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Chrysler
Center
666
Third Avenue
New
York, NY 10017
212 935
3000
mintz.com
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November
14, 2018
DropCar,
Inc.
1412
Broadway, Suite 2105
New
York, New York 10018
Ladies
and Gentlemen:
This
opinion is furnished to you in connection with a Prospectus
Supplement, dated November 14, 2018, to a Prospectus dated November
9, 2018 (the “Prospectus” and “Prospectus
Supplement”), filed pursuant to a Registration Statement on
Form S-3, Registration No. 333-227858 (the “Registration
Statement”), filed by DropCar, Inc., a Delaware corporation
(the “Company”), with the Securities and Exchange
Commission (the “Commission”) under the Securities Act
of 1933, as amended (the “Securities Act”), with
respect to the Pre-Funded Series K Warrants (the
“Warrants”) to purchase an aggregate of 1,666,666
shares (the “Warrant Shares”) of its common stock,
$0.0001 par value per share (the “Common Stock”). The
Warrants are to be sold pursuant to a Securities Purchase Agreement
dated November 14, 2018 by and between the Company and the
Purchaser named therein (the “Purchase Agreement”),
which is filed as an exhibit to the Company’s Quarterly
Report on Form 10-Q for the period ended September 30, 2018 and
incorporated by reference into the Registration Statement. All
capitalized terms used herein and not otherwise defined shall have
the respective meanings given to them in the Registration
Statement.
In connection with this opinion, we have examined
originals or copies, certified or otherwise identified to our
satisfaction, of: (i) the Certificate of Incorporation of the
Company, as amended through the date hereof; (ii) the Amended and
Restated Bylaws of the Company, as amended through the date hereof;
(iii) certain resolutions of the Board of Directors of the Company
(the “Board”) relating to the issuance, sale and registration of
the Warrants and the Warrant Shares; (iv) the Registration
Statement, together with the exhibits thereto filed with the
Commission; (v) the Prospectus and Prospectus Supplement; (vi) such
other records of the corporate proceedings of the Company and
certificates of the Company's officers as we have deemed relevant;
and (vii) the Purchase Agreement, the form of Warrant and the
transactions contemplated thereby. In addition, we have examined
originals or copies, certified or otherwise identified to our
satisfaction, of certain other corporate records, documents,
instruments and certificates of public officials and of the
Company, and we have made such inquiries of officers of the Company
and public officials and considered such questions of law as we
have deemed necessary for purposes of rendering the opinions set
forth herein. Our opinions are limited to the matters stated herein
and no opinion is implied or may be inferred beyond the matters
expressly stated. As to certain factual matters, we have relied
upon a certificate of an officer of the Company and have not sought
to independently verify such matters.
In
our examination, we have assumed the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as certified or
photostatic copies and the authenticity of the originals of such
copies.
BOSTON LONDON LOS
ANGELES NEW
YORK SAN
DIEGO SAN
FRANCISCO WASHINGTON
MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.
Our
opinion is limited to the General Corporation Law of the State of
Delaware and we express no opinion with respect to the laws of any
other jurisdiction. No opinion is expressed herein with respect to
the qualification of the Warrants or the Warrant Shares under the
securities or blue sky laws of any state or any foreign
jurisdiction.
Please
note that we are opining only as to the matters expressly set forth
herein, and no opinion should be inferred as to any other matters.
This opinion is based upon currently existing statutes, rules,
regulations and judicial decisions, and we disclaim any obligation
to advise you of any change in any of these sources of law or
subsequent legal or factual developments which might affect any
matters or opinions set forth herein.
Based
upon the foregoing, we are of the opinion that:
1.
The
Warrants have been authorized for issuance and, when issued and
paid for in accordance with the Purchase Agreement and the
Prospectus Supplement, will be duly authorized and validly
issued.
2.
The
Warrant Shares have been authorized for issuance and, when issued
and paid for in accordance with the terms of the Warrants, will be
duly authorized, validly issued, fully paid and
non-assessable.
We understand that you wish to file this opinion
with the Commission as an exhibit to a Quarterly Report on Form
10-Q for incorporation by reference into the Registration Statement
in accordance with the requirements of Item 601(b)(5) of Regulation
S-K promulgated under the Securities Act and to reference the
firm's name under the caption "Legal Matters" in the Prospectus
Supplement, and we hereby consent thereto. In giving this consent, we do not admit that we
are within the category of persons whose consent is required under
Section 7 of the Securities Act or the rules and regulations of the
Commission promulgated thereunder.
Very
truly yours,
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/s/
Mintz, Levin, Cohn, Ferris, Glovsky
& Popeo, P.C.
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Mintz,
Levin, Cohn, Ferris, Glovsky & Popeo, P.C.
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BOSTON LONDON LOS
ANGELES NEW
YORK SAN
DIEGO SAN
FRANCISCO WASHINGTON
MINTZ, LEVIN, COHN, FERRIS, GLOVSKY AND POPEO, P.C.