根據2024年10月16日提交給美國證券交易委員會的文件

註冊編號333-            

美國

證券交易委員會

華盛頓特區，20549

表格S-3

註冊聲明書 根據1933年證券法

SPECTRAL AI, INC.

（公司章程中指定的準確公司名稱）

2515 麥金尼大道，1000號套房

Dallas，TX 75201

972-499-4934

(包括註冊人主要行政辦公室的地址，郵政編碼以及電話號碼(包括區號))

Vincent S. Capone

致富金融(臨時代碼)官和 總法律顧問

2515 McKinney Avenue, 1000號套房

達拉斯，TX 75201。

(972) 499-4934

(代理服務的姓名、地址（包括郵政編碼）和電話號碼（包括區號）)

應向代理服務發送的所有通信，包括髮送給代理服務的通信的副本：

Herbert F. Kozlov律師

林伍德 雷因哈特，律師

裏德 史密斯律師事務所

599 列剋星敦大道

紐約 紐約 10022-7650

(212) 521-5400

擬公開銷售計劃開始日期在本註冊聲明生效日期後的不時之間。

如果此表格上僅登記的證券是根據股息或利息再投資計劃提供的，請勾選下列方框：☐

如果該表格上登記的任何證券將根據1933年證券法規下規則415提供延遲或連續的基礎，除了僅與股息或利息再投資計劃相關提供的證券外，請勾選下列方框：☒

如果此表格是根據《證券法》規定第462（b）條規定的註冊額外證券的表格，請勾選下面的框，並列出該名早期有效註冊聲明的《證券法》註冊聲明編號，以供同一發行使用。☐

如果此表格是根據《證券法》規定第462（c）條而提交的後期有效修改的表格，請勾選下面的框，並列出同一發行的早期有效證券法註冊聲明的《證券法》註冊聲明編號。☐

如果此表格是根據I.D.常規指導原則（General Instruction I.D.）或其後期修正而提交的註冊聲明，在提交給證券交易委員會時應根據《證券法》第462（e）條生效，請勾選下面的框。☐

如果此表格是根據I.D.常規指導原則（General Instruction I.D.）提交的後期有效修改的註冊聲明，並根據《證券法》第413(b)條提交以註冊其他證券或其他類證券的，請勾選下面的框。☐

根據證券交易所法案規則12B-2的定義，在勾選標誌處指出發行人是屬於大型加速文件申報人、加速文件申報人、非加速文件申報人、小型報告公司還是新興成長公司

如果是新興成長型公司，則在根據《證券法》第7(a)(2)(B)條規定獲得的任何新的或修訂的財務會計準則的遵守的延長過渡時期中選擇不使用，請勾選。☐

申請人在所需的日期或日期修訂本登記聲明，以延遲其生效日期，直到申請人提交更進一步修訂，明確聲明本登記聲明將根據1933年證券法第8(a)條生效，或者直到證券交易委員會根據該第8(a)條採取行動確定該登記聲明生效的日期。

這份初步招股意向書中的信息並不完整，可能會有變動。在與證券交易委員會（SEC）提交的註冊聲明生效之前，我們將無法賣出這些證券。本招股書並不構成對這些證券的出售要約，我們也不會在任何不允許進行要約或出售的司法轄區內尋求購買這些證券。

截至日期爲2024年10月16日

招股書

高達5000萬美元的普通股

我們可能不時地以我們當時確定的金額、價格和條款，在一次或多次發行中，最多出售總值5000萬美元的普通股股份，面值爲0.0001美元（「普通股」）。其中部分收入可能用於償還由我們全資子公司Spectral IP, Inc.於2024年3月18日向SIm Tech Licensing LLC發行的一份價值100萬美元的本票（「Spectral IP Note」）。有關Spectral IP Note的說明，請參見「資金用途」章節。

本說明書描述了這些證券的一般條款和我們將如何提供證券的一般方式。我們將在本說明書的附錄中提供任何發行的具體條款。任何說明書補充也可能補充、更新或更改本說明書中包含的信息。

在購買本招股說明書所提供的證券之前，您應該仔細閱讀本招股說明書和適用的招股說明書補充，以及本招股說明書中納入或被視爲納入的文件。您還應閱讀我們在本招股說明書「在哪裏可以找到更多信息」部分提及的文件，以獲取有關我們和我們財務報表的信息。

這些證券可能在同一發行或分開發行中提供和銷售；通過包銷商、經銷商和代理商；或直接銷售給購買者。參與銷售我們證券的任何包銷商、經銷商或代理商的名稱、他們的報酬以及他們持有的超額配售期權將在適用的招股說明書中描述。請參閱「分銷計劃」。

我們的普通股票在納斯達克資本市場（簡稱"納斯達克"）以"MDAI"標的上市。截至2024年9月27日，我們的普通股最後報告的銷售價格爲每股1.21美元，如在納斯達克上報告。我們建議您在做出投資決定前獲取我們的普通股的當前市場行情。我們將在任何適用的招股說明書中提供有關在任何證券交易所上市的除我公司普通股以外的證券的信息。除非隨附招股說明書補充，否則本招股說明書不得用於出售我們的證券。

我們是一家「新興成長型公司」和「較小報告公司」，適用聯邦證券法律，將受到較少的報告要求。本招股說明書符合作爲新興成長型公司的發行人適用的要求。

截至2024年10月15日，我們未受關聯方持有的已發行普通股總市值，即公開流通股，約爲13059556美元，該數值是根據我們未受關聯方持有的10364727股已發行普通股和每股1.26美元的價格計算而得，這是2024年10月15日我們普通股的最後報價。根據本招股說明書日期，我們在發起本招股說明書之前的12個日曆月內根據《S-3表格》I.b.6的一般說明未提出或銷售任何證券。根據《S-3表格》I.b.6的一般說明，在任何12個月期間，只要我們的公開流通股市值低於7500萬美元，我們絕不會以公開初次發行價值超過我們公開流通股（由我們的非關聯方持有的普通股市值）的三分之一的價值提供在本註冊聲明中登記的證券。

您應該仔細閱讀本招募說明書、任何與證券特定發行相關的招募說明書以及在本招募說明書和這些文件中引用的所有信息。

投資我們的證券涉及高風險。這些風險在本招股說明書第4頁的「風險因素」部分和本招股說明書中引用的文件中有所討論。

證券交易委員會（「SEC」）或任何州證券委員會未批准或否認這些證券，也未對本招募說明書的充分性或準確性進行過審查。任何相反的聲明都是違法的行爲。

本招股說明書的日期爲               ，2024年

目錄

關於本招股說明書

本招股說明書是我們向美國證券交易委員會（SEC）申報的S-3表格註冊聲明之一，採用了「貨架」註冊程序。 根據該貨架程序，我們可能不時根據本招股說明書中描述的內容，通過一次或多次發行，賣出高達5000萬美元的普通股。

本招股說明書向您提供了我們可能發行的證券的概要描述。每次我們銷售證券時，我們將提供一個招股說明書補充，其中將包含有關該發行的具體信息。招股說明書補充還可能補充、更新或更改招股說明書中包含的信息，因此，如果有不一致之處，本招股說明書中的信息將被招股說明書中的信息取代。我們還可能授權提供給您一個或多個自由撰寫的招股說明書，這些招股說明書可能包含與發行有關的重要信息。

附表將附在本招股說明書的前面，可能會描述：所提供證券的條款；公開發行價格；證券的價格；淨收益；以及與證券發行相關的其他特定條款。

您應僅依賴本招募說明書中引用或併入您購買任何所選擇的證券的任何招募說明書和任何相關的發行人自由書面招募說明書中包含的信息，而不是依賴任何人在此招募中提供在本招募說明書、任何附帶的招募說明書中包含或引用的任何說明或做出任何陳述。招募說明書或任何相關的發行人自由書面招募說明書不得在任何管轄範圍內作爲出售提供的證券或徵集出售提供的證券的要約。本招募說明書不包含登記聲明中包含的所有信息。爲更全面地了解證券的招募，請參考登記聲明及其附件。

您應閱讀整份招股說明書，以及任何招股說明書補充，以及任何相關發行者自由書寫招股說明書，以及被引用至本招股說明書或任何招股說明書補充或任何相關發行者自由書寫招股說明書中的文件，再加上「您在哪裏可以找到更多信息」裏描述的額外信息，然後再做出投資決定。您還應認真考慮，除其他事項外，在本節「風險因素」中討論的事項。無論在任何情況下，招股說明書或任何招股說明書補充或任何發行者自由書寫招股說明書的交付，或在此處作出的任何銷售，都不意味着所含信息或在此處或任何招股說明書補充或發行者自由書寫招股說明書中引用的信息在此後的任何日期，或在此次招股說明書或招股說明書補充或發行者自由書寫招股說明書的日期後正確.您應假設出現在本招股說明書，任何招股說明書補充或任何被引用文件中的信息，僅在適用文件的日期有效，而不考慮本招股說明書的交付時間或證券銷售的時間.自那日期以來，我們的業務、財務狀況、運營結果和前景可能已經發生了變化。

本招股說明書包含若干前瞻性聲明，受到許多超出我們控制範圍的風險和不確定性的影響。請參閱出現在本招股說明書和我們提交給證券交易委員會的文件中、被引用於本招股說明書中的「風險因素」和「關於前瞻性聲明的警告聲明」。

關於前瞻性聲明的警示

本招股說明書和作爲參考的文件中包含根據《證券法案》第27A條和1934年修正案《證券交易法案》第21E條的前瞻性陳述。關於我們的期望、信念、計劃、目標、假設或未來事件或表現的任何陳述均不是歷史事實，可能具有前瞻性。這些陳述往往是通過使用諸如「預計」、「相信」、「思考」、「繼續」、「可能」、「估計」、「期望」、「打算」、「可能」、「計劃」、「潛力」、「預測」、「項目」、「尋求」、「應該」、「目標」、「將」、「會」和類似表達或這些術語的否定及類似表達來進行的。因此，這些陳述涉及估計、假設和不確定性，可能導致實際結果與其表達的結果有實質性差異。任何前瞻性陳述均得到本招股說明書全文討論的因素以及特別是在「風險因素」一節提及的因素的限制。

本招股說明書中所包含的前瞻性聲明基於我們對未來發展及其對我們的潛在影響的當前期望和信念。不能保證未來對我們產生影響的發展會是我們預期的那些。這些前瞻性聲明涉及許多風險、不確定因素（其中一些超出我們的控制範圍）或其他假設，可能導致實際結果或業績與這些前瞻性聲明所表達或暗示的結果有實質不同。這些風險和不確定因素包括但不限於以下風險、不確定因素和其他因素：

我們已在本招股說明書和我們引用的文件中包含重要因素，特別是我們截至2023年12月31日的年度報告Form 10-k和截至2024年6月30日的季度報告Form 10-Q的「風險因素」部分，我們認爲這些因素可能導致實際結果或事件與我們所作出的前瞻性聲明大相徑庭。我們的前瞻性聲明並未反映我們可能進行的任何未來收購、合併、處置、合資或投資的潛在影響。任何前瞻性聲明都不是對未來績效的保證。

您應該完整閱讀本招股說明書、適用的招股說明書補充材料、任何相關的自由書面說明書，以及完全理解我們對未來實際結果、活動水平、績效以及事件和情況的預期可能會與我們的預期有很大不同。本招股說明書或任何招股說明書補充材料中包含或引入的前瞻性陳述代表我們於本招股說明書日期視圖，均被本警告性聲明全面限定。我們預計後續事件和發展將導致我們的觀點發生變化。然而，雖然我們可能選擇在將來某個時候更新這些前瞻性陳述，但目前我們並無更新的當前意圖，除非適用法律要求。因此，您不應該依賴這些前瞻性陳述作爲代表我們觀點的任何日期晚於本招股說明書日期的依據。

風險因素。

投資我們的證券涉及高度風險。除了本招股說明書和文檔中包含的其他信息以及我們參考引入的文件外，您還應認真考慮在相關招股說明書補充的「風險因素」條款下討論的特定因素，以及招股說明書補充中包含或參考的所有其他信息，以及本招股說明書中包含或參考的信息。在決定是否購買所提供的任何證券之前，您還應考慮我們在最近的10-k表格中討論的風險、不確定性和假設，在我們的季度10-Q報告中提及的所有其他信息，以及該招股說明書或相關招股說明書中包含或參考的所有其他信息。上述討論的風險和不確定性不是我們面臨的唯一風險。我們目前不存在的其他風險和不確定性，或者我們目前視爲不重要的風險和不確定性，還可能損害我們的業務。過去的財務表現可能不是未來表現的可靠指標，歷史趨勢不應被用來預期未來時期的結果或趨勢。如果發生任何這些風險，我們的業務、業務前景、財務狀況或經營結果可能會受到嚴重損害。這可能導致我們普通股的交易價格下跌，從而導致您的全部或部分投資損失。請還仔細閱讀上述標題爲「關於前瞻性聲明的警告聲明」部分。

使用收益

除非在隨附的招股書補充或生效後修正案中另有說明，否則我們將使用本招股書所覆蓋的證券的淨收益用於一般企業目的，可能包括購買礦工、償還債務或再融資、資金收購、資本支出或營運資金。

證券發行募集的淨收益的具體分配將在發行時確定，並將在相關的招股說明書補充中描述。

我們無法保證我們將收到與根據本招股說明所發行的證券相關的任何收益。除非在適用的招股說明書補充中另有規定，否則我們將使用本招股說明書中所涵蓋的證券的淨收益償還Spectral IP Note或用於一般性企業用途，可能包括營運資本、研發、業務擴展、戰略交易和其他一般性企業用途。我們尚未確定我們計劃在上述任何領域上的支出金額或這些支出的時間。因此，我們的管理層將有廣泛的自主權，以用於任何目的處理我們根據本招股說明所發行的證券而收到的任何淨收益。在上述淨收益的用途得到應用之前，我們可能最初將淨收益投資於投資級別、帶利息的證券，例如貨幣市場基金、存款證明，或直接或經美國政府擔保的債務，持有現金或用於償還短期債務。

部分款項可能用於償還100萬美元的光譜IP票據。光譜IP票據目前的利率爲年利率八厘，並應於2025年3月18日或光譜IP票據中定義的清算事件（Liquidation Event）中的最早一日全額到期償還。光譜IP票據允許隨時無額外費用或罰款提前清償。

股本的簡介。

以下描述列出了我們在本招股說明書下可能提供的某些證券的重要條款和規定，但並不完整。該描述還總結了特拉華州普通公司法（「DGCL」）的相關規定。以下摘要並非完整內容，並且受到，並完全被我們的章程、公司章程和附表已作爲我們年度10-k表格的一部分引用。此外，您應該知道，以下摘要並未充分體現法定條款或普通法的條款，我們鼓勵您閱讀我們的章程、公司章程以及特拉華州法律的相關條款以獲取更多信息。

章程授權發行公司的資本股81,000,000股，包括(i) 80,000,000股普通股，和(ii) 1,000,000股每股面值$0.0001的優先股（「優先股」）。截至2024年9月27日，我們已發行並流通的普通股爲18,513,073股，未發行並流通的優先股爲0股。未授權發行的普通股和未指明用途的優先股可在未經股東進一步行動的情況下發行，除非適用法律或任何可能上市公司證券的股票交易所的規定要求採取行動。除非我們的股東批准，否則董事會無意就普通股或優先股的發行和銷售尋求股東批准。

普通股

持有我們的普通股的股東在所有提交給股東投票的事項上都有一票投票，並且沒有累積投票權。 持有我們的普通股的股東有權按比例分享董事會根據法律規定的出於合法目的的可用資金宣佈的股息，但受到任何目前發行和流通的優先股的優先股息或其他權利的限制。 我們從未支付過普通股的現金股息，也不打算在可預見的未來支付任何現金股息，但打算將我們的資本資源留作再投資業務。未來的股息處置將由我們的董事會自行決定，並取決於我們未來的收益，經營和財務狀況，資本需求和其他因素。

我們的普通股股東沒有優先認購權、轉換權或其他認購權。在公司清算、解散、資產分配或清算時，每位普通股股東將按每股的比例，有權獲得公司的一切資產，無論是什麼類型，可供分配給普通股股東，但須受尚未償還的優先股的指定、偏好、限制、約束和相對權利的影響。普通股股東的權利、偏好和特權受到我們未來可能指定併發行的任何系列優先股股東的權利的影響，並可能受到不利影響。

持有普通股的股東對股東應投票表決的所有事項享有每股普通股一票的表決權。持有普通股的股東將作爲一個單一類別一起投票，如果贊成某項議案的投票數超過反對該議案的投票數，則該議案將獲得股東批准，而董事會將由投票中獲得多數股東支持的方式選舉產生。持有普通股的股東在董事選舉中無權合併其投票。在任何會議中出現法定人數時，除了董事選舉外，由出席或代表出席並對該事項進行肯定或否定表決的資本股持有人所持股份的多數表決將決定股東在該會議上應投票表決的任何其他事項。在所有股東會議上，出席法定人數的董事選舉中，獲得多數投票的董事將足以選舉該等董事。  

防禦收購 《特拉華州商業公司法典》、我司章程和公司章程的某些條款的影響

《特拉華商業法》第203條賦予我們一些保護，比如禁止我們在任何股東在擁有至少15%的表決權股份之後的三年內與其進行任何業務組合（被稱爲「有興趣的股東」），除非：

一般情況下，「業務合併」包括任何合併、合併、資產或股票出售，或者一些其他交易，從而使相關股東獲得財務利益。除特定例外情況外，「相關股東」指的是與該人及其關聯公司和聯營公司一起，擁有或在過去三年內擁有我方表決權股票的15％或更多的人員。

在特定情況下，這些反收購條款將使有意成爲「感興趣股東」的人在爲期三年的時間內更難以與我們實施各種業務組合。這可能會鼓勵有意收購我們的公司提前與我們的董事會協商，因爲如果我們的董事會批准導致股東成爲感興趣股東的收購，就可以避免股東批准要求。

這也可能會阻止我們董事會的變更，並可能使得完成股東認爲符合其最佳利益的交易變得更加困難。

專屬論壇

《章程》規定，除非公司書面同意選擇另一個法定論壇，否則特拉華州（「大法院」）將是任何股東（包括有利益所有人）提起以下訴訟的唯一和專屬論壇： （i）代表公司提起的任何衍生訴訟或程序；（ii）主張針對公司或其股東對公司或其股東承擔的受託責任侵權主張的任何訴訟、訴訟或程序；（iii）基於DGCL、《章程》或公司章程的任何規定而產生的任何與公司、其現任或前任董事、高管或僱員、代理或股東有關的訴訟、訴訟或程序或（iv）針對公司、其現任或前任董事、高管或僱員、代理或股東，並受內部事務行爲學說約束的股東提起的訴訟、訴訟或程序，如果此類訴訟在非大法院提起（「外國訴訟」），則在法律允許的最大範圍內，該股東將被視爲同意（a）在任何此類法院提起的任何訴訟中關於大法院的個人管轄權；和（b）通過在該外國訴訟中通過該股東的代理律師向該股東送達法律文書的方式，使得該股東在任何此類訴訟中接受法律文書送達。

上述的專屬論壇條款不適用於，也不排斥或限制（i）根據證券交易法第27條規定的專屬聯邦司法管轄權，用於執行證券交易法或其下規則和法規所創設的任何責任或義務的索賠，或任何其他僅由美國聯邦法院具有專屬管轄權的索賠，或（ii）證券法第22條下聯邦和州法院對所有尋求執行證券法或其下規則和法規所創設的任何責任或義務的索賠具有並行管轄權。

已授權但未發佈股票的潛在影響

章程規定，一些已授權但未發行的普通股和優先股可用於將來發行而無需股東批准，並可用於各種企業目的，包括未來的公開發行、籌集額外資本或促進收購。已授權但未發行和未保留的普通股和優先股的存在可能使企圖通過代理人大會、要約收購、合併或其他方式獲取公司控制變得更加困難或受到阻撓。

董事有限責任和董事、官員和員工的賠償。

特定公司法第四章授權公司限制或消除公司的董事或官員以及其股東因違反董事或官員的受託責任而造成的金錢損害賠償責任，但需遵守一定的例外情況。公司章程包括一項條款，消除董事或官員因擔任董事或官員而造成的違反受託責任的金錢損害賠償責任，除非該責任豁免或限制不在特定公司法規定或日後修正的範圍內。

公司章程規定，公司必須在DGCL授權的最大範圍內對公司的董事和高級職員進行賠償和豁免責任。公司可以代表公司的任何董事、高級職員、僱員或代理購買和維持保險，或者代表公司爲另一家公司、合作伙伴、合資企業、信託企業或非營利實體的董事、高級職員、僱員或代理服務提出要求，在任何此類情況下對他或她提出的，並由他或她承擔的任何責任進行維護，或者由於他或她的身份而產生的責任，無論公司是否有權根據DGCL的規定對他或她進行此類責任的賠償。

公司章程和章程中的責任限制、提前償還和賠償條款可能會阻止股東起訴董事或高管違反其受託責任的行爲。即使此類行動成功，這些條款也可能降低對董事和高管進行衍生訴訟的可能性，即使此類行動成功，也可能降低對董事和高管進行衍生訴訟的可能性，即使此類行動成功，也可能降低對董事和高管進行衍生訴訟的可能性，即使此類行動成功，也可能降低對董事和高管進行衍生訴訟的可能性，即使此類行動成功，也可能降低對董事和高管進行衍生訴訟的可能性，即使對董事和高管支付解決費用和賠償費用，也可能會對您的投資產生不利影響。

上市

我們的普通股在納斯達克上市，股票代碼爲「MDAI」。

轉讓代理人和登記代理人

我們普通股的股票轉讓代理和註冊機構是大陸股份轉讓信託有限公司。

分銷計劃

我們可能會根據本招股說明書的規定不時以一個或多個交易方式出售證券，包括但不限於：

此外，我們可能與第三方進入衍生品或套期保值交易，或者在與第三方私下議定的交易中向第三方賣出未在本招股說明書中覆蓋的證券。在此類交易中，第三方可能賣出在本招股說明書中所覆蓋並根據本招股說明書及任何隨附招股說明書進行的證券。如果是這樣，第三方可能使用從我們或他人借出的證券來結算此類銷售，或者使用從我們處獲得的證券來平倉任何相關的開空頭寸。我們也可能將在本招股說明書及任何隨附招股說明書中所覆蓋的證券出借或抵押給第三方，第三方可能出售借出的證券，或者在抵押品違約的情況下出售抵押的證券，根據本招股說明書及任何隨附招股說明書進行。

證券的發行可能在一個或多個交易中進行，包括:

適用的招股說明書補充或自由撰稿招股說明書將詳細描述證券發行的條款，包括：

我們可能會在一次或多次交易中分發證券，價格與市場價格有關；或者

如果承銷商參與發行，只有在招股說明書補充中列名的承銷商才是招股說明書提供的證券的承銷商。

如果在發行中使用承銷商，我們將與這些承銷商執行承銷協議，並在招股說明書中具體指定每名承銷商的名稱以及交易條款（包括任何承銷折讓和構成經銷商報酬的其他條款），證券可能通過由主承銷商代表的承銷團向公衆發行，或直接通過一個或多個投資銀行或其他機構進行，如果採用承銷團形式，主承銷商將在招股說明書封面上指定。如果在銷售中使用承銷商，發行的證券將由承銷商自行買入，並可能從時間到時間以一個或多個交易方式包括談判交易，以固定的公開發售價格或被在銷售時確定的不同價格二次出售。任何公開發售價格和提供給經銷商的任何折讓或讓利可能隨時更改。除非在招股說明書中另有規定，承銷商購買所發的證券的義務將受到先決條件的約束，並且如果購入，承銷商將有義務購買所有發行的證券。

如果透支的數量超過了發行規模，則我們可能授予承銷商購買額外證券的選擇權，價格按公開發行價格確定，附加承銷佣金或折扣，如有關的招股書補充中所規定。任何透支選擇權的條款將在這些證券的招股書補充中規定。

如果我們在根據本招股說明書或任何招股書補充出售的證券中使用經銷商，則我們將爲代表進行銷售的經銷商以本身爲主體形式出售證券。經銷商可以按在再次銷售時由經銷商確定的不同價格將證券出售給公衆。經銷商的名稱和交易條款將在招股書補充中規定。

我們可以直接或通過我們不時指定的代理人銷售證券。我們將指定參與證券發行和銷售的任何代理人，並在招股書補充中描述我們向代理人支付的任何佣金。除非招股書補充另有規定，任何代理都將在其任命期間以盡力的方式行事。

我們可能授權代理商或承銷商就機構投資者向我們購買證券的要約進行徵詢，價格爲擬議書補充中所載的公開發行價格，根據延期交割合同規定，將在未來特定日期支付並交割。我們將在擬議書補充中描述這些合同的條件以及我們必須支付的代理費用。

與證券的銷售有關，承銷商、經銷商或代理商可能會從我們或代表他們擔任代理的證券購買者那裏獲得補償，形式可能爲折扣、讓步或佣金。承銷商可能向經銷商出售證券，那些經銷商可能會從承銷商那裏以折扣、讓步或佣金的形式獲得補償，或者從他們可能代表的證券購買者那裏獲得佣金。參與證券分銷的承銷商、經銷商和代理商，以及任何以直接購買證券進行再銷售或分銷爲目的的機構投資者或其他人，可能被視爲承銷商；他們從我們那裏獲得的任何折扣或佣金，以及他們對普通股的再銷售獲得的任何利潤，可能被視爲《1933年證券法》修訂版下的承銷折扣和佣金。

我們可能向經紀人、承銷商和其他買方提供賠償，包括根據1933年修訂版的證券法項下的特定民事責任或關於這些責任的支付的補償。 經紀人和承銷商可能在業務的正常過程中與我們進行交易或提供服務。

爲促進一系列證券的公開發行，參與發行的人可能會進行穩定、維持或否則影響證券的市場價格的交易。這可能包括超額配售或賣空證券，這涉及由參與發行的人出售超過我們出售給他們的證券。此外，這些人可能通過在公開市場競價或購買證券來穩定或維持證券的價格，或者通過施加罰款競價來回補，其中在任何這樣的發行中參與的承銷商或經銷商允許的銷售讓利如果與穩定交易有關，則可以被回收。這些交易的影響可能是在開放市場上穩定或維持證券的市場價格水平高於否則可能存在的水平。如果實施此類交易，這些交易隨時可能被停止。我們不對此類交易（如果實施）可能對我們證券價格產生的任何影響的方向或大小進行陳述或預測。

除非在適用的說明書補充中另有規定，根據說明書補充出售的任何普通股都將有資格在納斯達克上市，待發行的正式通知。我們出售給承銷商用於公開發行和銷售的證券，這些承銷商可能會在證券市場上做市，但這些承銷商沒有義務這樣做，並可能隨時在不提前通知的情況下停止市場做市。

爲了遵守某些州的證券法律，如適用，在這份招股書中提供的證券僅通過註冊或持牌的經紀人或經銷商在這些州進行銷售。此外，在某些州，證券可能無法銷售，除非它們已在適用州註冊或合格發售或免除了註冊或合格的要求並符合相關要求。

法律事項。

除非適用的招股說明書另有規定，本招股說明書所提供的證券的有效性將由Reed Smith LLP代表我們進行評審。如果與本招股說明書所進行的發行有關的法律事項由承銷商、經銷商或代理商的法律顧問進行評審，那麼該法律顧問將在適用的招股說明書中列明。

可獲取更多信息的地方

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INCORPORATION OF DOCUMENTS BY REFERENCE

The SEC allows us to “incorporate by reference” the information we have filed with it, which means that we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus, and later information that we file with the SEC will automatically update and supersede this information. We specifically are incorporating by reference the following documents filed with the SEC (excluding those portions of any Current Report on Form 8-K that are furnished and not deemed “filed” pursuant to the General Instructions of Form 8-K):

All reports and definitive proxy or information statements subsequently filed after the date of this initial registration statement and prior to effectiveness of this registration statement by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, but excluding information furnished to, rather than filed with, the SEC, shall be deemed to be incorporated by reference herein and to be a part hereof from the date such documents are filed.

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.

You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus.

We will provide without charge to each person to whom a copy of this prospectus is delivered, upon written or oral request, a copy of any or all of the information that has been incorporated by reference in this prospectus but not delivered with this prospectus (other than an exhibit to these filings, unless we have specifically incorporated that exhibit by reference in this prospectus). Any such request should be addressed to us at:

Spectral AI, Inc.

Attn: Vincent S. Capone, Esq.

Chief Financial Officer & General Counsel

2515 McKinney Ave, Suite 1000

Dallas, TX 75201

972-499-4934

You may also access the documents incorporated by reference in this prospectus through our website at https://investors.spectral-ai.com/. Except for the specific incorporated documents listed above, no information available on or through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 14. Other Expenses of Issuance and Distribution.

The following table sets forth the estimated costs and expenses payable by the registrant expected to be incurred in connection with the issuance and distribution of the securities being registered hereby (other than underwriting discounts and commissions). All of such expenses are estimates, except for the SEC registration fee.

Item 15. Indemnification of Directors and Officers.

Section 102 of 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 Charter provides that no director of the Registrant 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 Delaware 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 Delaware Court of Chancery or such other court shall deem proper.

Our Charter provides that we will indemnify each person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding (other than an action by or in the right of us) by reason of the fact that he or she is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons being referred to as an “Indemnitee”), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful. Our Charter provides that we will indemnify any Indemnitee who was or is a party to an action or suit by or in the right of us to procure a judgment in our favor by reason of the fact that the Indemnitee is or was, or has agreed to become, a director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys’ fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests, except that 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 us, unless a court determines that, despite such adjudication but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified by us against all expenses (including attorneys’ fees) actually and reasonably incurred in connection therewith. Expenses must be advanced to an Indemnitee under certain circumstances.

We have entered into indemnification agreements with each of our directors and officers. These indemnification agreements may require us, among other things, to indemnify our directors and officers for some expenses, including attorneys’ fees, judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries or any other company or enterprise to which the person provides services at our request.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.

In any underwriting agreement we enter into in connection with the sale of Common Stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act against certain liabilities.

Item 16. Exhibits.

(a) Exhibits.

Item 17. Undertakings.

(a) 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 Commission pursuant to Rule 424(b) (§ 230.424(b) of this chapter) 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; and

(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 (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of 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:

(i) If the registrant is relying on Rule 430B (§230.430B of this chapter):

(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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 effective date, 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 effective date.

(ii) If the registrant is subject to Rule 430C, 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.

(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.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability of the registrant 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 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to 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.

(c) 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 Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities 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 Securities Act of 1933 and will be governed by the final adjudication of such issue.

(d) The undersigned registrant hereby undertakes that:

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on October 16, 2024.

POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Vincent Capone, with full power to act alone and without the others, his true and lawful attorney-in-fact, with full power of substitution, and with the authority to execute in the name of each such person, any and all amendments (including without limitation, post-effective amendments) to this registration statement on Form S-3, to sign any and all additional registration statements relating to the same offering of securities as this registration statement that are filed pursuant to Rule 462(b) of the Securities Act of 1933, and to file such registration statements with the Securities and Exchange Commission, together with any exhibits thereto and other documents therewith, necessary or advisable to enable the registrant to comply with the Securities Act of 1933, and any rules, regulations and requirements of the Securities and Exchange Commission in respect thereof, which amendments may make such other changes in the registration statement as the aforesaid attorney-in-fact executing the same deems appropriate.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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