S-1 1 otrk-formsx1additionalwarr.htm S-1 Document

根據2024年10月18日提交給美國證券交易委員會的文件。
 
登記聲明編號333-
 
 
 
美國
證券交易委員會
華盛頓特區20549
 

S-1表格
 
註冊聲明
根據.
代表股份的存託憑證
 
ONTRAK，INC。
(根據其章程規定的註冊人準確名稱)
 
特拉華州 8090 88-0464853
（國家或其他管轄區的
公司成立或組織）
 
（主要標準工業)
6401 Congress Ave
 
（IRS僱主
（標識號碼）
 

333南東二街nd 大道，2000號套房
邁阿密，FL 33131
(310) 444-4300
（註冊者的主要執行辦公室的地址，包括郵政編碼和電話號碼，包括區號）
 
Brandon LaVerne
首席執行官
Ontrak，Inc.
333南東二街nd 大道，2000號套房
邁阿密，FL 33131
(310) 444-4300
代理服務人的姓名、地址（包括郵政編碼）和電話號碼（包括區號）
 
副本：

John Tishler，律師。
Sheppard, Mullin, Richter & Hampton LLP
12275 El Camino Real，100號套房
加利福尼亞州聖地亞哥市92130
 
如果是新興增長型公司，請打勾表示公司已選擇不使用根據證券法第7(a)(2)(B)條款提供的遵守任何新的或修訂的財務會計準則的延長過渡期。 ☐在本註冊聲明生效後儘快進行。
如果此表格中有任何證券是根據1933年證券法第415條規定以延遲或連續方式進行的，請勾選以下方框： ☒



如果本表格用於根據1933年證券法的462(b)規則註冊更多證券以供同一個發行的註冊聲明的生效註冊聲明號碼，請勾選下列方框並列出先前生效註冊聲明的證券法登記聲明號碼。☐
如果本表格是根據1933年證券法的462(c)規則提交的後效修正案，請勾選下列方框並列出先前生效的同一發行的註冊聲明的證券法登記聲明號碼。☐
如果該表格是根據證券法規則462(d)項下提交的修訂後已生效的註冊聲明，請勾選以下框，並列出同一發行的早期生效註冊聲明的證券法註冊聲明號碼。 ☐
勾選以下選框，指示申報人是大型加速評估提交人、加速評估提交人、非加速評估提交人、小型報告公司或新興成長型公司。關於「大型加速評估提交人」、「加速評估提交人」、「小型報告公司」和「新興成長型公司」的定義，請參見《交易所法規》第12億.2條。
大型加速歸檔人☐
 
加速報告人☐
非加速報告人☒
 
小型報告公司☒
新興成長公司 ☐
 
如果是新興成長公司，請勾選選框，如果申報人選擇不使用根據證券法第7(a)(2)(B)條規定提供的任何新的或修訂後的金融會計準則的延長過渡期，請勾選選框。 ☐
_____________________________________
註冊申請人根據《證券法》第429條的規定，正在本註冊聲明中申報一份綜合招股說明書，以滿足《證券法》及其下屬規則和法規對本次發行和在Form S-1（文件號333-273029）註冊聲明下注冊的發行的要求。該《2023年11月註冊聲明》於2023年11月9日生效，並在Form S-1（文件號333-278848）註冊聲明下注冊。該《2024年4月註冊聲明》於2024年4月30日生效。本註冊聲明中的綜合招股說明書生效後，將作爲《2023年11月註冊聲明》Form S-1的後有效修正案2，並作爲《2024年4月註冊聲明》Form S-1的後有效修正案1，幷包含了與註冊申請人在2023年11月14日完成的公開發行中發行的認股證所能換股的註冊共同股票銷售的更新招股說明書。
_____________________________________
申請人就本註冊聲明作出修訂的日期或日期，直到申請人提交明確說明本註冊聲明將根據1933年證券法第8（a）條的規定在之後生效的進一步修訂，或者證券交易委員會根據該條第8（a）條確定本註冊聲明將於任何日期生效爲止。





說明：
本招股說明書是表格S-1的一部分，該表格S-1也構成了表格S-1的交易所有效修正案2（文件編號333-273029），該修正案於2023年11月9日生效（「2023年11月註冊聲明」），以及表格S-1的交易所有效修正案1（文件編號333-278848），該修正案於2024年4月30日生效（與2023年11月註冊聲明一起，稱爲「先前的註冊聲明」），根據先前註冊聲明中第17項的承諾提交的，並將更新和補充其中所包含的信息，分別由證券交易委員會於2023年11月9日和2024年4月30日生效。



本初步招股說明書中的信息尚不完整，可能會有所更改。這些證券可能無法在證券交易委員會註冊聲明生效之前出售。本初步招股說明書不構成出售要約，也不尋求在任何未得許可的司法轄區購買這些證券的要約。
 
2024年10月18日起草的初步招股說明書，待完善後生效
 
image_0.jpg
 
Ontrak，Inc.

最多6449481股普通股
標的證券未行使的認股權證

我們正在提供最多6,449,481股普通股，這些股票可通過行使我們於2023年11月發行的未行使認股權的方式發行，這是根據2023年11月14日的招股說明書進行的公開發行，我們稱之爲公開發行認股權。

公開發行認股權證具有防稀釋條款。 其中之一的防稀釋條款規定，在普通股股利、股票分拆、重組或影響我們普通股的類似事件發生時，如果我們普通股在特定測量期內的平均成交量加權平均價格低於履約價格（經過由於適用事件而導致的其上的習慣性調整後），則履約價格將降低至該平均成交量加權平均價格，並與此同時進行調整，可行使的普通股股數將按比例增加，以使考慮到履約價格調整後，適用認股權證的總行使價格等於在調整之前履約價格總數。

我們在2024年9月23日進行了1比15的普通股逆向股票拆分，觸發了上述防稀釋條款下的調整，公開發行認股權證的每股行權價格降至$2.25或$2.08，可行使的普通股數量合計增至6,449,481股。截至本招股說明書日期，尚有公開發行認股權證待購買4,966,383股，行權價格爲每股$2.08，以及1,483,098股，行權價格爲每股$2.25，每種情況都將根據條款進一步調整。有關公開發行認股權證條款的更多信息，請參閱本招股說明書第2頁和第10頁的「概要 — 最新交易 — 權證調整」和「公開發行認股權證」部分。
我們的普通股票在納斯達克資本市場上市，股票代碼爲「OTRk」。2024年10月11日，我們的普通股票收盤價爲每股2.44美元。
我們是根據聯邦證券法定義的「小型報告公司」，並已選擇遵守適用於小型報告公司的某些簡化公開公司報告要求。請參閱標題爲「招股說明書摘要—作爲小型報告公司的影響」的部分。

投資我們的證券涉及風險。請參閱第6頁開始的"風險因素"。
證券交易委員會或任何州證券委員會尚未批准或否認這些證券或確定本招股說明書是否真實或完整。任何相反的陳述均構成犯罪。
本招股說明書的日期是 2024 年



目錄


  
關於本招股說明書 (i)
有關前瞻性聲明的信息 (i)
招股說明書摘要 
本次發行 
風險因素 
公開發行認股權證
分銷計劃
使用資金 
我們的普通股描述 
特定受益所有人和管理層以及相關股東事項的安全所有權
法律事項 除非適用的招股說明書另有說明，否則本招股說明書所提供證券的有效性將由紐約Ellenoff Grossman & Schole LLP律師事務所審核。如果與本招股說明書有關的法律事項由承銷商、經銷商或代理商的法律顧問通過審核，則這些律師將在適用的招股說明書中命名。 
可獲取更多信息的地方 
在哪裏尋找更多信息 
文件的納入參考 
 





關於本招股說明書
我們通過參考將重要信息納入本招股說明書。 您可以按照「通過參考引入文件」下的說明免費獲取參考納入的信息。 在決定投資我們的證券之前，您應仔細閱讀本招股說明書以及「通過參考引入文件」下描述的其他信息。
我們未授權任何人向您提供與本招股說明書中包含的或由引用整合進本招股說明書的信息不同的額外信息。我們對他人可能向您提供的任何其他信息的可靠性不承擔責任，並不能保證其可靠性。我們只在允許提供報價和銷售的司法管轄區內出售證券，並尋求買方的報價。本招股說明書中包含的信息僅在本招股說明書封面日期或本招股說明書中另有說明的早期日期準確有效，無論本招股說明書交付時間或我們的證券銷售時間爲何。自那一日期以來，我們的業務、財務狀況、運營結果和未來前景可能已發生變化。
本招股說明書中所提及的或通過引用的信息可能包含獨立第三方以及我司提供的關於市場規模、增長以及我們所在行業的其他數據的估計和統計數據。我們獲取這些行業和市場數據來源於我們自身的研究，以及行業和一般出版物、第三方進行的調查和研究。這些數據基於多個假設和限制，幷包含對我們所在行業未來表現的預測和估計，這些都存在高度不確定性，包括在「風險因素」中討論的內容。我們提醒您不要過分看重這些假設、預測和估計。此外，行業和一般出版物、研究和調查通常聲明這些信息來源可靠，儘管他們不保證這些信息的準確性或完整性。雖然我們相信這些出版物、研究和調查是可靠的，但我們並未獨立核實其中的數據。此外，雖然我們相信我們內部研究的結果和估計是可靠的，這些結果和估計並未經任何獨立渠道驗證。
針對美國以外的投資者：我們尚未採取任何行動，以允許在任何要求採取行動的司法管轄區進行本招股或本招股書的持有或分發，除了在美國。在美國以外的人士如獲得本招股書必須自行了解與遵守與證券發行和本招股書在美國以外的分發相關的任何限制。

有關前瞻性聲明的信息
本招股說明書包含涉及風險、不確定性和假設的前瞻性聲明。您不應過分依賴這些前瞻性聲明。本招股說明書中除了歷史事實陳述之外的所有陳述均爲前瞻性聲明。本招股說明書中的前瞻性聲明僅爲預測。我們在很大程度上是基於對未來事件和我們相信可能影響我們業務、財務狀況、運營結果、策略、短期和長期營業活動和目標以及財務需求的當前預期和投影。在某些情況下，您可以通過諸如「預計」、「相信」、「繼續」、「可能」、「取決於」、「估計」、「預期」、「打算」、「可能」、「正在進行」、「計劃」、「潛在」、「預測」、「項目」、「應該」、「將」、「願意」或這些詞的否定形式或其他類似表達來識別這些前瞻性聲明，儘管並非所有前瞻性聲明都包含這些詞。這些前瞻性聲明包括但不限於以下聲明：
•    我們提高資金用於資助我們的運營能力；
•    此次發行的收益；
•    獲得監管許可或批准的時間或成功與否；
•    我們的營運資金充足，可以支持我們在短期和長期內的運營，這引發了對我們作爲持續經營實體能力的質疑；



i




•    未來期間支持運營所需的製造行業，包括預期成本。
•    與營業收入確認、資產減值和現金流有關的估計;
•    我們對未來運營成本的估計存在差異；
•    我們披露控制和財務報告內部控制的有效性;
•    新會計準則的影響;
•    我們目標市場的規模和增長
•    我們研究與開發項目的發起、時機、進展和結果。

可能導致實際結果與此類前瞻性陳述所描繪的結果有重大差異的因素包括但不限於：
•    我們將需要額外的資金，而我們無法保證未來能夠找到足夠的資金來源。
•    自公司成立以來，我們一直遭受着巨大的虧損，並且在實現正現金流之前可能無法獲得額外的所有基金類型。
•    我們的方案和解決方案可能並不像我們認爲的那樣有效，也可能無法獲得廣泛市場接受，令人失望的結果公告可能導致我們證券的市場價格下跌。
•    我們的業務目前依賴於一些大客戶；在2021年，我們失去了兩個大客戶；2023年10月，一位大客戶通知我們，打算在2024年2月停止使用我們的服務；2024年10月，一位大客戶通知打算在2024年12月後停止使用我們的服務；而任何進一步的損失將對我們產生重大不利影響。
•    我們有1000萬美元的擔保債務本金未償還，其中800萬美元可在2025年8月30日後任何時候按貸款人要求償還，200萬美元可在2026年5月14日償還。違約將對我們的財務狀況、經營業績和業務產生重大不利影響。
•    我們可能無法產生足夠的現金流或籌集足夠的融資來發展或擴大我們的業務，或者資助我們的運營。
•    客戶可能無法達到我們期望通過我們的項目和解決方案所創造的節省，這可能會對我們的業務產生不利影響。
•    我們的項目和解決方案的市場接受程度在很大程度上取決於第三方付款方是否願意爲它們提供覆蓋，這超出了我們的控制範圍。
•    我們可能無法保護自己的知識產權，並且可能會因侵犯他人的知識產權而承擔責任。
•    進行中的醫療立法和監管改革措施可能對我們的業務和運營結果產生重大不利影響。
•    我們最大的股東控制着約46%的流通普通股，對約95%的普通股有利益所有權，並且可能決定所有提出供股東批准的事項，包括董事選舉、重大企業交易和我們的解散。
•    我們正面臨持續進行的訴訟，並可能面臨未來的訴訟，其中任何一項可能導致重大責任。
•    我們的普通股可能會被納斯達克除牌。
•    我們普通股的價格可能會波動。








ii



前瞻性聲明存在一系列風險、不確定性和假設，其中包括「風險因素」部分所述。此外，我們處於一個競爭激烈且快速變化的環境中。新風險不時出現。我們的管理層無法預測所有風險，也無法評估所有因素對我們業務的影響，以及任何因素或一系列因素可能導致實際結果與任何前瞻性聲明中包含的結果有實質性不同的程度。鑑於這些風險、不確定性和假設，在本招股說明書中討論的前瞻事件和情況可能不會發生，實際結果可能會與前瞻性聲明中預期或暗示的結果有實質和不利的不同。

您不應依賴前瞻性陳述作爲未來事件的預測。儘管我們相信前瞻性陳述中反映的期望是合理的，但我們不能保證未來結果、活動水平、績效或前瞻性陳述中反映的事件和情況將會實現或發生。此外，除非法律要求，否則我們和任何其他人都不承擔對任何前瞻性陳述的準確性和完整性的責任。除非法律要求，我們不承諾在本招股說明書日期之後公開更新任何前瞻性陳述，以使這些陳述符合實際結果或我們期望變化。
您應該閱讀本招股說明書，以及我們在本招股說明書中引用並已向美國證券交易委員會（「SEC」）作爲註冊聲明附表的文件，須理解我們實際的未來結果、活動水平、表現、事件和情況可能與我們的預期大不相同。

































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招股說明書摘要
以下摘要突出了關於我們和本次發行的部分信息，並未包含在您進行本次投資前應考慮的所有信息。您應仔細閱讀整個招股說明書和其參考文檔，尤其是「風險因素」，以及「管理對財務狀況和經營結果的討論與分析」，以及我們的財務報表，包括那些報表的附註，這些信息是從我們最近的10-k表格的年度報告和我們向SEC提交的其他材料中引用的，然後再做出投資決定。在本招股說明書中，除非語境要求，有關「我們」，「我們」，「我們的」，「ontrak」或「公司」的引用均指ontrak公司。
公司概括
Ontrak公司是一家人工智能和科技支持的行爲衛生保健公司，其使命是幫助儘可能多的人改善健康，並拯救儘可能多的生命。該公司的科技支持平台利用基於索賠的分析和預測建模，在個性化護理計劃的實施過程中提供分析洞察。該公司的計劃預測患有慢性疾病會受益於行爲改變的人群，推薦人們願意遵循的有效護理途徑，並引導他們到達並通過他們需要的護理和治療。通過將預測分析與人類互動相結合，我們爲醫療付款人提供了改善會員健康和經過驗證的結果和節省。
該公司的綜合、科技支持解決方案旨在向患有導致或加重糖尿病、高血壓、冠心病、慢性阻塞性肺疾病和充血性心力衰竭等慢性疾病的成員提供醫療解決方案。Ontrak具有獨特的能力吸引這些成員，他們可能否則不會尋求行爲醫療保健，利用建立在對醫療保健規避動機的深度洞察基礎上的專有招生能力。Ontrak整合了基於證據的心理社會和醫療干預，通過面對面或遠程醫療方式提供，同時還有護理教練負責處理健康的社會和環境決定因素。Ontrak的項目旨在改善成員健康併爲醫療保險支付人提供驗證的成本節省。
公司從爲私人健康保險計劃所提供的服務中產生營業收入，包括由僱主資助的計劃（公司稱之爲商業收入）以及由政府資助的健康保險計劃，例如管理的Medicare Advantage、管理的Medicaid和雙重符合條件（Medicare和Medicaid）。公司旨在通過簽訂新合同和識別現有合同客戶中更多符合條件的成員，增加符合我們解決方案資格的會員人數。
公司 信息
Ontrak成立於2003年9月29日，在特拉華州註冊。我們的首席執行辦公室位於333 S. E. 2號，邁阿密，FL 33131。nd 電話號碼是(310) 444-4300。我們的網站地址是 www.ontrakhealth.com。 我們網站上的信息不作爲此招股章程的一部分，並且您不應將我們網站上的任何信息視爲此招股章程的一部分，或作爲購買我們證券的決定依據。
作爲一個「較小的報告公司」，意味着我們非關聯方持有的普通股市值不到7億美元，而且我們最近完成的財政年度營業收入不到1億美元。如果我們繼續是較小的報告公司，我們可能(1)非關聯方持有的股票市值不到2.5億美元，或(2)最近完成的財政年度的營業收入不到1億美元，非關聯方持有的普通股市值不到7億美元。只要我們仍然是一個較小的報告公司，我們就有權依賴於適用於其他公共公司（不是較小的報告公司）的某些披露和其他要求的豁免。
我們是根據1934年修訂後的《證券交易法》（以下簡稱「交易所法」）定義的「較小報告公司」。在我們繼續符合較小報告公司資格的情況下，我們可以利用較小報告公司享有的便利措施，包括：(i) 只要我們也符合《交易所法》所定義的「非加速報告人」資格，我們就不需要遵守《薩班斯-奧克利法》第404（b）條的審計人證要求；(ii) 縮減的高管薪酬披露要求；以及(iii) 僅提供兩年的審計基本報表，而不是三年。我們將合格作爲較小報告公司：(i) 直到決定我們的非關聯方持有的投票權和非投票權普通股的市場價值在我們第二財季的最後一個營業日測得金額超過25000萬美元爲止；或(ii) 如果我們最近完成財政年度的年收入低於10000萬美元，直到決定我們的非關聯方持有的投票權和非投票權普通股的市場價值在我們第二財季的最後一個營業日測得金額超過70000萬美元爲止。
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最近的發展
反向 股票 分割
我們在2024年9月23日美國東部時間凌晨12:01進行了1比15的股票逆向拆分，我們將其稱爲2024年9月逆向拆分。我們的普通股在2024年9月23日開盤時在納斯達克資本市場上以拆分後的基礎開始交易。除非另有說明，在本招股說明書中的股數和每股信息均反映了2024年9月逆向拆分的影響。
納斯達克事宜
根據先前的報道：（i）2023年10月，我們收到了納斯達克股票市場有限責任公司（「納斯達克」）上市資格部門（以下簡稱「工作人員」）的來函，指出我們不再符合納斯達克上市規則5550(a)(2)（「最低買盤價格規則」）的最低買盤價格要求；（ii）2024年4月，我們收到了工作人員來函，通知我們截至2024年4月10日，我們未恢復符合最低買盤價格規則，並且除非我們及時請求在納斯達克聽證會庭（以下簡稱「庭」）之前上訴工作人員的除牌決定，否則我們的普通股股票將被安排除牌；（iii）我們及時向庭請求了聽證會，該請求暫停了我們普通股股票的停牌和除牌，並等待庭的決定以及庭額外授予的任何額外時間的到期；以及(iv）2024年5月，庭准予我們一項臨時豁免期，直至2024年10月7日恢復符合最低買盤價格規則。
2024年10月7日，我們收到了納斯達克總法律顧問辦公室的來函，確認我們在2024年10月7日之前恢復了符合最低買盤價格規則的地位，因爲我們普通股的收盤買盤價格在至少連續10個交易日中均爲1.00美元或更高。該函還通知我們，根據納斯達克上市規則5815(d)(4)(A)，我們將在2024年10月7日起的一年內接受自由裁量小組的監督，並且如果在這一年的監督期內，我們未能符合任何繼續上市要求，工作人員將發出除牌決定函，並及時安排與小組的新聽證會。儘管納斯達克上市規則5810(c)(2)的規定，我們將不得提供關於在監督期內出現的任何不足的符合計劃，工作人員也不得允許我們就任何這類不足的合規恢復提供額外時間。
請查看本招股說明書第6頁標題爲「無法保證我們能夠符合納斯達克的持續上市標準，這可能限制投資者交易我們的證券的能力並使我們受到額外的交易限制」的風險因素。
認股權調整
公開發行認股權證的行權價格，我們在2023年11月公開發行同時發行的認股權證（「定向增發認股權證」），以及根據下文定義的《長期保值協議》（「Keep Well Agreement」）已經發行或未來可能發行的所有認股權證（「長期保值認股權證」），以及可行使的普通股股數，在特定潛在稀釋事件發生時將進行調整。
例如，在2024年9月的股票逆向拆分所導致的常規調整之外，在發生股票股利、股票拆分、重組或影響我公司普通股的類似事件時，如果事件市場價格（如下定義）低於當時有效的行權價格（在考慮因適用事件而進行的常規調整後），則在適用事件後的第16個交易日立即，行權價格將減少到事件市場價格，並與此調整同時進行，使得行使後可發行的普通股數量按比例增加，從而在考慮行權價格調整後，適用認購權的總行權價格將等於行權價格調整前的總行權價格。"事件市場價格" 是指與任何影響我公司普通股的股票股利、股票拆分、重組或類似事件有關時，通過將我公司普通股在20個連續交易日期間內，截至幷包括在該事件日期之後的第16個交易日之前的每個最低交易日的成交量加權平均價的總和（x）除以五（y）來確定的商。
2024年10月8日，我們和某些公開發行認股權持有人簽署了認股權修正協議，根據該協議，僅就2024年9月逆向拆分而言，各方同意縮短確定2024年9月逆向拆分事件市場價格的測算期，使其截至
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在2024年9月逆向拆分後的第11個交易日內。由於上述原因，簽署認股權證修正協議的持有人的公開發行認股權證的行權價降至每股2.25美元，這是縮短期間的事件市場價格，截至2024年10月8日，未行使部分認股權證的普通股股數總計增加至1,483,098股。
關於持有未參與上述授權修正條款的各方所持有的公開發行認股權證，以及有關定向增發認股權證和保持壓力認股權證，2024年9月份股票逆向拆分的事件市場價格爲2.08美元。因此，截至2024年10月12日尚未行使的這些認股權證的行使價格（即在確定2024年9月份股票逆向拆分的事件市場價格的測算期結束後的第二天，除了上述進入上述修改授權的各方持有的公開發行認股權以外）調整爲每股2.08美元，並且截至2024年10月12日，這些認股權證尚未行使部分可發行的普通股股數增至4,966,383股。
於2024年10月8日至2024年10月11日止，合計持有公開發行認股權證並進入認股權證修訂的持有人 如上所述 行使其公開發行認股權證購買：(1)約675,000股普通股，通過現金支付行權價格，以及(2)約312,000股普通股以無現金方式，我們發行了約143,000股。我們從此類公開發行認股權證的行使中獲得了約150萬美元的總收益。
在考慮自2024年10月8日以來發生的公開發行認股權無需現金行使後，根據本招股說明書日期，可行使的普通股數量總數是40,059,941股，其中包括38,576,843股行使價格爲每股2.08美元的公開發行認股權、以及1,483,098股行使價格爲每股2.25美元的定向增發認股權，每種情況均按照其條款進一步調整。
請參閱本招股說明書第10頁的「公開發行認股權證」以獲取有關公開發行認股權證調整條款的詳細信息。定向增發認股權證和保底認股權證的調整條款與公開發行認股權證相同。
保持良好協議資金
2024年3月，我們和Acuitas Capital LLC（「Acuitas Capital」及其關聯公司「 Acuitas」）簽署了2022年4月15日 簽訂的主要票據購買協議的第六修正案（「第六修正案」）（經過第六修正案、以及以下所述的2024年8月13日協議的修正，稱爲「保持良好協議」）。
根據第六修正案，在2024年4月，我們向Acuitas發行並出售了一份高級擔保可轉換的可隨時償還的保證票（「要求票據」），面值爲150萬美元，Acuitas可以自行選擇在第六修正案中指定的時間及面額內購買額外1350萬美元的要求票據。在2024年5月和6月，我們向Acuitas發行並出售了面值爲150萬美元的要求票據。
2024年8月13日，我們與Acuitas簽訂協議，根據該協議，Acuitas同意在2024年11月1日或之前通過購買總額達500萬美元的需求票據（「承諾性需求票據」）。根據該協議，如果我們在2024年8月13日至2024年11月1日之間收到資本捐款或發行任何股本後，Acuitas有權自行決定是否選擇按照一比一的比例減少購買承諾性需求票據的金額（「抵消權」）。此外，Acuitas同意不會行使要求在2025年8月30日後支付任何需求票據下的款項的權利；但是，如果Acuitas已購買了承諾性需求票據的全部500萬美元（減去根據其行使抵消權而未購買的任何金額），並且我們在2024年11月1日之後收到資本捐款或發行任何股本，Acuitas有權自行決定要求將淨收益用於支付承諾性需求票據下的任何款項。
截止到本招股說明書日期，Acuitas已購買了500萬美元承諾性需求票據中的350萬美元，根據《保持健康協議》發行的優先擔保可轉換可兌付票據的總本金金額爲1000萬美元，其中800萬美元由需求票據代表，並可由Acuitas於2025年8月30日後的任何時間要求兌現，另外200萬美元將於2026年5月14日兌現，除非
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如果由於加速或其他原因，它變得到期並全額償還較早。如果Acuitas要求在2025年8月支付所有或大部分即期票據，我們可能沒有足夠的資金償還到期金額，這將對我們的業務產生重大不利影響，並且對我們繼續作爲經營實體的能力產生重大疑慮。請參閱下文中的「風險因素—我們可能需要額外的資金，並且不能保證我們將來會找到足夠的資本來源。」

Customer Notifications
On October 2, 2024, we were notified by a health plan customer of its intent not to continue using our services after December 2024. For the six months ended June 30, 2024, we billed this customer approximately $3.2 million, representing 62% of our revenue for the six months ended June 30, 2024. As of October 7, 2024, we have 1,198 enrolled members from this health plan customer. With our remaining customers under contract, we expect our annual revenues to be in the range of $9 million to $11 million.
As of October 7, 2024, we have five active prospects, including two existing customer considering expanding utilization of our services, that are in the late stage of our sales cycle, meaning we have presented our product portfolio and the prospect agreed to proceed to review financial and other contractual terms. While we do not have any commitments, we believe we can execute agreements with these prospects during the quarter ended December 31, 2024. These five active prospects have a combined estimated effective outreach pool of approximately 10,000 for our WholeHealth+ program, 26,000 lives for our Ontrak Engage program and 130,000 lives for our Ontrak Quality and in aggregate could result in an estimated annual revenue opportunity of $13 million to $15 million.
In addition to the five prospects described above, as of October 7, 2024, we have 20 additional active prospects representing approximately 20 million plan lives.
In October 2023, we were notified by a health plan customer of its intent not to continue using our services after February 2024. The customer advised us to cease enrollment of any new members from that customer immediately. The customer also informed us that the notification was related to the customer’s change in strategy and not reflective of the performance or value of our services. For the year ended December 31, 2023, we billed this customer approximately $4.3 million, representing 33.8% of our total revenue.
See the risk factor titled “A substantial percentage of our revenues are attributable to a few large customers, any or all of which may terminate our services at any time,” in Item 1A of Part I of our annual report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”).
9.50% Series A Cumulative Perpetual Preferred Stock
In November 2023, Nasdaq removed our Series A Preferred Stock from listing and registration on The Nasdaq Stock Market due to non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5555(a)(1). Our Series A Preferred Stock currently trades in the over-the-counter OTC Markets system.
Under the terms of the certificate of designation establishing our Series A Preferred Stock, if dividends on our Series A Preferred have not been paid in an aggregate amount equal to the equivalent of at least six or more quarterly dividends (whether consecutive or not), the number of directors constituting our board of directors will be increased by two, and the holders of our Series A Preferred Stock, will have the right, voting separately as a single class, to fill such newly created directorships (and to fill any vacancies in the terms of such directorships). Dividends on our Series A Preferred Stock are payable every February 28, May 30, August 31, and November 30. We have not paid the dividends on our Series A Preferred Stock since February 2022 and the director election right described above commenced on August 31, 2023.

4

THE OFFERING
Common stock offered by us 
Up to 6,449,481 shares of common stock issuable upon the exercise of the Public Offering Warrants we issued pursuant to a prospectus dated November 14, 2023. See “Public Offering Warrants” on page 10 of this prospectus.
Common stock outstanding prior this offering(1)
 
4,217,842 shares
   
Common stock outstanding after this offering(1)
 
10,667,323 shares
   
Use of proceeds 
Assuming the exercise of all the Public Offering Warrants at their current exercise price and that the exercise price is paid in cash, we will receive proceeds of $13.7 million.
Risk factors 
See “Risk Factors” on page 6 and other information incorporated by reference into this prospectus for a discussion of factors to consider carefully before deciding to invest in our securities.
Nasdaq Capital Market symbol
Our common stock is listed under the symbol “OTRK.”
______________ 
(1) The number of shares of common stock outstanding after this offering is based on 4,217,842 shares of common stock outstanding as of October 11, 2024, assumes the exercise of all the Public Offering Warrants outstanding as of such date and that the exercise price is paid in cash, and excludes:
•935,150 shares of common stock reserved for future issuance under our equity incentive plans as of October 11, 2024;
•4,039,659 shares of common stock issuable upon exercise of outstanding stock options as of October 11, 2024 at a weighted average exercise price of $4.37 per share;
•3,915 shares of common stock issuable upon settlement of outstanding restricted stock units as of October 11, 2024;
•6,058,036 shares of common stock issuable upon conversion of the principal and accrued interest on secured convertible promissory notes held by Acuitas outstanding as of October 11, 2024;
•6,058,036 shares of common stock issuable exercise of warrants that would be issued to Acuitas upon conversion of outstanding promissory notes described above;
•41,366,503 shares of common stock issuable upon exercise of outstanding warrants as of October 11, 2024, including 1,299,575 shares of common stock issuable upon the exercise of pre-funded warrants issued in a private placement to Acuitas on November 14, 2023 at an exercise price of $0.0014 per share; and
•33,932 shares of common stock issuable upon exchange of all the outstanding shares of the Series A Preferred Stock as of October 11, 2024, assuming an exchange rate of 0.009 shares of common stock per share of Series A Preferred Stock.
Except as otherwise indicated, all information in this prospectus reflects and assumes no issuance of the shares of common stock described in the list above.

5

RISK FACTORS
Investing in our common stock involves a high degree of risk. You should carefully consider the risk factors discussed below and under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent quarterly reports on Form 10-Q and other reports and documents that are incorporated by reference into this prospectus, before deciding whether to purchase any of our common stock in this offering. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also adversely affect our business, prospects, financial condition, and/or operating results. The occurrence of any known or unknown risks might cause you to lose all or part of your investment in our securities.
Risks Related to this Offering and Our Common Stock
We have broad discretion in the use of the proceeds from this offering and may not use them effectively.
Our management will have broad discretion in the application of the proceeds from this offering, including for any of the currently intended purposes described in the section entitled “Use of Proceeds.” Because of the number and variability of factors that will determine our use of the proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management may not apply the proceeds from this offering in ways that ultimately increase the value of any investment in our common stock or enhance stockholder value. The failure by our management to apply the proceeds from this offering effectively could harm our business. Pending their use, we may invest the proceeds from this offering in marketable securities, short-term interest-bearing investment-grade securities, certificates of deposit or government securities. These investments may not yield a favorable return to our stockholders. If we do not invest or apply our cash in ways that enhance stockholder value, we may fail to achieve expected financial results, which may result in a decline in the price of our shares of common stock, and, therefore, may negatively impact our ability to raise capital, invest in or expand our business, or continue our operations.
There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq, which could limit investors’ ability to transact in our securities and subject us to additional trading restrictions.
Our common stock is listed on The Nasdaq Capital Market under the symbol “OTRK.” We are required to satisfy continued listing requirements to maintain our listing, including requirements commonly referred to as the minimum bid price rule and either the stockholders’ equity rule or the market value of listed securities rule. The minimum bid price rule requires that the closing bid price of our common stock be at least $1.00 per share, and the stockholders’ equity rule requires that our stockholders' equity be at least $2.5 million, or, alternatively, that the market value of our listed securities be at least $35 million or that we have net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
We were not in compliance with the minimum bid price rule from October 2023 until October 7, 2024, with the stockholders' equity rule from August 2023 until November 2023, and with the minimum bid price rule from September 2022 until August 2023. Although we regained compliance with the applicable rule in each instance, there can be no assurance that we will continue to satisfy those or any other continued listing requirement and maintain the listing of our common stock on Nasdaq.
When Nasdaq confirmed that we regained compliance with the minimum bid price rule on October 7, 2024, Nasdaq also informed us that, pursuant to Nasdaq Listing Rule 5815(d)(4)(A), we will be subject to a Discretionary Panel Monitor for a period of one year from October 7, 2024, and that if, within that one-year period, we fail to maintain compliance with any continued listing requirement, the Listing Qualifications Department will issue a Delist Determination Letter and promptly schedule a new hearing with Nasdaq’s Hearings Panel. Notwithstanding Nasdaq Listing Rule 5810(c)(2), we will not be permitted to provide a plan of compliance to the Listing Qualifications Department with respect to any deficiency that arises during the one-year monitoring period, and the Listing Qualifications Department will not be permitted to grant additional time for us to regain compliance with respect to any such deficiency.
In addition to the specified criteria for continued listing, Nasdaq also has broad discretionary public interest authority that it can exercise to apply additional or more stringent criteria for continued listing on the Nasdaq. Nasdaq has exercised this discretionary authority in the past. As of the date of this prospectus, Acuitas is our largest stockholder and the aggregate principal amount we borrowed under the Keep Well Agreement, plus all accrued and unpaid interest thereon, is approximately $10.9 million. Mr. Peizer, our former Chief executive officer and chairman
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of our board of directors, owns and controls Acuitas and, on March 1, 2023, the DOJ announced charges and the SEC filed a civil complaint against Mr. Peizer alleging unlawful insider trading in our stock. Neither the Company nor any other current or former director or employee of the Company were charged by the DOJ or sued by the SEC. On June 21, 2024, a federal jury convicted Mr. Peizer of one count of securities fraud and two counts of insider trading. He is scheduled to be sentenced in February 2025. No assurances can be given that Nasdaq will not exercise its discretionary public interest authority to delist our common stock due to public interest concerns related to Acuitas’ ownership of our common stock or its relationship to us under the Keep Well Agreement.
In connection with (a) our November 2023 public offering and concurrent private placement and the securities issuable in connection with the conversion of the senior secured convertible notes completed before the closing thereof and (b) the Sixth Amendment, we submitted listing of additional shares applications to Nasdaq in accordance with Nasdaq listing rules. Current Nasdaq practice is not to accept or reject listing of additional shares applications before the closing of a public or private offering. We believe that the issuances of securities in the November 2023 public offering and concurrent private placement, in connection with the conversion of the senior secured convertible notes completed before the closing thereof, and in connection with the Sixth Amendment are all compliant with Nasdaq listing rules. However, Nasdaq could assert that as a result of one or more of these securities issuances, we are not in compliance with Nasdaq listing rules. For example, Nasdaq could assert that the exercise price reset and share adjustment provisions in the Public Offering Warrants, in the Private Placement Warrant, in the Keep Well Warrants mandate a delisting determination unless such provisions are modified. Should that occur, we would need to obtain (1) with respect to the Public Offering Warrants, the consent of the holders of Public Offering Warrants representing at least a majority of the shares of common stock underlying the Public Offering Warrants then outstanding and each investor in the November 2023 public offering who purchased at least $1.75 million of securities at the closing of the offering, and (2) with respect to the Private Placement Warrant and the New Keep Well Warrants, the consent of Acuitas, for any modifications. The failure to obtain such consent(s) could result in the delisting of our common stock.

If our common stock is delisted by Nasdaq, and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, then we could face significant material adverse consequences, including: (a) less liquid trading market for our securities; (b) more limited market quotations for our securities; (c) determination that our common stock is a “penny stock” that requires brokers to adhere to more stringent rules and possibly resulting in a reduced level of trading activity in the secondary trading market for our securities; (d) more limited research coverage by stock analysts; (e) loss of reputation; and (f) more difficult and more expensive equity financings in the future.
The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If our common stock remains listed on Nasdaq, our common stock will be covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. If our securities were no longer listed on Nasdaq and therefore not “covered securities,” we would be subject to regulation in each state in which we offer our securities.
Acuitas Group Holdings, LLC owns approximately 46% of our outstanding common stock and beneficially owns approximately 95% of our outstanding common stock, and as a result of such ownership has the ability to substantially influence the election of directors and other matters submitted to stockholders.
As of October 11, 2024, approximately 1.9 million shares of our outstanding common stock were owned by, and approximately 48.0 million shares of our common stock were beneficially owned by, Acuitas Group Holdings, LLC, an entity indirectly wholly owned and controlled by Mr. Peizer, which represents the ownership of approximately 46% of our outstanding common stock and the beneficial ownership of approximately 95% of our common stock. The foregoing number of shares beneficially owned by Acuitas Group Holdings, LLC and the corresponding percentage assumes the conversion of $10.0 million of the outstanding senior secured convertible notes at a conversion price of $1.80 per share (with any accrued interest paid in cash) and includes approximately 5.6 million shares of common stock issuable upon exercise of warrants that would be issued upon conversion of such senior secured convertible notes. As a result, Acuitas has and is expected to continue to have the ability to significantly influence the election of our Board of Directors and the outcome of all other matters submitted to our stockholders. Acuitas’ interest may not always coincide with our interests or the interests of other stockholders, and Acuitas may act in a manner that advances its best interests and not necessarily those of other stockholders. One consequence to
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this substantial influence or control is that it may be difficult for investors to remove our management. It could also deter unsolicited takeovers, including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices.
Certain of our warrants contain price protection in the form of anti-dilution provisions that could harm trading in our common stock and make it difficult for us to obtain additional financing.
The Public Offering Warrants, the Private Placement Warrant and the Keep Well Warrants have price-based anti-dilution provisions. Under these anti-dilution provisions, subject to certain limited exceptions, (a) the exercise price of these warrants will be reduced each time we issue or sell (or are deemed to issue or sell) any securities for a consideration per share less than a price equal to their exercise price in effect immediately prior to such issuance or sale (or deemed issuance or sale), (b) on May 14, 2026, the exercise price of these warrants will be reduced to the greater of (i) $2.376 per share and (ii) the lesser of (x) the then exercise price and (y) the lowest volume weighted average price of our common stock on any trading day during the five trading day period immediately before May 14, 2026, (c) if at any time prior to June 20, 2027, we grant, issue or sell (or enter into any agreement to grant, issue or sell) any shares of common stock, non-convertible indebtedness and/or common stock equivalents to Acuitas that results in a reduction of the exercise price in accordance with the terms of these warrants, or we consummate (or enter into any agreement with respect to) any other financing with Acuitas and the exercise price of these warrants is greater than the lowest volume weighted average price of our common stock on any trading day during the five trading day period immediately following the public announcement of such transaction with Acuitas, then the exercise price of these warrants will be reduced to the lowest volume weighted average price on any trading day during such five trading day period, and (d) if we issue, sell or enter into any agreement to issue or sell securities at a price which varies or may vary with the market price of the shares of our common stock, the holders of these warrants will have the right to substitute such variable price for the exercise price of their then in effect. In addition, these anti-dilution provisions provide that if the exercise price of the warrants decrease, then the number of shares of our common stock issuable upon exercise thereof will proportionally increase. See “Public Offering Warrants—Warrant Adjustment Provisions,” below, for more information regarding these anti-dilution provisions.
To the extent we trigger, or enter into any agreement or issue any security that would trigger, the anti-dilution provisions of these warrants, our stockholders may experience substantial dilution. For example, in October 2024, the per share exercise price of certain of these warrants was reduced to $2.25 and per share exercise price of the rest of these warrants was reduced to $2.08, and the aggregate number of shares of common stock issuable upon exercise of these warrants increased from approximately 3.3 million to approximately 7.4 million. See “Prospectus Summary—Recent Developments—Warrant Adjustments,” above, and “Public Offering Warrants,” below, for additional information.
The overhang represented by these warrants, coupled with their anti-dilution provisions, may make it more difficult for us to raise additional capital, because of the possible substantial dilution to any new purchaser of our securities and the ability of holders of these warrants to enter into short sales of our stock. Any potential new purchaser of our securities may choose to value our common stock in such a manner that takes into account the number of shares of our common stock that would be outstanding immediately following the exercise of all these warrants.
The exercise of our outstanding warrants and options as well as the issuance of shares pursuant to future equity awards under our stock incentive plan may result in significant dilution to our stockholders.
As of June 30, 2024, we had outstanding warrants to purchase up to approximately 16.8 million shares of our common stock at a weighted average exercise price of $4.65 per share, outstanding options to purchase up to approximately 4.1 million shares of our common stock at a weighted average exercise price of $4.80 per share and approximately 38,650 shares of our common stock remained available for future issuance under our stock incentive plan. The exercise of a significant portion of our outstanding warrants and options and the issuance of shares of our common stock pursuant to future equity awards under our stock incentive plan may result in significant dilution to our stockholders.

Risk Related to our Business

We may need additional funding, and we cannot guarantee that we will find adequate sources of capital in the future.

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We have incurred negative cash flows from operations since inception and have expended, and expect to continue to expend, substantial funds to support and grow our business. We may require additional funds before we are able to generate enough cash flows to fund our operations and meet our obligations. Additionally, if we add more health plans than we anticipate, increase the size of the outreach pool by more than we anticipate, decide to invest in new products or seek out additional growth opportunities, or in order to provide liquidity for an extended period of losses, we would consider raising additional capital.

As of the date of this prospectus, the aggregate principal amount of senior secured convertible promissory notes issued under the Keep Well Agreement is $10.0 million, $8.0 million of which are represented by Demand Notes and are payable upon demand of Acuitas at any time after August 30, 2025, and $2.0 million of which is payable on May 14, 2026, unless it becomes due and payable in full earlier, whether by acceleration or otherwise. If Acuitas were to demand that all or a significant portion of the Demand Notes be paid in August 2025 and if we did not have sufficient excess capital to repay the amounts due, it would have a material adverse effect on our business and raise substantial doubt about our ability to continue as a going concern and adversely impact our ability to meet our obligations as they become due.

We may seek to raise additional capital through equity or debt financings, however, when we can affect such financings and how much capital we can raise depends on a variety of factors, including, among others, market conditions, the trading price of our common stock and our determination as to the appropriate sources of funding for our operations. There can be no assurance that other capital will be available when needed or that, if available, it will be obtained on terms favorable to us and our stockholders.

If we raise additional funds by issuing equity securities, such financing will result in further dilution to our stockholders. Any equity securities issued also may provide for rights, preferences or privileges senior to those of holders of our common stock. If we raise funds by issuing debt securities, such securities would have rights, preferences and privileges senior to those of holders of our common stock, and the terms of the debt securities issued could impose significant restrictions on our operations.

We do not know whether additional funding will be available to us when needed on acceptable terms or at all. If adequate funds are not available or are not available on acceptable terms, we may need to downsize, curtail program development efforts or halt our operations altogether. There can be no assurance that any such financing will be available to us when needed on acceptable terms or at all.


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PUBLIC OFFERING WARRANTS
Background
In a public offering we completed in November 2023, we issued shares of our common stock (or pre-funded warrants to purchase shares of our common stock) and warrants to purchase shares of our common stock. The warrants sold in that public offering accompanying the shares of common stock and pre-funded warrants are the Public Offering Warrants to which this prospectus relates.
The Public Offering Warrants have anti-dilution provisions, pursuant to which, simultaneously with any adjustment to their exercise price on or prior to June 20, 2027, the number of shares of common stock issuable upon exercise increases or decreases proportionally, such that the aggregate exercise price of the warrants, after taking into account the adjustment to their exercise price, will be equal to the aggregate exercise price before such adjustment. When originally issued, the Public Offering Warrants had an exercise price of $0.85 per share (or $12.75 after giving effect to the September 2024 reverse split), subject to adjustment in accordance with their terms. As a result of a series of transactions described below, as of the date of this prospectus, there are outstanding Public Offering Warrants to purchase 4,966,383 shares with an exercise price of $2.08 per share and to purchase 1,483,098 shares with an exercise price of $2.25 per share, in each case, subject to further adjustment in accordance with their terms. Assuming the exercise of all the Public Offering Warrants and that the exercise price is paid in cash, we will receive proceeds of $13.7 million. There can be no assurance that all or any portion of the Public Offering Warrants will be exercised.
March 2024 Adjustments
In March 2024, in connection with entering into the Sixth Amendment (see “Prospectus Summary—Recent Developments—Keep Well Agreement Funding,” above), we and each holder of the Public Offering Warrants entered into waivers, pursuant to which, among other things, such holder agreed to the following adjustments to the exercise price of their Public Offering Warrants then in effect: (i) the exercise price was reduced to $0.36 (or $5.40 after giving effect to the September 2024 reverse split) at the time we entered into the Sixth Amendment; (ii) if $0.36 was greater than the lowest volume weighted average price, or VWAP, of our common stock on any trading day during the five trading day period immediately following the public announcement of us entering into the Sixth Amendment (the “Restricted Transaction Measuring Period”), then the exercise price would be further reduced to the lowest VWAP on any trading day during the Restricted Transaction Measuring Period; and (iii) if any senior secured promissory note issued under the Keep Well Agreement is converted into shares of our common stock at a conversion price less than the exercise price of the Public Offering Warrants then in effect, after giving effect to the preceding clauses (i) and (ii) and any adjustments pursuant to the terms of the Public Offering Warrant (other than Section 3(b) thereof), then the exercise price will be further reduced to such conversion price at such time of such conversion. As of the date of this prospectus, no senior secured promissory note issued under the Keep Well Agreement has been converted into shares of our common stock.
The lowest VWAP on any trading day during the Restricted Transaction Measuring Period was $0.3442 (or $5.163 after giving effect to the September 2024 reverse split). Accordingly, the per share exercise price of the Public Offering Warrants was reduced to $0.3442 (or $5.163 after giving effect to the September 2024 reverse split), which was subject to further adjustment in accordance with the terms of the waivers and the Public Offering Warrants, and simultaneous with such reduction to the exercise price, the number of shares of common stock issuable upon exercise was increased proportionally, such that the aggregate exercise price of the warrants, after taking into account the adjustment in the exercise price, was equal to the aggregate exercise price before the adjustment in the exercise price. The additional shares issuable upon exercise of the Public Offering Warrants resulting from the foregoing adjustment were registered under our registration statement on Form S-1 (file no. 333-278848) declared effective on April 30, 2024.
October 2024 Adjustments
Under the terms of the Public Offering Warrants, in addition to customary adjustments to their exercise price and the number of shares of common stock issuable upon exercise resulting from the September 2024 reverse split, in the event of a stock dividend, stock split, reorganization or similar event affecting our common stock, if the Event Market Price (as defined below) is less than the exercise price then in effect (after giving effect to the customary adjustments thereto as a result of the applicable event), then, on the 16th trading day immediately following the applicable event, the exercise price is reduced to the Event Market Price. “Event Market Price” means, with respect to any stock dividend, stock split, reorganization or similar event affecting our common stock, the quotient
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determined by dividing (x) the sum of the volume weighted average price of our common stock for each of the five lowest trading days during the 20 consecutive trading day period ending and including the trading day immediately preceding the 16th trading day after the date of such event, by (y) five.
On October 8, 2024, we and certain holders of the Public Offering Warrants entered into warrant amendments, pursuant to which, solely with respect to the September 2024 reverse split, the parties agreed to shorten the measuring period for determining the Event Market Price for the September 2024 reverse split so that it ended on the 11th trading day immediately following the September 2024 reverse split. As a result of the foregoing, the exercise price of the Public Offering Warrants of the holders that entered into the warrant amendments was reduced to $2.25 per share, which was the Event Market Price for the shortened period, and the aggregate number of shares of common stock issuable upon the unexercised portions of those warrants as of October 8, 2024 increased to 1,483,098.
With respect to the Public Offering Warrants held by parties that did not enter into the warrant amendments described above, the Event Market Price for the September 2024 reverse split was $2.08. As a result, the exercise price of those Public Offering Warrants outstanding on October 12, 2024 (which was the day immediately following the end of the measuring period for determining the Event Market Price for the September 2024 reverse split other than for the Public Offering Warrants held by parties that entered into the warrant amendments described above) was reduced to $2.08 per share and the aggregate number of shares of common stock issuable upon the unexercised portions of those warrants as of October 12, 2024 increased to 4,966,383.
After taking into account the cashless exercises of Public Offering Warrants that occurred since October 8, 2024, the aggregate number of shares of common stock issuable upon exercise of the Public Offering Warrants as of the date of this prospectus is 6,449,481, consisting of Public Offering Warrants to purchase 4,966,383 shares with an exercise price of $2.08 per share and 1,483,098 shares with an exercise price of $2.25 per share, in each case, subject to further adjustment in accordance with their terms.
Warrant Adjustment Provisions Generally
In addition to customary adjustments in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock, the exercise price of the Public Offering Warrants and the number of shares of common stock issuable upon exercise thereof are subject to adjustment upon the occurrence of the events described below.
•    Adjustment in May 2026. On May 14, 2026, the exercise price of the warrants will be reduced to the greater of (i) $2.376 per share and (ii) the lesser of (x) the then exercise price and (y) the lowest volume weighted average price of our common stock on any trading day during the five trading day period immediately before May 14, 2026.
•    Alternative Exercise Price Following Certain Issuances. If we issue or sell, or enter into any agreement to issue or sell, any common stock, common stock equivalents, or rights, warrants or options to purchase shares of our capital stock or common stock equivalents that are issuable or convertible into or exchangeable or exercisable for shares of our common stock at a price which varies or may vary with the market price of our common stock (excluding customary adjustments in the event of stock dividends, stock splits, reorganizations or similar events), the holder will have the right, in its sole discretion, to substitute the variable price for the exercise price of its warrants.
•    Adjustment for Stock Combination Events. In the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock (a “Stock Combination Event”), if the Event Market Price (as defined below) is less than the exercise price of the warrants then in effect (after giving effect to customary adjustments thereto as a result of the event), then on the 16th trading day immediately following the Stock Combination Event, the exercise price of the warrants will be reduced to the Event Market Price. “Event Market Price” means, with respect to any Stock Combination Event, the quotient determined by dividing (x) the sum of the volume weighted average price of our common stock for each of the five lowest trading days during the 20 consecutive trading day period ending and including the trading day immediately preceding the 16th trading day after the date of such Stock Combination Event, by (y) five.
•    Adjustment Upon Restricted Investor Subsequent Placement. If at any time prior to June 20, 2027, we (1) grant, issue or sell (or enter into any agreement to grant, issue or sell) any shares of common stock, non-convertible indebtedness and/or common stock equivalents to Acuitas that
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results in a reduction of the exercise price in accordance with the terms of the warrants, or (2) consummate (or enter into any agreement with respect to) any other financing with Acuitas (any transaction described in clause (1) or (2), other than certain exempt issuances, a “Restricted Transaction”) and the exercise price of the warrants is greater than the lowest volume weighted average price of our common stock on any trading day during the five trading day period immediately following the public announcement of such Restricted Transaction, then the exercise price of the warrants will be reduced to the lowest volume weighted average price on any trading day during such five trading day period.
•    Adjustment for Dilutive Issuances. If we issue (or enter into any agreement to issue or are deemed to have issued) any shares of our common stock or common stock equivalents, excluding certain exempt issuances, for a consideration per share less than the exercise price of the warrants in effect immediately prior to such issuance or deemed issuance, then the exercise price of the warrants will be reduced to an amount equal to the consideration per share at which the common stock or common stock equivalents were issued or deemed issued.
•    Adjustment to Number of Shares Issuable Upon Exercise. Simultaneously with any adjustment to the exercise price on or prior to June 20, 2027, the number of shares of common stock issuable upon exercise will be increased or decreased proportionally, such that the aggregate exercise price of the warrants, after taking into account the adjustment in the exercise price, will be equal to the aggregate exercise price before the adjustment in the exercise price.
In the event of a fundamental transaction, as described in the Public Offering Warrants and which generally includes any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common stock, a holder of the Public Offering Warrants will be entitled to receive upon exercise thereof the kind and amount of securities, cash or other property that the holder would have received had it exercised the holder’s applicable warrant immediately prior to such fundamental transaction. Additionally, as more fully described in the Public Offering Warrants, in the event of certain fundamental transactions, the holder will be entitled to receive consideration in an amount equal to the Black Scholes Value (as defined in the warrants) of the warrants on the date of consummation of such transaction.
PLAN OF DISTRIBUTION
The shares of common stock underlying the Public Offering Warrants are being offered directly by the Company, without an underwriter, and the holders of the Public Offering Warrants may purchase the shares of common stock directly from the Company, by exercising such warrants.
USE OF PROCEEDS
Assuming the exercise of all the Public Offering Warrants and that the exercise price is paid in cash, we will receive proceeds of $13.7 million. There can be no assurance that all or any portion of the Public Offering Warrants will be exercised or, if exercised, that the exercise price therefor is paid in cash.
We will retain broad discretion over the use of the proceeds from this offering. We currently intend to use such proceeds for general corporate purposes, which may include working capital. Pending the use of proceeds, we plan to invest the proceeds in marketable securities, short-term interest-bearing investment-grade securities, certificates of deposit or government securities.
DESCRIPTION OF OUR COMMON STOCK
Our authorized capital stock consists of 550,000,000 shares, consisting of 500,000,000 shares of common stock, $0.0001 par value per share and 50,000,000 shares of preferred stock, $0.0001 par value per share.
As of October 11, 2024, there were 4,217,842 shares of common stock outstanding.
Each holder of common stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of the stockholders, including the election of directors. Our amended and restated certificate of incorporation, as amended, and our amended and restated bylaws do not provide for cumulative voting rights.
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Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of our outstanding shares of common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. In the event of our liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders of any outstanding shares of preferred stock.
Holders of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock.
The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that are outstanding, including the Series A Preferred Stock, or that we may designate and issue in the future.
All of our outstanding shares of common stock are fully paid and nonassessable.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
以下表格詳細列出了截至2024年10月11日（「計量日期」）針對以下各方的我公司普通股的受益所有權情況：（a）據我公司所知，每位股東對我公司普通股的受益所有權超過5％；（b）我們列名的執行主管；（c）我們的每位董事；以及（d）所有當前董事和執行主管作爲一個團體。根據SEC規則確定受益所有權，包括對證券的投票權或投資權。我們認爲，在計量日期後60天內可以通過期權或權證的行使或可轉換票據的轉換而被個人或團體獲得的普通股應計入已發行股份的範圍，以便計算該個人或團體持股比例，但不得用於計算表中其他人的持股比例。除本表的腳註所示外，我們認爲本表中列名的股東根據這些股東向我們提供的信息對其所擁有的普通股所顯示的全部份額擁有獨立的投票和投資權。持股比例基於計量日期上流通的4,217,842股普通股。
總費用
股份普通的
普通股有益擁有股票百分比
股票擁有有益擁有1995年。
最終解決方案爲其全部股份，不被沒收或修改）僅佔這45000萬股的0.6%。 擁有(2)擁有在確定A&R計劃下的初始股權儲備池時，我們還考慮了過去三個財年的股權報酬授予情況（如下表所示），以及未來四年的預計股權授予需求。在確定A&R計劃下的初始股權池儲備時，我們假設不會根據年度常青功能向股權儲備池添加股份。
新授予的股份數量1,937,61346,021,15547,958,76895.5%
董事和具名高管:
Restricted Stock Units1,937,61346,021,15547,958,76895.5%
Michael E. Sherman17322,15422,327*
這個摘要並未涉及所有與任何特定投資者相關的稅務後果，包括適用於所有納稅人或特定納稅人類別的普遍規則所引發的稅務考慮，或一般被認爲投資者已知的稅務考慮。例如，這個摘要並未涉及以下人士的稅務後果：（i）可能受到美國聯邦所得稅法特殊處理的人士，如銀行、保險公司、儲蓄機構、受監管投資公司、房地產投資信託、免稅組織、美國外籍人士或前公民或居民、可能受替代所得稅或公司最低稅的人士、功能貨幣不是美元的人士、合夥企業或其他透明企業、選擇按市價計價的證券交易商和證券或貨幣交易商，（ii）在就業或履行其他服務的情況下獲得股票或股權獎勵的人士，（iii）將我們的普通股作爲「套期保值交易」、「對沖交易」、「轉換交易」或其他聯合投資交易的一部分而持有這些股票的人士，（iv）將我們的普通股不視爲「資本資產」的人士（通常爲用於投資的財產）。這個摘要並未涉及備用扣繳和信息報告。這個摘要並未涉及通過「外國金融機構」（如《碼章1471(d)(4)》下定義）或《碼章1472》中指定的其他某些非美國實體通過有利益地擁有普通股的美國持有人。這個摘要並未涉及對於裝訂法案（即聯邦所得稅法定）下的淨投資收入的醫療保險稅、有關我們的優先股的稅務考慮以及根據任何國家、地方或外國法律或聯邦遺產或贈與稅法而引發的稅務考慮。—16,29116,291*
我們沒有尋求，也不會尋求美國國內稅務局的意見或裁決，關於反向股票拆分的美國聯邦所得稅後果，並不能保證美國國內稅務局不會對下面所述的陳述和結論提出質疑，或者法院不會維持任何這樣的質疑。—13,91713,917*
關於上表中提到的未決獎勵，下表詳細介紹了截至2024年7月18日的未決獎勵情況。下表中的信息不反映2024年6月根據A&R計劃授予的股票期權授予情況，該情況僅在我們的股東批准A&R計劃後生效。請參閱下文的「—新計劃待遇」。4914,7725,263*
Exercise Price6933,5274,220*
James J. Park2142,4862,700*
所有董事和高管作爲一個團隊(7人)1,57163,14764,7181.5%
13

_____________
*小於1％。
(1)
除下面所列外，所有列名個人的通訊地址均爲Ontrak, Inc.的c/o，在333 S. E. 2號nd 大道，第2000號套間，邁阿密，佛羅里達，33131。
(2)（72,849,746 + 1,916,156 + 135,000,000）/（2024年7月18日之前的流通股份數 + 72,849,746 + 1,916,156 + 135,000,000）
(3)Acuitas Group Holdings, LLC（「Acuitas」）是由Terren S. Peizer百分之百擁有的有限責任公司。所擁有的普通股權益總數包括：（i）1,937,613股普通股；（ii）34,910,035股普通股，這些普通股可以通過行使未償債券轉換而發行；（iii）5,555,560股普通股，這些普通股可以通過將所有未償的本金按每股1.80美元的轉換價格全部轉爲股票且支付當前計算的所有利息的現金來發行，和（iv）5,555,560股普通股，這些普通股可以通過行使與條款（iii）提及的債券轉換有關的權證而發行。 Acuitas和Peizer的地址位於波多黎各多拉多海灘德拉多，00646號3831。
(4)前董事長兼首席執行官。
法律事項 除非適用的招股說明書另有說明，否則本招股說明書所提供證券的有效性將由紐約Ellenoff Grossman & Schole LLP律師事務所審核。如果與本招股說明書有關的法律事項由承銷商、經銷商或代理商的法律顧問通過審核，則這些律師將在適用的招股說明書中命名。
我們在本次發行中發行的普通股的有效性將由加利福尼亞州聖地亞哥的謝潑德，穆林，裏希特和漢普顧問律師事務所負責。
可獲取更多信息的地方
Ontrak, Inc.及其附屬公司截至2023年和2022年12月31日的合併資產負債表，以及截至當年結束時的每年的相關合並利潤表、股東權益表和現金流量表，已由獨立註冊會計師事務所EisnerAmper LLP審計，其報告已納入參考。這些基本報表已納入參考，仰賴這家會計和審計專家所作報告。 公司 並依賴於他們作爲會計和審計專家的權威發表的報告。
在哪裏尋找更多信息
此招股說明書是我們向SEC提出的註冊聲明的一部分。該招股說明書未包含註冊聲明中所列的所有信息以及註冊聲明和註冊聲明中作爲一部分提交的附表。有關我們及在本招股說明書下提供的證券的進一步信息，我們建議您參閱註冊聲明以及作爲註冊聲明的一部分提交的附表和時間表。本招股說明書中包含的或被引用於本招股說明書中有關任何合同或其他文件內容的聲明並不一定完整。如果某個合同或文件已作爲註冊聲明的附件提交，而本招股說明書作爲其中的一部分，請參閱已提交的合同或文件的副本。本招股說明書中包含的或被引用於本招股說明書中與作爲附件提交的合同或文件相關的每一項聲明均受到已提交的附件的所有方面的限制。
我們向美國證券交易委員會提交年度、季度和當前報告、代理聲明以及其他信息。我們的SEC文件可通過商業文件檢索服務和SEC網站http://www.sec.gov向公衆提供。
我們在www.ontrakhealth.com維護一個網站。您可以免費在我們的網站上儘快查閱提交給SEC的年度10-k表、季度10-Q表、當前8-k表以及根據《交易所法》第13(a)或第15(d)條款提交或提供的相關修正報告。我們網站包含的信息，或可通過網站獲取的信息，並未納入本招股說明書，也不構成其一部分。
文件的納入參考
本招股書是註冊聲明的一部分，但註冊聲明包括並通過參考添加的額外信息和附件。SEC允許我們「通過參考」納入所包含的信息。 公司。此擔保債權人的地址爲 我們向SEC提交的文件，這意味着我們可以通過引用這些文件向您披露重要信息，而不是在本招股書中提供此類信息。被參考納入的信息被視爲本招股書的一部分，您應該像閱讀本招股書一樣仔細閱讀它。我們隨後向SEC提交的文件中的信息將自動更新。
14

超越本招股說明書中包含的或者通過引用納入的信息，並且自這些文件提交日期起將被視爲本招股說明書的一部分。我們通過引用下面列出的文件（除了根據8-K表格的2.02條款或7.01條款提供的當前報告）納入SEC（文件編號001-31932）提交的文件。
●
我們2022財年於12月31日結束的年度報告，最初於2023年4月20日向證券交易委員會提交； 10-K表格 截至2023年12月31日的年度報告已於2024年4月16日提交給證監會；
●
我們每季度提交給證監會的10-Q表格報告中，分別是 2024年5月15日和頁面。2024年8月14日;
●
我們目前的8-k表格報告分別已提交給證監會。 2024年3月28日, 2024年4月8日, 2024年5月21日, 2024年9月13日, 2024年9月19日, 2024年10月8日和2024年10月15日;
●
我們關於 定義性代理聲明，第14A日程,已於2024年7月29日提交給美國證券交易委員會; 並
●
在文件上陳述的我們普通股的描述 表格8-A12B 報告於2017年4月21日提交，包括因更新該描述而提交的任何修正或報告。
 
我們還通過參考將除8-k表格的2.02條款或7.01條款規定的當前報告和隨附這些報告的與這些條款相關的陳述之外的所有文件(除非這些當前報告明確另有規定，以及根據SEC制定的適用規則所要求的但未被歸檔的文件的其他部分)，我們根據交易所法案的第13(a)、13(c)、14或15(d)章的規定在此招股說明書中列明的註冊聲明生效日期後並於此招股說明書結束之前向SEC提交的文件都將成爲此招股說明書的一部分，這些文件將從提交給SEC的日期起成爲此招股說明書的一部分。
We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, without charge, upon written or oral request, a copy of any or all of the reports or documents incorporated by reference in this prospectus, including any exhibits specifically incorporated by reference in any such reports or documents, but not delivered with this prospectus. You should direct any requests for reports or documents to:
Ontrak, Inc.
333 S. E. 2nd Avenue, Suite 2000
Miami, FL 33131
Phone: (310) 444-4300
You also may access the reports and documents on our website at http://www.ontrakhealth.com. We do not incorporate the information on our website into this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus or any supplement to this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus or any supplement to this prospectus).
Any statement contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed modified, superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes or replaces such statement. Any statement contained herein or in any document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded for purposes of the registration statement of which this prospectus forms a part to the extent that a statement contained in any other subsequently filed document which also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of the registration statement of which this prospectus forms a part, except as so modified or superseded.
15







Up to 6,449,481 Shares of Common Stock
Underlying Outstanding Warrants

 
 
image_1.jpg
 
 
 
Ontrak, Inc.
 
 
 
 
 
PRELIMINARY PROSPECTUS
 
 
 
 
 

 
 
 
                  , 2024
 
 




PART II—INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution
The following table sets forth all expenses, other than the agency discounts and commissions, payable by the registrant in connection with the sale of the securities being registered. All the amounts shown are estimates except the SEC registration fee.
Amount to be paid
SEC registration fee$1,113
Accounting fees and expenses$25,000
Legal fees and expenses$25,000
Miscellaneous$5,000
Total$56,113
 
Item 14. Indemnification of Directors and Officers
Section 102 of the General Corporation Law of the State of Delaware (the “DGCL”) permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation, as amended, provides that no director of the Company shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.
Section 145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
Our amended and restated certificate of incorporation, as amended, limits the liability of our directors to the fullest extent permitted by the DGCL.
We have director and officer liability insurance to cover liabilities our directors and officers may incur in connection with their services to us, including matters arising under the Securities Act. Our amended and restated certificate of incorporation, as amended, and our amended and restated bylaws also provide that we will indemnify our directors and officers who, by reason of the fact that he or she is one of our officers or directors of our company, is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative related to their board role with the company.



Item 15. Recent Sales of Unregistered Securities
The information below is provided with respect to all securities of the registrant sold by the registrant within the past three years which were not registered under the Securities Act. Except as indicated below, all of the securities described below were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering. The number of shares of common stock issuable upon conversion of the convertible notes and upon exercise of the warrants described above is subject to adjustment in accordance with the terms of such securities, and, with respect to the convertible notes, assumes all accrued and unpaid interest is paid in cash. The share numbers and per share exercise prices of warrants described below reflect the reverse stock split effected on September 23, 2024.
Issuances in connection with the acquisition of LifeDojo Inc.
In connection with our acquisition of LifeDojo Inc., we issued the following shares of our common stock as either partial consideration for the acquisition or as payment of a portion of the $1.8 million stock price guarantee contingent liability related to the acquisition:
• in November 2021, we issued 1,833 shares of our common stock;
• in March 2022, we issued 271 shares of our common;
• in June 2022, we issued 101 shares of our common stock; and
•in January 2024, we issued 83 shares of our common stock.
Issuances in connection with consulting services
In March 2022, we issued 618 shares of our common stock to The Money Channel NYC INC as consideration for consulting services.
Issuances under the Note Purchase Agreement with Goldman Sachs Specialty Lending Group, L.P.
We issued the following warrants to purchase shares of our common stock in connection with the Eight Amendment to the Note Purchase Agreement with Goldman Sachs Specialty Lending Group, L.P.:
• in March 2022, warrants to purchase an aggregate of 1,464 shares of our common stock;
• in April 2022, warrants to purchase an aggregate of 409 shares of our common stock;
• in May 2022, warrants to purchase an aggregate of 291 shares of our common stock; and
• in June 2022, warrants to purchase an aggregate of 401 shares of our common stock.
Issuances under the Keep Well Agreement
We entered into a Master Note Purchase Agreement with Acuitas Capital LLC (together with its affiliates, including Acuitas Group Holdings, LLC and Terren S. Peizer, “Acuitas”), dated as of April 15, 2022 (as amended, the “Keep Well Agreement”). In accordance with the terms of the Keep Well Agreement, we issued the securities described below to Acuitas. The number of shares underlying warrants reflect the current number of underlying shares after giving effect to all adjustments thereto, including the reverse stock split effected on September 23, 2024:

• in July 2022, we issued a senior secured note in a principal amount of $5,000,000 (the “July 2022 note”);
• in August 2022, we issued (i) 8,219 shares of our common stock; and (ii) a warrant to purchase shares of our common stock (the “August 2022 warrant”);
• in September 2022, we issued (i) a senior secured note in the principal amount of $6,000,000 (the “September 2022 note”), and (ii) a warrant to purchase shares of our common stock (the “September 2022 warrant”);
• in January 2023, we issued (i) a senior secured note in the principal amount of $4,000,000 (the “January 2023 note”), and (ii) a warrant to purchase shares of our common stock (the “January 2023 warrant”);
• in February 2023, following receipt of stockholder approval for the following issuances, we issued:
◦ 22,646 shares of our common stock;
◦ in exchange for the August 2022 warrant, a warrant to purchase 821,581 shares of our common stock;


◦ in exchange for the September 2022 warrant, a warrant to purchase 985,898 shares of our common stock;
◦ in exchange for the January 2023 warrant, a warrant to purchase 657,265 shares of our common stock; and
◦ in exchange for the July 2022 note, the September 2022 note and the January 2023 note, senior secured convertible notes (each, a “convertible note”) in the aggregate principal amount of $15.0 million, which are currently convertible into 8,333,334 shares of our common stock (assuming a conversion price of $1.80);
• in March 2023, we issued (i) a convertible note in the principal amount of $4,000,000, which, is currently convertible into 2,222,223 shares of our common stock assuming a conversion price of $1.80, and (ii) a warrant to purchase 657,265 shares of our common stock;
• in November 2023, we issued:
◦ a pre-funded warrant to purchase 1,299,575 shares of our common stock; and
◦ 1,203,653 shares of our common stock in connection with the conversion of $16.2 million of convertible notes (the “Notes Conversion”), and in connection therewith, we issued a warrant to purchase up to 7,812,169 shares of our common stock;
• in December 2023, because the conversion price of the convertible notes converted in the Notes Conversion was less than the public offering price of the securities we issued in a public offering that closed in November 2023, we issued (i) 601,827 additional shares of common stock, which when added to the shares of common stock issued in respect of the Notes Conversion, equaled the total number of shares of common stock that we would have issued in respect of the Notes Conversion if the convertible notes converted in the Notes Conversion were converted at a conversion price equal to the public offering price; and (ii) the exercise price of the Conversion Warrant was reduced to the public offering price and the number of shares of common stock subject to the Conversion Warrant was increased to the number of shares of common stock that would have been subject to the Conversion Warrant if the convertible notes converted in the Notes Conversion were converted at a conversion price equal to the public offering price;
• in April 2024, we issued a convertible note in the principal amount of $1,500,000, which is currently convertible into 833,334 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 1,442,308 shares of our common stock;
• in May 2024, we issued a convertible note in the principal amount of $1,500,000, which is currently convertible into 833,334 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 1,442,308 shares of our common stock;
• in June 2024, we issued a convertible note in the principal amount of $1,500,000, which is currently convertible into 833,334 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 1,442,308 shares of our common stock;
• in August 2024, we issued a convertible note in the principal amount of $1,500,000, which is currently convertible into 833,334 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 1,442,308 shares of our common stock;
• in September 2024, we issued a convertible note in the principal amount of $1,000,000, which is currently convertible into 555,556 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 961,538 shares of our common stock; and
• in October 2024, we issued a convertible note in the principal amount of $1,000,000, which is currently convertible into 555,556 shares of our common stock assuming a conversion price of $1.80, and we issued a warrant to purchase 961,538 shares of our common stock.
Issuances in connection with cashless exercise of warrants
In October 2024, we issued 142,711 shares of our common stock upon the cashless exercise of a warrant. Such shares were issued in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act.








Item 16. Exhibits and Financial Statement Schedules

EXHIBIT INDEX
Exhibit
No.
Description
3.1(a)
3.1(b)
3.1(c)
3.1(d)
3.1(e)
3.1(f)
3.1(g)
3.2
4.1
4.2
4.3
4.4
4.5(a)
4.5(b)


4.5(c)
4.5(d)
4.6(a)
4.6(b)
4.6(c)
4.7(a)
4.7(b)(i)
4.7(b)(ii)
4.8(a)
4.8(b)
5.1*
10.1#
10.2(a)#

10.2(b)#
10.3#


10.4(a)#
10.4(b)#
10.4(c)#
10.4(d)#
10.5#
10.6#
10.7#
10.8#
10.9#
10.10(a)
10.10(b)
10.10(c)
10.10(d)
10.10(e)
10.10(f)


10.10(g)
10.10(h)
10.10(i)
10.10(j)
10.10(k)
10.10(l)
10.10(m)
10.10(n)
10.11(a)
10.11(b)
10.12
10.13#
21.1
23.1*
23.2*
24*
107*
___________________
 


 *
Filed herewith
 #Indicates a management contract or compensatory plan.

Item 17. Undertakings
The undersigned registrant hereby undertakes:
 
 (1)To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
 
 (i)To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
 
 (ii)To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Filing Fee Tables” or “Calculation of Registration Fee” table, as applicable, in the effective registration statement.
 
 (iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
 
provided, however, that paragraphs (i), (ii) and (iii) do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement;
 
 (2)That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
 
 (3)To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
 
 (4)That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and
 


 (5)That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
 
 (i)Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
 
 (ii)Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
 
 (iii)The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
 
 (iv)Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
 
(6)For purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
 


SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Miami, State of Florida, on the 18th day of October, 2024.
 ONTRAK, INC.
  
 By:/s/ Brandon H. LaVerne
  Brandon H. LaVerne
  Chief Executive Officer (Principal Executive Officer)
 
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Brandon H. LaVerne and James J. Park, or either of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her in any and all capacities, to sign any and all amendments to this registration statement, including post-effective amendments or any abbreviated registration statement and any amendments thereto filed pursuant to Rule 462(b) and Rule 462(e) and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, with full power to act alone, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in their capacities and on the date indicated.
Signature Title Date
     
/s/ Brandon H. LaVerne Chief Executive Officer 
October 18, 2024
Brandon H. LaVerne (Principal Executive Officer)  
     
/s/ James J. Park Chief Financial Officer 
October 18, 2024
James J. Park (Principal Financial and Accounting Officer)  
     
/s/ Michael Sherman Chairman of the Board of Directors 
October 18, 2024
Michael Sherman    
     
/s/ Richard A. Berman Director 
October 18, 2024
Richard A. Berman    
     
/s/ James M. Messina Director 
October 18, 2024
James M. Messina