 per share ("Common Stock") issuable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 97,618 shares of Common Stock issuable upon the exercise of certain warrants (the "September 11 Warrants") that contain full-ratchet anti-dilution provisions, issued pursuant to those certain Note Purchase Agreements dated September 11, 2025 (the "September 11 Note Purchase Agreements") in connection with the issuance of secured promissory notes (the "September 11 Offering"). When originally issued, the September 11 Warrants were exercisable for up to 1,106,102 shares of Common Stock at an exercise price of $0.73 per share. As a result of subsequent issuances of securities by the Company, the September 11 Warrants will be adjusted in accordance with their provisions (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the September 11 Warrants will become exercisable for an additional 97,618 shares (for a current aggregate total of 1,203,720 shares) and will have an exercise price of $0.6708 per share (the "September 11 Warrant Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 54,103 shares of Company Common Stock issuable upon the exercise of certain warrants (the "September 29 Warrants") that contain full-ratchet anti-dilution provisions, issued pursuant to that certain Note Purchase Agreement dated September 29, 2025 ("the September 29 Note Purchase Agreement") in connection with the issuance of additional secured promissory notes (the "September 29 Offering"). When originally issued, the September 29 Warrants were exercisable for up to 544,303 shares of Common Stock at an exercise price of either $0.73 per share (with respect to certain September 29 Warrants exercisable for 137,471 shares of Common Stock) or $0.74 per share (with respect to the remainder of the September 29 Warrants). As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted in accordance with their provisions (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the September 29 Warrants will become exercisable for an additional 54,103 shares (for a current aggregate total of 598,406 shares) and will have an exercise price of $0.6708 per share (the "September 29 Warrant Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 1,480,165 shares of Company Common Stock issuable upon the exercise of certain warrants (the "February Warrants") with an exercise price of $0.68 per share (the "February Warrant Shares"), issued pursuant to that certain Note Purchase Agreement dated February 3, 2026 (the "February Note Agreement") in connection with the issuance of additional secured promissory notes (the "February Offering");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 9,402,551 shares of Company Common Stock issuable upon the exercise of certain warrants (the "March Warrants") with an exercise price of $0.68 per share (the "March Warrant Shares"), issued pursuant to that certain Securities Purchase Agreement dated March 4, 2026 (the "March Purchase Agreement") in connection with the issuance of secured convertible promissory notes (the "March Notes and Warrants Offering"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 7,190,188 shares of Company Common Stock (the "Conversion Shares") issuable upon the conversion of the principal of and pursuant to the terms of those secured convertible promissory notes (the "Convertible Notes") issued pursuant to the March Purchase Agreement in the March Notes and Warrants Offering.

The September 11 Warrants, the September 29 Warrants, the February Warrants, and the March Warrants are collectively referred to herein as the "Warrants." The September 11 Warrant shares, the September 29 Warrant Shares, the February Warrant Shares and the March Warrant Shares, are collectively referred to herein as the "Warrant Shares." The September 11 Offering, the September 29 Offering, the February Offering and the March Notes and Warrants Offering are collectively referred to herein as the "Offerings."

We are registering the offer and sale of Common Stock on behalf of the Selling Stockholders to satisfy certain registration rights that we have granted to the Selling Stockholders.

Each Selling Stockholder may, from time to time, sell, transfer, or otherwise dispose of any or all the Common Stock on any stock exchange, market, or trading facility on which shares of our Common Stock are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

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[**Table of Contents**](#toc)

The Selling Stockholders will bear all commissions and discounts, if any, attributable to the sales of Common Stock. We will bear all other costs, expenses, and fees in connection with the registration of the Common Stock. See "Plan of Distribution" which begins on page [17](#planofdistro) of this prospectus.

We are not offering any shares of our Common Stock for sale under this prospectus. We will not receive any of the proceeds from the sale or other disposition of our Common Stock by the Selling Stockholders. However, we may receive proceeds of up to approximately $7.5 million if all the Warrants held by the Selling Stockholders are exercised for cash, based on the current per share exercise prices of the Warrants. Our Common Stock is listed on the Nasdaq Capital Market under the symbol "SMSI." On May 7, 2026, the last reported sale price of our Common Stock on the Nasdaq Capital Market was $0.8426.

INVESTING IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY CONSIDER THE RISKS AND UNCERTAINTIES IN THE SECTION ENTITLED "**<u>RISK FACTORS</u>**" BEGINNING ON PAGE [11](#riskfactors) OF THIS PROSPECTUS AND IN THE OTHER DOCUMENTS THAT ARE INCORPORATED BY REFERENCE BEFORE PURCHASING ANY OF THE SHARES OFFERED BY THIS PROSPECTUS.

**We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire prospectus and any amendments or supplements carefully before you make your investment decision.**

**Neither the Securities and Exchange Commission (the** "**SEC**"**) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

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**The date of this prospectus is May 20, 2026**

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[**Table of Contents**](#toc)

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| | |
|:---|:---|
|  | **Page** |
| [<u>ABOUT THIS PROSPECTUS</u>](#about) | [1](#about) |
| [<u>PROSPECTUS SUMMARY</u>](#prosumm) | [2](#prosumm) |
| [<u>THE OFFERING</u>](#offering) | [8](#offering) |
| [<u>SPECIAL</u><u> </u><u>NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>](#specialnote) | [9](#specialnote) |
| [<u>RISK FACTORS</u>](#riskfactors) | [11](#riskfactors) |
| [<u>DIVIDEND POLICY</u>](#dividendpol) | [11](#dividendpol) |
| [<u>DILUTION</u>](#dilution) | [11](#dilution) |
| [<u>USE OF PROCEEDS</u>](#useofproceeds) | [11](#useofproceeds) |
| [<u>DETERMINATION OF OFFERING PRICE</u>](#determination) | [11](#determination) |
| [<u>THE SELLING STOCKHOLDERS</u>](#sellingstock) | [12](#sellingstock) |
| [<u>PLAN OF DISTRIBUTION</u>](#planofdistro) | [17](#planofdistro) |
| [<u>DESCRIPTION OF SECURITIES TO BE REGISTERED</u>](#dessecreg) | [19](#dessecreg) |
| [<u>LEGAL MATTERS</u>](#legalmatt) | [19](#legalmatt) |
| [<u>EXPERTS</u>](#experts) | [19](#experts) |
| [<u>WHERE YOU CAN FIND MORE INFORMATION</u>](#moreinfo) | [20](#moreinfo) |
| [<u>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</u>](#incorpbyref) | [20](#incorpbyref) |

---

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[**Table of Contents**](#toc)

**ABOUT THIS PROSPECTUS**

This prospectus provides you with a general description of the Common Stock that may be resold by the Selling Stockholders. In certain circumstances, we may provide a prospectus supplement that will contain specific information about the terms of a particular offering by the Selling Stockholders. We also may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus. To the extent there is a conflict between the information contained in this prospectus and any prospectus supplement, you should rely on the information in the prospectus supplement, provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date - for example, a document incorporated by reference in this prospectus or any prospectus supplement - the statement in the later-dated document modifies or supersedes the earlier statement.

This prospectus is part of a registration statement that we have filed with the SEC pursuant to which the Selling Stockholders named herein may, from time to time, offer and sell or otherwise dispose of the Common Stock covered by this prospectus. You should rely only on the information contained in this prospectus or any related prospectus supplement. We have not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The information contained in this prospectus is accurate only on the date of this prospectus. Our business, financial condition, results of operations and prospects may have changed since such date. Other than as required under the federal securities laws, we undertake no obligation to publicly update or revise such information, whether as a result of new information, future events or any other reason. This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under "Where You Can Find More Information."

This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our securities other than the Common Stock covered hereby, nor does this prospectus constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to those jurisdictions.

**This prospectus and the information incorporated by reference herein and therein contains references to trademarks, trade names and service marks belonging to us or other entities. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the**® **or TM symbols, but such references are not intended to indicate, in any way, that the applicable owner will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies**' **trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. All trademarks, trade names, and service marks included or incorporated by reference into this prospectus are the property of their respective owners.**

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**PROSPECTUS SUMMARY**

*This summary highlights, and is qualified in its entirety by, the more detailed information and financial statements included elsewhere or incorporated by reference in this prospectus. This summary does not contain all of the information that may be important to you in making your investment decision. You should read this entire prospectus carefully, especially the* "*Risk Factors*" *section beginning on page [11](#riskfactors), and the financial statements and other information incorporated by reference into this prospectus. In this prospectus, except as otherwise indicated, the terms* "*Smith Micro,*" "*the Company,*" "*we,*" "*us,*" *or* "*our*" *in this prospectus refer to Smith Micro Software, Inc., a Delaware corporation, and its wholly-owned subsidiaries.*

**Overview**

Smith Micro provides software solutions that simplify and enhance the mobile experience to some of the leading wireless service providers around the globe. From enabling the Digital Family Lifestyle™ to providing powerful voice messaging capabilities, we strive to enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer Internet of Things ("IoT") devices.

We continue to innovate and evolve our business to respond to industry trends and maximize opportunities in growing and evolving markets, such as digital lifestyle services and online safety, the consumer IoT marketplace, and by leveraging advanced technologies like artificial intelligence to enhance the features and capabilities of our solutions. The key to our longevity, however, is not simply technological innovation, but our focus on understanding our customers' needs and delivering value.

**Business Segment**

We currently have one reportable operating segment: Wireless.

The wireless industry continues to undergo rapid change on all fronts as connected devices, mobile applications, and digital content are consumed by users who want information, high-speed wireless connectivity and entertainment, anytime, anywhere. While most of us think about being "connected" in terms of computers, tablets and smartphones, the consumer IoT market is creating a world where almost anything can be connected to the wireless Internet. Wearable devices such as smartwatches, fitness trackers, pet trackers and GPS locators, as well as smart home devices, are now commonplace, enabling people, pets, and things to be connected to the "Internet of Everything." These devices have created an entire ecosystem of over-the-top ("OTT") apps that provide products over the Internet to bypass traditional distribution methods, while expanding how communication service providers can provide value to mobile consumers.

Although there are numerous business opportunities associated with pervasive connectivity, there are also numerous challenges, including:

&nbsp;&nbsp;&nbsp;&nbsp;• The average age by which most children use smartphones and other connected devices continues to decrease. As such, parents and guardians must be proactive in managing and combating digital lifestyle issues such as excessive screen time, cyberbullying, and online safety;

&nbsp;&nbsp;&nbsp;&nbsp;• As IoT use cases continue to proliferate and scale, management complexity, security and interoperability must be addressed efficiently and correctly;

&nbsp;&nbsp;&nbsp;&nbsp;• Mobile network operators ("MNO") are being marginalized by messaging applications, and face growing competitive pressure from cable multiple system operators ("MSO") and others deploying Wi-Fi networks to attract mobile users;

&nbsp;&nbsp;&nbsp;&nbsp;• Enterprises face increasing pressure to mobilize workforces, operations, and customer engagement, but lack the expertise and technologies needed to leverage mobile technology securely and cost-effectively;

&nbsp;&nbsp;&nbsp;&nbsp;• The ubiquity and convenience of e-commerce has created the need for consumer-facing brands to reimagine brick-and-mortar retail experiences; and

&nbsp;&nbsp;&nbsp;&nbsp;• The change in dynamics of work, school and home life has led to an increased use of mobile devices for work, education and entertainment which has given rise to a new set of challenges and issues.

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**Products**

To address these challenges, Smith Micro offers the following solutions:

**SafePath**® - The SafePath product suite provides comprehensive and easy-to-use tools to protect family digital lifestyles and manage connected devices both inside and outside the home. As a carrier-grade, white-label platform, SafePath empowers MNO and cable operators to bring to market full-featured, on-brand family safety solutions that provide in-demand services to mobile subscribers. These solutions include location tracking, parental controls, driver safety functionality, and enhanced AI/machine learning to optimize and customize families' online experience and provide social media intelligence to help parents and guardians better understand their children's online world. In 2024, we launched SafePath Global™, a new deployment and launch model that allows MNOs to rapidly deliver SafePath to their users with faster time-to-market, minimal reliance on MNO resources, and easy customer onboarding. Our SafePath-based solutions have traditionally been delivered to end-users as value-added services, offering new revenue streams for MNOs while helping to increase brand affinity and reduce subscriber churn. More recently, our latest innovations in the SafePath platform focus on aligning with MNOs' core business - meeting them with solutions that support what they sell best. With our latest innovations in SafePath Kids™ and SafePath OS™, carriers can leverage the strength of our SafePath solutions to offer devices and rate plans aimed at creating a safer mobile experience, not as a value-added service but as an integral component of the carrier's core offerings. We launched SafePath Kids in 2024 as a new and innovative implementation of our solution, which enables MNOs to offer rate plans for children with built-in protections, and in 2025 we launched SafePathOS, a software solution designed to be pre-installed and configured on mobile devices to enable MNOs to offer kids phones and senior phones with key features and protections of our SafePath family safety solution out of the box.

**CommSuite**® - The CommSuite premium messaging platform helps mobile service providers deliver a next-generation voicemail experience to mobile subscribers, while monetizing a legacy cost-center. CommSuite Visual Voicemail ("VVM") and Premium Visual Voicemail ("PVVM") quickly and easily allows users to manage voice messages just like email or SMS with reply, forwarding and social sharing options. CommSuite also enables multi-language Voice-to-Text ("VTT") transcription messaging, which facilitates convenient message consumption for users by reading versus listening. The CommSuite platform is available to both postpaid subscribers as well as prepaid subscribers and is installed on millions of Android handsets in the United States.

**Marketing and Sales Strategy**

Because of our broad product portfolio, deep integration and product development experience and flexible business models we can quickly bring to market innovative solutions that support our customers' needs, which create new revenue opportunities for our customers and differentiates their products and services from their competitors.

Our marketing and sales strategy is as follows:

*Leverage Operator Relationships*. We continue to capitalize on our strong relationships with the world's leading MNOs and MSOs. These customers serve as our primary distribution channel, providing access to hundreds of millions of end-users around the world.

*Focus on High-Growth Markets*. We continue to focus on providing digital lifestyle solutions and premium messaging services.

*Expand our Customer Base*. In addition to growing our business with current customers, we look to add new MNO and MSO customers worldwide, as well as to expand into new partnerships as we extend the reach of our product platforms within the connected lifestyle ecosystem.

**Key Revenue Contributors**

In our business, we market and sell our products primarily to large MNOs and MSOs, so there are a limited number of actual and potential customers for our current products, resulting in significant customer concentration. With SafePath Global, we plan to expand our customer reach more easily to smaller MNOs and MSOs.

**Customer Service and Technical Support**

We provide technical support and customer service through our online knowledge base, email, and live chat. Our operator customers generally provide their own primary customer support functions and rely on us for support to their technical support personnel.

**Product Development**

The software industry, particularly the wireless market, is characterized by rapid and frequent changes in technology and user needs. We work closely with industry groups and customers, both current and potential, to help us anticipate changes in technology and determine future customer needs. Software functionality depends upon the capabilities of the related hardware. Accordingly, we maintain engineering relationships with various hardware manufacturers, and we develop our software in tandem with their product development. Our engineering relationships with manufacturers, as well as with our major customers, are central to our product development efforts. We remain focused on the development and expansion of our technology, particularly in the wireless space.

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**Competition**

The markets in which we operate are highly competitive and subject to rapid changes in technology. These conditions create new opportunities for Smith Micro, as well as for our competitors, and we expect new competitors to continue to enter the market. We not only compete with other software vendors for new customer contracts; in an increasingly competitive and fast-moving market we also compete to acquire technology and qualified personnel.

We believe that the principal competitive factors affecting the mobile software market include domain expertise, product features, usability, quality, price, customer service, speed to market and effective sales and marketing efforts. Although we believe that our products currently compete favorably with respect to these factors, there can be no assurance that we can maintain our competitive position against current and potential competitors. We also believe that the market for our software products has been and will continue to be characterized by significant price competition. A material reduction in the price we obtain for our products would negatively affect our profitability.

Many of our existing and potential customers have the resources to develop products internally that would compete directly with our product offerings. As such, these customers may opt to discontinue the purchase of our products in the future. Our future performance is therefore substantially dependent upon the extent to which existing customers elect to purchase software from us rather than designing and developing their own software.

**Proprietary Rights and Licenses**

We protect our intellectual property through a combination of patents, copyrights, trademarks, trade secrets, intellectual property laws, confidentiality procedures and contractual provisions. We have United States and foreign patents and pending patent applications that relate to various aspects of our products and technology. We have also registered, and applied for the registration of, U.S. and international trademarks, service marks, domain names, and copyrights. We will continue to apply for such protections in the future as we deem necessary to protect our intellectual property. We seek to avoid unauthorized use and disclosure of our proprietary intellectual property by requiring employees and third parties with access to our proprietary information to execute confidentiality agreements with us and by restricting access to our source code.

Our customers license our products and/or access our offerings pursuant to written agreements. Our customer agreements contain restrictions on reverse engineering, duplication, disclosure, and transfer of licensed software, and restrictions on access and use of software as a service ("SaaS").

Despite our efforts to protect our proprietary technology and our intellectual property rights, unauthorized parties may attempt to copy or obtain and use our technology to develop products and technology with the same functionality as our products and technology. Policing unauthorized use of our technology and intellectual property rights is difficult, and we may not be able to detect unauthorized use of our intellectual property rights or take effective steps to enforce our intellectual property rights.

**Human Capital Resources**

As of May 1, 2026, we had a total of 113 employees within the following departments: 79 in engineering and operations, 21 in sales and marketing, and 13 in management and administration. We are not subject to any collective bargaining agreement, and we believe that our relationships with our employees are good. We believe that our strength and competitive advantage is our people. We value the skills, strengths, and perspectives of our diverse team and foster a participatory workplace that enables people to get involved in making decisions. The Company provides various training and development opportunities to foster an environment in which employees are encouraged to be creative thinkers who are driven, focused, and interested and able to advance their knowledge and skills in ever-changing technology.

**Recent Developments**

***Nasdaq Notification***

As initially disclosed on our Current Report on Form 8-K filed with the SEC, on June 23, 2025, Smith Micro Software, Inc. (the "Company") received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market ("Nasdaq") advising that the Company was not in compliance with the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement") as a result of the closing bid price of the Company's common stock ("Common Stock") having been below $1.00 for thirty consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a period of 180 calendar days from the notification date, or until December 22, 2025, to regain compliance with the Minimum Bid Price Requirement.

On December 23, 2025, the Company received a written notice from Nasdaq (the "December Notice") granting an additional 180 days, or until June 22, 2026, to regain compliance with the Minimum Bid Price Requirement. If at any time before June 22, 2026, the closing bid price of our Common Stock is at least $1.00 per share for a minimum of ten consecutive business days, unless Nasdaq exercises its discretion to extend this ten-day period, Nasdaq will provide written confirmation stating that the Company has achieved compliance with the Minimum Bid Price Requirement.

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The December Notice has no immediate effect on the continued listing status of the Company's Common Stock on The Nasdaq Capital Market, and the Company's listing remains fully effective.

The Company intends to continue monitoring the closing bid price of its Common Stock and assess its available options in order to regain compliance with the Minimum Bid Price Requirement. If among such options the Company elects to pursue a reverse stock split to regain compliance with the Minimum Bid Price requirement, there can be no assurance that it would accomplish this objective for any meaningful period of time, or at all, or that it would result in any permanent or sustained increase in the market price of the Common Stock; and if such an event would be viewed unfavorably by the market, it could have the effect of reducing the Company's market capitalization. Furthermore, pursuant to a recent modification to Nasdaq's listing standards, if a company effects a reverse stock split and within one year thereafter becomes non-compliant with the Minimum Bid Price Requirement, it would immediately receive a notification letter from the Nasdaq Listing Qualifications Department commencing delisting proceedings, with no opportunity for a compliance period.

***September 2025 Debt Transactions***

On September 11, 2025, the Company entered into the September 11 Note Purchase Agreements with certain accredited investors and Company officers pursuant to which they provided loans in an aggregate amount of approximately $800,000, in return for secured promissory notes and an accompanying unregistered September 11 Warrant, which is exercisable at any time beginning six (6) months following its original issuance, will expire five years from the initial exercise date and has an exercise price equal to the greater of the Market Price on September 11, 2025 or on the date of issuance.

On September 29, 2025, the Company entered into the September 29 Note Purchase Agreement with certain accredited investors pursuant to which they provided loans in an aggregate amount of $400,000, in return for secured promissory notes and an accompanying unregistered September 29 Warrant, which is exercisable at any time beginning six (6) months following its original issuance, will expire five years from the initial exercise date, and has an exercise price equal to the greater of $0.73 or the Market Price on the date of issuance.

Each of the September 11 and September 29 Warrants contains a "full-ratchet" anti-dilution adjustment, such that the exercise price will be adjusted if the Company issues Common Stock (or Common Stock equivalents) at a price below the exercise price of the applicable September 11 Warrant or September 29 Warrant. The number of shares issuable upon exercise of the September 11 or September 29 Warrants will then be proportionately adjusted. Additionally, in the event of a reverse stock split, the exercise price is subject to adjustment (along with a proportionate adjustment in the number of shares) if the market price of the Common Stock is less than the exercise price of the September 11 or September 29 Warrants (after giving effect to the split), respectively, during a period before and after the effective date of the reverse split. However, no adjustment to the exercise price (or proportional adjustment to the number of shares) shall be made under the "full-ratchet" adjustment or the anti-dilution adjustment, unless and until the Company has received approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635.

1,106,102 shares of Common Stock underlying the September 11 Warrants and 544,303 shares of Common Stock underlying the September 29 Warrants were registered under the registrant's registration statement on Form S-1 (File No. 333-291949), which was declared effective December 12, 2025. As a result of subsequent equity issuances by the Company at prices below the exercise price of the September 11 and September 29 Warrants as originally issued, the number of shares underlying the September 11 and September 29 Warrants, will be adjusted in accordance with their provisions (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that an additional 151,721 shares are being registered pursuant to this prospectus. If the adjustment provisions are approved by the Company's stockholders, the September 11 Warrants and September 29 Warrants will be exercisable at a price of $0.6708 per share. The Company anticipates that it will present the adjustment provisions in the September 11 and September 29 Warrants for approval by stockholders at its 2026 annual meeting of stockholders to be held on May 26, 2026.

An initial closing of the transactions contemplated by the September 11 Note Purchase Agreements occurred on September 11, 2025, with subsequent closings on September 17, 2025. An initial closing of the transactions contemplated by the September 29 Note Purchase Agreement occurred on September 30, 2025, with subsequent closings on October 1, 2025 and October 2, 2025. The gross proceeds to the Company from the September 11 Offering and the September 29 Offering were approximately $1.2 million before deducting transaction expenses payable by the Company.

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***November 2025 Registered Direct and Private Placement Transactions***

On November 5, 2025, we entered into a Securities Purchase Agreement (the "November RDO SPA") with certain institutional and accredited investors relating to the registered direct offering and sale of an aggregate of 1,714,373 shares of Common Stock at an offering price of $0.6708 per share, and pursuant to which, in a concurrent private placement, the Company also sold warrants (the "November RDO Warrants") to purchase up to an aggregate of 1,714,373 shares of Common Stock (collectively, the "November RDO Offering"). Each November RDO Warrant has an exercise price of $0.6708 per share, is exercisable at any time beginning six months following its original issuance and will expire five years from the initial exercise date.

On the same date, the Company separately entered into a Securities Purchase Agreement (the "November Private Placement SPA") with a trust for which the Company's Executive Chairman, William W. Smith, Jr., serves as co-trustee ("Smith") relating to a private placement transaction and sale of up to an aggregate of 2,236,136 unregistered shares of the Company's Common Stock at an offering price of $0.6708 per share of Common Stock and warrants ("November Private Placement Warrants") to purchase up to an aggregate of 2,236,136 shares of Common Stock (collectively, the "November Private Placement Transaction"). Each November Private Placement Warrant has an exercise price of $0.6708 per share, will be exercisable following such time as the Company has received approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635, and will expire five years from the initial exercise date.

2,236,136 shares of Common Stock and 3,950,509 shares of Common Stock underlying the November RDO Warrants and November Private Placement Warrants were registered under the registrant's registration statement on Form S-1 (File No. 333-291949), which was declared effective December 12, 2025. The gross proceeds to the Company from the November RDO Offering and the November Private Placement Transaction were approximately $2.65 million, before deducting offering expenses payable by the Company. The closing of the November RDO Offering and November Private Placement Transaction occurred on or about November 6, 2025.

***February 2026 Debt Transaction***

On February 3, 2026, the Company entered into the February Note Agreement with Smith relating to a loan of funds to the Company in return for one or more secured promissory notes (in each case, a "February Note") and accompanying February Warrants exercisable for up to an aggregate of 1,480,165 shares of Common Stock at a purchase price of $0.125 per share for each February Warrant issued. The February Note Agreement provided that each February Note was secured by the Company's accounts receivable and certain other assets, had an interest at a rate of 15.0% per annum, and was due on or before March 31, 2026 (the "Maturity Date"), unless otherwise mutually agreed by the parties. The February Warrants will be exercisable at any time beginning August 3, 2026, will expire August 3, 2031, and have an exercise price of $0.68.

Closing of the transaction occurred February 3, 2026, with gross proceeds to the Company from the closing totaling approximately $1,000,000 (comprised of approximately $814,979 as a loan and approximately $185,021 for the purchase of the accompanying February Warrant), before deducting transaction expenses payable by the Company. The February Offering was approved by the Company's Board of Directors and its Audit Committee.

***March 2026 Convertible Debt Transaction***

On March 4, 2026, the Company entered into the March Purchase Agreement with certain accredited investors relating to the sale of Convertible Notes with an aggregate original principal amount of approximately $4.9 million and an initial conversion price of $0.68 per share, subject to adjustment, and unregistered March Warrants to acquire up to an aggregate of 9,402,551 shares of Common Stock in transactions exempt from registration as not involving a public offering under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. The March Warrants have an exercise price of $0.68 per share, will be exercisable at any time beginning six months following their original issuance and will expire five years after the initial exercise date. The Company's Chief Executive Officer, Timothy C. Huffmyer, and Smith were among the buyers in the March Notes and Warrants Offering.

The Convertible Notes are secured by a security interest in certain assets of the Company, including accounts receivable, other monies due and the proceeds thereof, as set forth in the March Purchase Agreement. The Convertible Notes mature on March 31, 2029; however, this date may be extended at the option of the holder (the "Maturity Date"). The Convertible Notes accrue interest at the rate of 8.0% per annum, payable pursuant to monthly installments with any remaining accrued and unpaid interest to be paid in full upon the Maturity Date. Upon the occurrence and during the continuance of an Event of Default (as defined in the Convertible Notes), the Convertible Notes will accrue interest at the rate of twelve percent (12.0%) per annum. The Convertible Notes are payable in equal monthly installments of approximately $7,000 per each $1,000,000 of principal outstanding beginning on May 1, 2026 and ending on the Maturity Date. At any time after the six-month anniversary of the issuance of the Convertible Notes, each Convertible Note will be convertible, at the option of the holder, into shares of our Common Stock at an initial conversion price equal to $0.68, which is subject to standard adjustments.

The March Notes and Warrants Offering was approved by the Company's Board of Directors and the Company's Audit Committee. Closing occurred on or about March 6, 2026, with aggregate gross proceeds to the Company of approximately $4.9 million, before deducting offering expenses payable by the Company. Part of the proceeds of the March Notes and Warrants Offering were used to repay in full the principal and interest outstanding under those certain notes due on March 31, 2026 in the aggregate amount of up to $2.2 million (the "Existing Notes"); provided that certain of the buyers under the March Purchase Agreement agreed to reinvest an aggregate of approximately $0.9 million of such repayment of principal and interest in the March Notes and Warrants Offering.

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***Executive Appointments***

On March 3, 2026, the Company's Board of Directors approved appointments of William W. Smith Jr. as Executive Chairman of the Board of Directors, Timothy C. Huffmyer as President and Chief Executive Officer, and Bethany M. Braund as Chief Financial Officer and Treasurer, each effective as of the close of business on March 31, 2026. In his capacity as Executive Chairman, Mr. Smith remains an employee of the Company. In his capacity as President and Chief Executive Officer, Mr. Huffmyer succeeded Mr. Smith as the Company's principal executive officer. In her capacity as Chief Financial Officer and Treasurer, Ms. Braund succeeded Mr. Huffmyer as the Company's principal financial officer and principal accounting officer.

**Risks of Investing**

Investing in our Common Stock involves substantial risks. Potential investors are urged to read and consider the risk factors relating to an investment in our Common Stock set forth under "Risk Factors" in this prospectus as well as other information we include in this prospectus.

**Corporate Information**

The Company was incorporated in California in November 1983 and reincorporated in Delaware in June 1995. Our principal executive offices are located at 5800 Corporate Drive, Pittsburgh, Pennsylvania 15237, and our telephone number is (412) 837-5300. Our website address is www.smithmicro.com, and we make our filings with the U.S. Securities and Exchange Commission (the "SEC") available on the Investor Relations page of our website. The reference to our website is an inactive textual reference only, and the information contained therein, or connected thereto is not incorporated into and does not constitute a part of this prospectus or the registration statement of which it forms a part. Our Common Stock is traded on the Nasdaq Capital Market under the symbol "SMSI."

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**THE OFFERING**

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| | |
|:---|:---|
| **Issuer**  | Smith Micro Software, Inc. |
| **Securities Offered by Selling Stockholders:**  | We are registering the resale by the Selling Stockholders name din this prospectus or their pledgees, assignees, distributees and successors-in-interest of an aggregate of 18,224,625 shares of Common Stock, which includes (i) up to 97,618 additional shares of Common Stock issuable upon the exercise of the September 11 Warrants as a result of anti-dilution adjustments that remain subject to stockholder approval; (ii) up to 54,103 shares of Common Stock issuable upon the exercise of the September 29 Warrants as a result of anti-dilution adjustments that remain subject to stockholder approval; (iii) up to 1,480,165 shares of Common Stock issuable upon the exercise of the February Warrants; (iv) up to 9,402,551 shares of Common Stock issuable upon the exercise of the March Warrants; and (v) up to 7,190,188 shares of Common Stock issuable upon the conversion of the principal and pursuant to the terms of the Convertible Notes. |
| **Shares of Common Stock Outstanding Prior to this Offering(1):** | 25,557,408 shares as of May 8, 2026 |
| **Shares of Common Stock Outstanding assuming conversion of the principal of Convertible Notes and exercise of all Warrants(1):** | 43,782,033 shares |
| **Terms of the Offering** | The Selling Stockholders will determine when and how they will sell the Common Stock offered in this prospectus, as described in the section of this prospectus titled "Plan of Distribution" on page [17](#planofdistro). |
| **Use of Proceeds:** | The Selling Stockholders will receive the proceeds from the sale of the shares of Common Stock offered hereby. We will not receive any proceeds from the sale of the shares of Common Stock. However, we may receive proceeds in the aggregate amount of up to approximately $7.5 million if all the Warrants are exercised for cash. *See* "Use of Proceeds" on page [11](#useofproceeds) of this prospectus. |
| **Dividend Policy:** | We currently intend to retain any future earnings and do not anticipate paying cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors, subject to applicable laws, and will depend upon our financial condition, operating results, capital requirements, general business conditions, any contractual restrictions and such other factors as our board of directors may deem relevant or appropriate. |
| **Risk Factors:** | Investing in our securities involves significant risks. *See* "Risk Factors" on page [11](#riskfactors) of this prospectus and under similar headings in the documents incorporated by reference into this prospectus for a discussion of the factors you should carefully consider before deciding to invest in our securities. |
| **Nasdaq Symbol:** | Our shares of Common Stock are traded on the Nasdaq Capital Market under the symbol "SMSI."  |
| **Transfer Agent and Registrar** | Computershare Trust Company, N.A. |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The number of shares of Common Stock to be outstanding immediately after this offering is based on 25,557,408 shares of Common Stock issued and outstanding as of May 7, 2026, and exclude the following, all as of May 7, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;• 41,723 shares of our Common Stock related to outstanding stock options issuable upon exercise (whether such options are currently vested or unvested), with a weighted-average exercise price of $3.89 per share;

&nbsp;&nbsp;&nbsp;&nbsp;• 16,868,306 shares of our Common Stock issuable upon the exercise of outstanding warrants, excluding the Warrants, with exercise prices ranging from $0.6708 to $21.20 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;• up to an aggregate of 1,840,911 shares of our Common Stock reserved for future grant or issuance under our Amended and Restated Omnibus Equity Incentive Plan (the "OEIP") and our Employee Stock Purchase Plan (the "ESPP").

Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the outstanding Convertible Notes, options or warrants described above.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements within the meaning of the federal securities laws. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "project," "will," "should," "may," "plan," "assume" and other expressions that predict or indicate future events and trends and that do not relate to historical matters. You should not unduly rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors. Such factors include, but are not limited to, the following:

*Risks Related to our Business Operations*

&nbsp;&nbsp;&nbsp;&nbsp;• our customer concentration, given that the majority of our sales currently depend on a few large customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish and maintain strategic relationships with our customers and mobile device manufacturers, their ability to attract customers, and their willingness to promote our products;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability and/or customers' ability to distribute our mobile software applications to their end users through third party mobile software application stores, which we do not control;

&nbsp;&nbsp;&nbsp;&nbsp;• our dependency upon effective operation with operating systems, devices, networks and standards that we do not control and on our continued relationships with mobile operating system providers, device manufacturers and mobile software application stores;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and retain key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility of security and privacy breaches in our systems and in the third-party software and/or systems that we use, damaging client relations and inhibiting our ability to grow;

&nbsp;&nbsp;&nbsp;&nbsp;• interruptions or delays in the services we provide from our data center hosting facilities or virtual cloud infrastructures;

&nbsp;&nbsp;&nbsp;&nbsp;• the existence of undetected software defects in our products and our failure to resolve detected defects in a timely manner;

*Financial, Investment and Indebtedness Risks*

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to remain a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise additional capital and the risk of such capital not being available to us at commercially reasonable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to be profitable;

&nbsp;&nbsp;&nbsp;&nbsp;• current and potential future negative impacts from cost reduction efforts we have taken and may in the future undertake;

&nbsp;&nbsp;&nbsp;&nbsp;• adverse impact to our results of operations if we fail to realize the full value of our intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;• the dilutive impact to our stockholders of the exercise of our outstanding warrants;

*Risks Related to Our Industry and Macroeconomic Conditions*

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our operating income due to shifts in our sales mix and variability in our operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• our current client concentration within the vertical wireless carrier market, and the potential impact to our business resulting from changes within this vertical market, or failure to penetrate new markets;

&nbsp;&nbsp;&nbsp;&nbsp;• rapid technological evolution and resulting changes in demand for our products from our key customers and their end users;

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&nbsp;&nbsp;&nbsp;&nbsp;• intense competition in our industry and the core vertical markets in which we operate, and our ability to successfully compete;

&nbsp;&nbsp;&nbsp;&nbsp;• the risks inherent with international operations;

*Legal and Regulatory Risks*

&nbsp;&nbsp;&nbsp;&nbsp;• the risk of being delisted from Nasdaq if we continue to fail to meet any of its applicable listing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of evolving information security and data privacy laws on our business and industry;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of governmental regulations on our business and industry;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our intellectual property and our ability to operate our business without infringing on the rights of others;

*Risks Related to our Convertible Notes*

&nbsp;&nbsp;&nbsp;&nbsp;• the terms and repayment obligations may restrict our ability to obtain additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of the Convertible Notes and exercise of accompanying warrants will have a dilutive effect;

&nbsp;&nbsp;&nbsp;&nbsp;• the Convertible Notes are secured, and default on the Convertible Notes could cause the note holders to foreclose on our assets;

&nbsp;&nbsp;&nbsp;&nbsp;• the Convertible Note holders have additional rights upon an event of default that could harm our financial condition or require us to curtail or cease operations;

*Other General Risks*

&nbsp;&nbsp;&nbsp;&nbsp;• negotiation of new or amended agreements may result in longer sales and launch cycles than expected, which could impact our financial position;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to assimilate acquisitions without diverting management attention and impacting current operations;

&nbsp;&nbsp;&nbsp;&nbsp;• failure to realize the expected benefits of prior acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• the availability of third-party intellectual property and licenses needed for our operations on commercially reasonable terms, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;• the difficulty of predicting our quarterly revenues and operating results and the chance of such revenues and results falling below analyst or investor expectations, which could cause the price of our Common Stock to fall; and

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from the anticipated future results, performance or achievements expressed or implied by any forward-looking statements, including the factors described under the heading "Risk Factors" in this prospectus, under similar headings in the documents incorporated by reference into this prospectus, and the risk factors and cautionary statements described in other documents that we file from time to time with the SEC, specifically under the heading "Item 1A: Risk Factors" and elsewhere in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 that was filed with the SEC on March 5, 2026, and any of our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should evaluate all forward-looking statements made in this prospectus, including the documents we incorporate by reference, in the context of these risks, uncertainties and other factors.

All forward-looking statements in this prospectus, including the documents we incorporate by reference, apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this prospectus. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

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**RISK FACTORS**

Investing in our securities involves risk. Before making an investment decision, you should carefully consider the risks described in our most recent Annual Report on Form 10-K, and any updates to our risk factors in our Quarterly Reports on Form 10-Q, together with all of the other information appearing in or incorporated by reference into this prospectus, in light of your particular investment objectives and financial circumstances. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may materially and adversely affect our business, financial condition and results of operations. *See* the section of this prospectus titled "Where You Can Find More Information."

**DIVIDEND POLICY**

We currently intend to retain any future earnings and do not anticipate paying cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors, subject to applicable laws, and will depend upon our financial condition, operating results, capital requirements, general business conditions, any contractual restrictions and such other factors as our board of directors may deem relevant or appropriate.

**DILUTION**

The offering of (i) the shares of Common Stock, (ii) the shares of Common Stock issuable upon exercise of the Warrants, and (iii) the shares of Common Stock issuable upon conversion of the principal of the Convertible Notes by the Selling Stockholders on a continuous or delayed basis in the future will not result in a change to the net tangible book value per share of our Common Stock before and after the distribution of such shares of Common Stock by the Selling Stockholders. However, purchasers of such shares of Common Stock from the Selling Stockholders will experience dilution to the extent of the difference between the amount per share paid and the net tangible book value per share of our Common Stock at the time of purchase.

As of March 31, 2026, our historical net tangible book value was approximately $1.0 million, or $0.04 per share, based on 25,609,766 shares of our Common Stock outstanding as of that date. The net tangible book value per share as of March 31, 2026 does not take into consideration the net proceeds we received or the 18,224,625 shares of Common Stock issuable pursuant to the offerings referenced above. If the net proceeds had been received as of March 31, 2026 and those 18,224,625 shares were outstanding as of that date, then the net tangible book value would have been $0.02 per share as of that date.

To the extent the Warrants are exercised, the Convertible Notes are converted, any options or warrants outstanding as of March 31, 2026 are exercised, or new options, restricted stock awards, restricted stock units or performance stock units are issued under our equity incentive plans, shares are purchased pursuant to our employee stock purchase plan, or we otherwise issue additional shares of Common Stock in the future, purchasers of our Common Stock from the Selling Stockholders may experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or debt securities, the issuance of these securities could result in further dilution to our stockholders.

**USE OF PROCEEDS**

This prospectus relates to the resale by the Selling Stockholders of up to 18,224,625 shares of Common Stock. The Selling Stockholders will receive all the proceeds from this offering. We will not receive any of the proceeds from the sale or other disposition of our Common Stock by the Selling Stockholders pursuant to this prospectus. However, we may receive proceeds in the aggregate of up to approximately $7.5 million if all the Warrants are exercised for cash, based on the current per share exercise price of the Warrants. We cannot predict when, at what price, or if, the Warrants will be exercised. It is possible that the exercise price of certain of the Warrants may be further adjusted in a downward fashion or that the Warrants may expire and may never be exercised for cash.

We intend to use any proceeds from the exercise of the Warrants for general corporate purposes and working capital. We may temporarily invest the net proceeds, if any, in short-term, interest-bearing instruments or other investment-grade securities. We have not determined the amount of net proceeds, if any, to be used specifically for such purposes. As a result, management will retain broad discretion over the allocation of any net proceeds it receives as a result of the exercise of the Warrants.

**DETERMINATION OF OFFERING PRICE**

We cannot currently determine the price or prices at which the shares of our Common Stock may be sold by the Selling Stockholders under this prospectus.

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**THE SELLING STOCKHOLDERS**

The shares of Common Stock being offered by the Selling Stockholders are those shares of Common stock issuable to the Selling Stockholders upon conversion of the principal of the Convertible Notes and upon exercise of the Warrants issued in the Offerings. We are registering the shares of Common stock issuable upon conversion of the principal of the Convertible Notes issued in the March Notes and Warrants Offering and the shares of Common Stock issuable upon exercise of the Warrants in order to permit the Selling stockholders to offer the Common Stock for resale from time to time.

The shares of Common Stock being offered by the Selling Stockholders are those shares of Common Stock issued pursuant to the November Private Placement Transaction, and those shares issuable to the Selling Stockholders upon exercise of the Warrants issued in the Offerings. We are registering the shares of Common Stock issued pursuant to the November 2025 Private Placement Transaction and shares of Common Stock issuable upon exercise of the Warrants in order to permit the Selling Stockholders to offer the Common Stock for resale from time to time.

Except for (i) ownership of Warrants, (ii) ownership of Convertible Notes, (iii) participation in the September 11 Offering and September 29 Offering; (iv) participation in the registered direct offering and concurrent private placement in each of October 2024 and November 2025, (v) serving as an executive officer of the Company (with respect to Timothy C. Huffmyer), (vi) presently serving as Executive Chairman of the Company and formerly serving through March 31, 2026 as the Company's Chairman, President and Chief Executive Officer (with respect to William W. Smith, Jr.) and (vii) a consulting agreement to which the Company is a party (with respect to Brian G. Swift, the sole manager of BGSwiftRoth LLC), the Selling Stockholders have not had any material relationship with us within the past three years.

The table below lists the Selling Stockholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the shares of Common Stock held by each of the Selling Stockholders. The second column lists the number of shares of Common Stock beneficially owned by each Selling Stockholder based on its beneficial ownership of the Warrants, the Convertible Notes and our Common Stock, as of May 7, 2026, assuming exercise of all the Warrants and conversion of the principal of all of the Convertible Notes held by each Selling Stockholder on that date at (i) ratcheted exercise prices (with respect to the September 11 Warrants and September 29 Warrants), (ii) currently applicable exercise prices (with respect to the remaining Warrants), or (iii) currently applicable conversion prices (with respect to the Convertible Notes), without regard to any limitations on exercise or conversion.

The third column lists the shares of Common Stock being offered under this prospectus by the Selling Stockholders.

In accordance with the terms of each of the applicable purchase agreements for the Offerings described herein, this prospectus generally covers the resale of (i) the maximum number of shares of Common Stock issuable upon conversion of the principal of the Convertible Notes issued in the March Notes and Warrants Offering (at the currently applicable conversion price of $0.68 per share), (ii) the maximum number of shares of Common Stock issuable upon exercise of the September 11 Warrants and September 29 Warrants (at ratcheted exercise prices, assuming future stockholder approval of the same), and (iii) the maximum number of shares of Common Stock currently issuable upon exercise of the remaining Warrants, in each case determined as if the outstanding Convertible Notes and Warrants were converted or exercised (as the case may be) in full as of the trading day immediately preceding the date of the registration statement of which this prospectus forms a part was initially filed with the SEC, without regarding to any limitations on conversion of the Convertible Notes or exercise of the Warrants and without regard to any potential adjustments in the number of shares of Common Stock issuable pursuant to the adjustment provisions contained in the Convertible Notes and Warrants (as applicable). Because the conversion price of the Convertible Notes and the exercise price of the Warrants may be adjusted in certain circumstances, the number of shares that may ultimately be issued upon exercise of the Warrants or conversion of the Convertible Notes (as the case may be), may be more or less than the number of shares being offered by this prospectus. The fourth column assumes the sale of all the shares of Common Stock offered by the Selling Stockholders pursuant to this prospectus.

Under the terms of the Convertible Notes and the March Warrants, a Selling Stockholder may not convert the Convertible Notes or exercise any portion of March Warrants to the extent such conversion or exercise (as the case may be) would cause the Selling Stockholder to own more than 19.99% (or 49.99% solely in the case of Smith) of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be).

Under the terms of the remaining Warrants, a Selling Stockholder may not exercise any portion of the Warrants to the extent such exercise would cause the Selling Stockholder (together with the Selling Stockholder's affiliates, and any other persons acting as a group together with the Selling Stockholder or the Selling Stockholder's affiliates) to own more than 4.99% (or, upon election by the Selling Stockholder prior to the issuance of any Warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such Warrant. A Selling Stockholder may decrease, or upon at least 61 days' prior notice to the Company, increase such limitation, but, in no event shall such beneficial ownership limitation exceed 9.99%. Additionally, pursuant to the terms of the September 11 and September 29 Warrants, no adjustment to the exercise price (or proportional adjustment to the number of shares) shall be made under each such warrant's "full-ratchet" adjustment or reverse stock split-related anti-dilution adjustment, unless and until the Company has received approval from the Company's stockholders in accordance with the rules and regulations of Nasdaq. The Company has agreed to seek stockholder approval of these matters at its annual meeting to be held on May 26, 2026.

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The Selling Stockholders may sell all, some or none of their shares of Common Stock in this offering. See "Plan of Distribution."

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|:---|:---|:---|:---|:---|
| **Name of Selling Stockholder** | **Number of** <br> **Shares of**<br> **Common Stock**<br> **Beneficially**<br> **Owned Prior to** <br> **Offering**<br> **<sup>(1)</sup>** | **Maximum** <br> **Number of**<br> **Shares** <br> **of Common** <br> **Stock to be** <br> **Sold** <br> **Pursuant to** <br> **This**<br> **Prospectus**<br> **<sup>(2)</sup>** | **Number of** <br> **Shares of**<br> **Common Stock**<br> **Beneficially** <br> **Owned After**<br> **Offering <sup>(3)</sup>** | **Percentage** <br> **of**<br> **Beneficial**<br> **Ownership** <br> **After**<br> **Offering** <sup>(3)</sup> |
| Roy L. Rogers 2020 Dynasty Trust<sup>(4)</sup> | 765994 (5) | 187627 | 578367 | 2.3% |
| Roy and Ruth Rogers Unitrust, UTD 9/29/89<sup>(6)</sup> | 509432 (7) | 187627 | 321805 | 1.3% |
| Roy L. Rogers Survivor's Trust<sup>(8)</sup> | 853123 (9) | 187627 | 665496 | 2.6% |
| Howard Miller<sup>(10)</sup> | 224336 (11) | 6104 | 218232 | 0.9% |
| BGSwiftRoth LLC<sup>(12)</sup> | 254837 (13) | 186522 | 68315 | 0.3% |
| Jon D and Linda W Gruber Trust<sup>(14)</sup> | 671630 (15) | 20985 | 650645 | 2.5% |
| Timothy C. Huffmyer<sup>(16)</sup> | 623034 (17) | 319295 | 303739 | 1.2% |
| William W. Smith, Jr. and Dieva L. Smith, as Co-Trustees UA 11/30/2021, Smith Living Trust<sup>(18)</sup> | 28444097 (19) | 17128838 | 11315259 | 44.3% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) This table and the information in the notes below are based on information supplied by the selling stockholders and upon 25,557,408 shares of Common Stock issued and outstanding as of May 7, 2026 (prior to any deemed issuance of any shares of Common Stock issuable upon conversion of the Convertible Notes and exercise of the Warrants). The Convertible Notes and the Warrants each contain certain beneficial ownership limitations. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% (or 49.99% solely in the case of Smith) of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). The remaining Warrants contain certain beneficial ownership limitations, which provide that a holder will not have the right to exercise any portion of its Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any Warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such Warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation with respect to the Warrants exceed 9.99%. Additionally, the Selling Stockholders may have acquired shares of Common Stock on the open market without the Company's knowledge that may not be reflected. Additionally, pursuant to the terms of the September 11 and September 29 Warrants, no adjustment to the exercise price (or proportional adjustment to the number of shares) shall be made under each such warrant's "full-ratchet" adjustment or reverse stock split-related anti-dilution adjustment, unless and until the Company has received approval from the Company's stockholders in accordance with the rules and regulations of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents shares of Common Stock underlying the Convertible Notes and Warrants issued to the Selling stockholders in connection with the Offerings and offered hereby. With respect to the Convertible Notes, this reflects the maximum number of shares of Common Stock issuable upon conversion of the principal of the Convertible Notes at the currently applicable conversion price, without regard to any limitations on exercise or conversion. With respect to the Warrants, this reflects the maximum number of shares of issuable upon exercise of the Warrants at (i) ratcheted exercise prices (with respect to the September 11 Warrants and September 29 Warrants), (ii) currently applicable exercise prices (with respect to the remaining Warrants), in each case without regard to any limitations on exercise or conversion. The actual number of shares of Common Stock offered hereby and included in the registration statement of which this prospectus forms a part includes, in accordance with Rule 416 under the Securities Act, such indeterminate number of additional shares of our Common Stock as may become issuable in connection with any proportionate adjustment for any stock splits, stock combinations, stock dividends, recapitalizations or similar events with respect to the Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;(3) We do not know when or in what amounts a Selling Stockholder may offer shares of our Common Stock for sale. The Selling Stockholders might not sell any or might sell all the shares of our Common Stock offered by this prospectus. Because the Selling Stockholders may offer all or some of the shares of our Common Stock pursuant to this offering, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of our Common Stock, we cannot estimate the number of shares of our Common Stock that will be held by the Selling Stockholders after completion of the offering. However, for purposes of this table, we have assumed that, after completion of the offering, none of the shares of our Common Stock covered by this prospectus will be held by the Selling Stockholders. Further, this table does not reflect the application of the beneficial ownership limitations to which the Selling Stockholders are subject in connection with the exercise of the Warrants or conversion of the Convertible Notes.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Roy L. Rogers is the trustee of the Roy L. Rogers 2020 Dynasty Trust and holds sole voting and dispositive power over the shares held by the trust.

&nbsp;&nbsp;&nbsp;&nbsp;(5) These shares are comprised of (i) 264,351 shares of Common Stock, (ii) 78,274 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (iii) 423,369 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 74,800 shares of Common Stock issuable upon the exercise of September 29 Warrants and 102,358 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 67,805 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 6,995 shares of Common Stock. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). Each of the remaining warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Roy L. Rogers is the trustee of the Roy and Ruth Rogers Unitrust, UTD 9/29/89 and holds sole voting and dispositive power over the shares held by the trust.

&nbsp;&nbsp;&nbsp;&nbsp;(7) These shares are comprised of (i) 136,544 shares of Common Stock, (ii) 78,274 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (iii) 294,614 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 74,800 shares of Common Stock issuable upon the exercise of September 29 Warrants and 102,358 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 67,805 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 6,995 shares of Common Stock. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). Each of the remaining warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Roy L. Rogers is the trustee of the Roy L. Rogers Survivor's Trust and holds sole voting and dispositive power over the shares held by the trust.

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&nbsp;&nbsp;&nbsp;&nbsp;(9) These shares are comprised of (i) 351,480 shares of Common Stock, (ii) 78,274 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (iii) 423,369 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 74,800 shares of Common Stock issuable upon the exercise of September 29 Warrants and 102,358 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 67,805 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 6,995 shares of Common Stock. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). Each of the remaining warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Howard Miller owns these shares individually and holds sole voting and dispositive power over the shares. Amounts exclude (i) 40,000 shares of Common Stock and (ii) 85,836 shares of Common Stock issuable upon the exercise of warrants, each held by Howard Miller with his spouse Barbara J. Miller as joint tenants with a right of survivorship, over which equal voting and dispositive power is held by Howard Miller and his spouse.

&nbsp;&nbsp;&nbsp;&nbsp;(11) These shares are comprised of (i) 74,538 shares of Common Stock and (ii) 149,798 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 75,260 shares of Common Stock issuable upon the exercise of September 29 Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 69,156 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 6,104 shares of Common Stock. Each of the warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Brian G. Swift is the sole manager of BGSwiftRoth LLC and has sole voting and dispositive power over the shares held by the Selling Stockholder. Amounts exclude (i) 10,000 shares of Common Stock owned by Brian G. Swift via individual retirement accounts and (ii) 25,000 shares of Common Stock owned by and 42,918 shares of Common Stock issuable upon the exercise of warrants held by the Brian G. Swift and Suzanne B. Swift Rev Liv Trust U/A OTD 3/13/91, of which Brian G. Swift and Suzanne B. Swift are co-trustees and over which shares Brian G. Swift and Suzanne B. Swift have shared voting and dispositive power.

&nbsp;&nbsp;&nbsp;&nbsp;(13) These shares are comprised of (i) 78,214 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (ii) 176,623 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 74,344 shares of Common Stock issuable upon the exercise of September 29 Warrants and 102,279 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 68,315 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 6,029 shares of Common Stock. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). Each of the remaining warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

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&nbsp;&nbsp;&nbsp;&nbsp;(14) The securities are directly held by the Jon D and Linda W Gruber Trust ("Gruber Trust") and may be deemed to be beneficially owned by Jon D. Gruber, as Trustee. Voting and investment power over the shares held by Jon D and Linda W Gruber Trust is held by Jon D. Gruber, as the trustee of Jon D and Linda W Gruber Trust. The address of the Gruber Trust is 300 Tamal Plaza, Ste. 215, Corte Madera, CA 94925.

&nbsp;&nbsp;&nbsp;&nbsp;(15) These shares are comprised of (i) 223,614 shares of Common Stock and (ii) 448,016 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 224,402 shares of Common Stock issuable upon the exercise of September 29 Warrants. With respect to the September 29 Warrants held by the Selling Stockholder, when originally issued, such September 29 Warrants were exercisable for 203,417 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 29 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 29 Warrants will be exercisable for an additional 20,985 shares of Common Stock. Each of the warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(16) The shares are directly owned by Timothy C. Huffmyer, who has sole voting and dispositive power over the shares. Since March 31, 2026, Mr. Huffmyer serves as the President and Chief Executive Officer of the Company. Mr. Huffmyer also holds 183,979 shares of Common Stock, some of which are restricted shares of Common Stock received as compensation and subject to future vesting.

&nbsp;&nbsp;&nbsp;&nbsp;(17) These shares are comprised of (i) 183,979 shares of Common Stock, of which 55,446 shares are restricted shares of Common Stock subject to satisfaction of vesting conditions, (ii) 133,781 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (iii) 305,274 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 130,330 shares of Common Stock issuable upon the exercise of September 11 Warrants and 174,944 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 11 Warrants held by the Selling Stockholder, when originally issued, such September 11 Warrants were exercisable for 119,760 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 11 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 11 Warrants will be exercisable for an additional 10,570 shares of Common Stock. The Convertible Notes and the March Warrants provide that a holder will not have the right to convert or exercise (as the case may be) any portion of its Convertible Notes or Warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of such Convertible Note or upon exercise of such March Warrant (as the case may be). Each of the remaining warrants also contain a beneficial ownership limitation that provides that a holder will not have the right to exercise any portion of its warrants if such holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or the holder's affiliates) would beneficially own in excess of 4.99% (or, upon election by the holder prior to the issuance of any warrants 9.99%) of the Company's outstanding Common Stock after giving effect to the issuance of shares of Common Stock issuable upon exercise of such warrants; provided that a holder may decrease, or upon at least 61 days' prior notice to the Company, increase such beneficial ownership limitation. In no event shall such beneficial ownership limitation exceed 9.99%.

&nbsp;&nbsp;&nbsp;&nbsp;(18) William W. Smith, Jr. and Dieva L. Smith are co-trustees of the Smith Living Trust UA 11/30/2021. William W. Smith, Jr. and Dieva L. Smith, as co-trustees, have shared voting and dispositive power over the shares held by the trust. Mr. Smith is the Executive Chairman of the Company. As a result of the foregoing, Mr. Smith may be deemed to have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended) of the securities held by the Smith Living Trust. Amounts exclude 295,138 shares of Common Stock held directly by Mr. Smith, of which 142,038 shares are restricted shares of Common Stock subject to satisfaction of vesting conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(19) These shares are comprised of (i) 5,517,674 shares of Common Stock, (ii) 6,743,371 shares of Common Stock issuable upon the conversion of the principal of the Convertible Notes held by the Selling Stockholder, and (iii) 16,183,052 shares of Common Stock issuable upon the exercise of warrants held by the Selling Stockholder, including 1,073,390 shares of Common Stock issuable upon the exercise of September 11 Warrants, 1,480,165 shares of Common stock issuable upon the exercise of February Warrants, and 8,818,254 shares of Common Stock issuable upon the exercise of March Warrants. With respect to the September 11 Warrants held by the Selling Stockholder, when originally issued, such September 11 Warrants were exercisable for 986,432 shares of Common Stock. As a result of subsequent issuances of securities by the Company, the September 11 Warrants will be adjusted pursuant to a "full-ratchet" anti-dilution provision (provided that the Company receives approval from the Company's stockholders in accordance with Nasdaq Listing Rule 5635), such that the Selling Stockholder's September 11 Warrants will be exercisable for an additional 87,048 shares of Common Stock.

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**PLAN OF DISTRIBUTION**

We are registering the shares of Common Stock, including (i) shares of Common Stock issuable upon exercise of the Warrants and (ii) shares of Common Stock issuable upon conversion of the principal of the Convertible Notes on behalf of the Selling Stockholders. Each of the Selling Stockholders and any of their pledgees, assignees, distributees and successors-in-interest of these shares of Common Stock received after the date of this prospectus from a Selling Stockholder as a gift, pledge, or other transfer, may, from time to time, sell, transfer, or otherwise dispose of any or all of the shares of Common Stock covered hereby on the Nasdaq Capital Market or any other stock exchange, market, or trading facility on which the securities are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. We will not receive any of the proceeds from the sale by these parties of the shares of Common Stock, although we may receive proceeds of up to approximately $7.5 million if all of the Warrants held by the Selling Stockholders are exercised for cash, based on the current per share exercise price of the Warrants. A Selling Stockholder may use any one or more of the following methods when selling securities:

&nbsp;&nbsp;&nbsp;&nbsp;• on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;• in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;• in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;• exchange distributions in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• settlement of short sales made after the date the registration statement is declared effective by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;• transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;

&nbsp;&nbsp;&nbsp;&nbsp;• through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

The Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus. In addition, the Selling Stockholders may transfer the shares of Common Stock by other means not described in this prospectus.

If the Selling Stockholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the Selling Stockholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).

In connection with sales of the shares of Common Stock or otherwise, the Selling Stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. To the extent permitted by applicable securities laws, the Selling Stockholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The Selling Stockholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares.

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The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of the Common Stock offered by this prospectus, which Common Stock such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The Selling Stockholders may pledge or grant a security interest in some or all of the Convertible Notes, Warrants or shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as Selling Stockholders under this prospectus. The Selling Stockholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

To the extent required by the Securities Act and the rules and regulations thereunder, the Selling Stockholders and any underwriter, broker-dealer or agent participating in the distribution of the shares of Common Stock may be deemed to be "underwriters" within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such underwriter, broker-dealer or agent may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares of Common Stock being offered and the terms of the offering, including the name or names of any underwriters, broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the Selling Stockholders and any discounts, commissions or concessions allowed or re-allowed or paid to such underwriters, broker-dealers or agents.

Under the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any Selling Stockholder will sell any or all the shares of Common Stock registered pursuant to the registration statement, of which this prospectus forms a part.

Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly with any person to distribute the shares of Common Stock issuable upon exercise of the Warrants nor the shares of Common Stock issuable upon conversion of the Convertible Notes.

The Selling Stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the Selling Stockholders and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in market-making activities with respect to the Common Stock. All of the foregoing may affect the marketability of the Common Stock and the ability of any person or entity to engage in market-making activities with respect to the Common Stock.

We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

The Selling Stockholders will pay any underwriting discounts and commissions and expenses incurred by the Selling Stockholders for brokerage, accounting, tax or legal services or any other expenses incurred by the Selling Stockholders in disposing of the securities covered by this prospectus. We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, and fees and expenses of our counsel and our independent registered public accountants.

Once sold under the registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands of persons other than our affiliates.

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**DESCRIPTION OF SECURITIES TO BE REGISTERED**

*The following summary description of our Common Stock is based on the provisions of our Amended and Restated Certificate of incorporation, as amended (the* "*Certificate of Incorporation*"*), our Amended and Restated Bylaws, as amended (the* "*Bylaws*"*), and the applicable provisions of the General Corporation Law of the State of Delaware (the* "*DGCL*"*)*. *For the complete terms of our Common Stock, please refer to our Certificate of Incorporation and our Bylaws, which are exhibits to the registration statement on Form S-1 of which this prospectus forms a part. The terms of our Common Stock may also be affected by the DGCL and Delaware law generally. For information on how to obtain copies of our Certificate of Incorporation and Bylaws, see the sections titled* "*Where You Can Find More Information*" *and* "*Incorporation of Certain Information by Reference*" *in this prospectus.*

**Authorized Capital Stock**

Our authorized capital stock consists of 100,000,000 shares of Common Stock, par value $0.001 per share ("Common Stock"), and 5,000,000 shares of preferred stock, par value $0.001 per share ("preferred stock"), the rights and preferences of which may be established from time to time by our board of directors. As of May 7, 2026, we had 25,557,408 shares of Common Stock outstanding and no shares of preferred stock outstanding.

**Common Stock**

*Voting and Classification of the Board of Directors*. For all matters submitted to a vote of stockholders, each holder of Common Stock is entitled to one vote for each share registered in his or her name on our books. Our Common Stock does not have cumulative voting rights. Our Certificate of Incorporation and Bylaws provide for our board of directors to be divided into three classes. Each class of directors serves for a three-year term, with one class being elected by the Company's stockholders at each annual meeting. As a result, holders of a majority of our outstanding Common Stock can elect all the directors who are up for election in a particular year.

*Dividends*. If our board of directors declares a dividend, holders of Common Stock will receive payments from our funds that are legally available to pay dividends. However, this dividend right is subject to any preferential dividend rights we may grant to the persons who hold preferred stock, if any is outstanding.

*Liquidation and Dissolution*. If we are liquidated or dissolve, the holders of our Common Stock will be entitled to the right to receive ratably, all of the assets and funds that remain after we pay our liabilities and any amounts we may owe to the persons who hold preferred stock, if any is outstanding.

*Other Rights and Restrictions*. Holders of our Common Stock do not have preemptive or subscription rights, and they have no right to convert their Common Stock into any other securities. Our Common Stock is not subject to redemption by us. The rights, preferences and privileges of the holders of Common Stock are subject to the rights of the stockholders of any series of preferred stock which we may designate in the future. Our Certificate of Incorporation and our Bylaws do not restrict the ability of a holder of Common Stock to transfer his or her shares of Common Stock.

*Fully Paid and Non-Assessable*. All our outstanding shares of Common Stock and all shares of Common Stock offered hereby will, when issued, be fully paid and non-assessable, including shares of Common Stock issued upon the exercise of Common Stock warrants or the conversion of the Convertible Notes, or subscription rights, if any.

*Listing*. Our Common Stock is listed on the Nasdaq Capital Market under the symbol "SMSI."

*Transfer Agent and Registrar*. The transfer agent and registrar for our Common Stock is Computershare Trust Company, N.A.

*Delaware Law Affecting Business Combinations*. We are subject to the provisions of Section 203 of the General Corporation Law of the State of Delaware (the "DGCL"). Subject to certain exceptions, Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the person became an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to exceptions, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within the prior three years did own, 15% or more of the corporation's voting stock.

**LEGAL MATTERS**

The validity of the securities offered hereby and certain other legal matters will be passed upon for us by Buchanan Ingersoll & Rooney PC, Pittsburgh, Pennsylvania.

**EXPERTS**

The consolidated financial statements of Smith Micro Software, Inc. and its subsidiaries as of December 31, 2025 and 2024 and for each of the years in the two-year period ended December 31, 2025, incorporated in this Prospectus by reference from the Smith Micro Software, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 have been audited by SingerLewak LLP, an independent registered public accounting firm, as stated in their report thereon (which report expresses an unqualified opinion and includes an explanatory paragraph relating to substantial doubt about the Company's ability to continue as a going concern), incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.

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**WHERE YOU CAN FIND MORE INFORMATION**

As a reporting company under Sections 13 and 15(d) of the Exchange Act, we are required to file annual and quarterly reports, current reports, proxy statements, and other information with the SEC. The SEC maintains a website at *http://www.sec.gov* that contains the reports, proxy and information statements, and other information that issuers, such as us, file electronically with the SEC. You can read our SEC filings, including this prospectus and the documents incorporated by reference into this prospectus, on the SEC's website. We also make these documents publicly available, free of charge, on our website at *http://www.smithmicro.com*. Information contained on our website, however, is not, and should not be deemed to be, incorporated into this prospectus and you should not consider information contained on our website to be part of this prospectus. We have included our website address as an inactive textual reference only.

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC's rules allow us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus modifies or replaces that statement.

The following documents filed by us with the SEC are incorporated by reference in this prospectus:

• our Annual Report on [<u>Form 10-K</u>](http://www.sec.gov/Archives/edgar/data/948708/000143774926007087/smsi20251231d_10k.htm) for the fiscal year ended December 31, 2025, filed with the SEC on March 5, 2026;

• our Quarterly Report on [<u>Form 10-Q</u>](http://www.sec.gov/Archives/edgar/data/948708/000143774926014454/smsi20260331c_10q.htm) for the fiscal quarter ended March 31, 2026, filed with the SEC on May 1, 2026;

• our Definitive Proxy Statement on [<u>Schedule 14A</u>](http://www.sec.gov/Archives/edgar/data/948708/000143774926012555/smsi20260414d_def14a.htm) , filed with the SEC on April 16, 2026; and

• our Current Reports on Form 8-K filed with the SEC on [<u>February 5, 2026</u>](http://www.sec.gov/Archives/edgar/data/948708/000143774926003194/smsi20260205_8k.htm) and [<u>March 4, 2026</u>](http://www.sec.gov/Archives/edgar/data/948708/000143774926006913/smsi20251202_8k.htm) .

In addition to the filings listed above, any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after (i) the date of this registration statement and prior to effectiveness of this registration statement and (ii) the date of this prospectus and before the completion of the offering of the securities included in this prospectus, however, we will not incorporate by reference any document or portions thereof that are not deemed "filed" with the SEC, or any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item 9.01 of Current Reports on Form 8-K.

We will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon such person's written or oral request, a copy of any and all of the information incorporated by reference in this prospectus. You may request a free copy of any of the documents incorporated by reference in this prospectus by writing or telephoning us at the following address:

Smith Micro Software, Inc.

5800 Corporate Drive

Pittsburgh, PA

(412) 837-5300

Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus supplement.

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![smsi20260519d_424b3img002.jpg](smsi20260519d_424b3img002.jpg)

**7,190,188 Shares of Common Stock Issuable Upon Conversion of Notes**

**11,034,437 Shares of Common Stock Issuable Upon Exercise of Warrants**

*PROSPECTUS*

**May 20, 2026**