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Faegre Baker Daniels LLP
2200
Wells Fargo Center, 90 South Seventh Street
Minneapolis, Minnesota
55402-3901
Phone +1
612 766 7000
Fax +1
612 766 1600
November 27,
2017
Insignia
Systems, Inc.
8799
Brooklyn Boulevard
Minneapolis,
MN 55455
Ladies
and Gentlemen:
We have
acted as counsel to Insignia Systems, Inc., a Minnesota corporation
(the “Company”), in connection with the proposed
registration by the Company of an aggregate of 2,313,200 shares of
common stock, par value $0.01 per share (the “Shares”),
pursuant to a registration statement on Form S-3 being filed on the
date hereof by the Company with the Securities and Exchange
Commission (the “Commission”), under the Securities Act
of 1933, as amended (the “Act”) (such registration
statement, as amended or supplemented, is hereinafter referred to
as the “Registration Statement”). The Shares to be
registered pursuant to the Registration Statement are proposed to
be sold by the selling shareholders named in the Registration
Statement (the “Selling Shareholders”) and consist of
2,313,200 Shares outstanding and held by the Selling Shareholders
as of the date hereof.
This
opinion letter is being delivered in accordance with the
requirements of Item 601(b)(5) of Regulation S-K.
As
counsel for the Company, we are familiar with the Company’s
Articles of Incorporation, as amended to the date hereof, and its
Bylaws, as amended to the date hereof, (collectively, the
“Governing Documents”) and we have reviewed the
Registration Statement and the proceedings taken by the Company in
connection with the authorization of the Shares. We have also
examined such corporate and other records, documents, agreements
and instruments and have made such other investigations as we have
deemed relevant and necessary in connection with the opinion
hereinafter set forth. As to questions of fact material to this
opinion, we have relied upon certificates or comparable documents
of public officials and of officers and representatives of the
Company, without any independent verification thereof.
Based
upon and subject to the foregoing qualifications, assumptions and
limitations and the further limitations set forth below, we are of
the opinion that the Shares have been duly authorized under the
laws of the State of Minnesota, and such Shares are validly issued,
fully paid and nonassessable.
In
rendering the foregoing opinion, we have assumed the accuracy and
truthfulness of all public records of the Company and of all
certifications, documents and other proceedings examined by us that
have been produced by officials of the Company acting within the
scope of their official capacities, without verifying the accuracy
or truthfulness of such representations, and the genuineness of all
signatures, the legal capacity of all natural persons, the
authenticity of all documents submitted to us as originals and the
conformity to originals of all documents submitted to us as copies
thereof. We have not independently established or verified any
facts relevant to the opinions expressed herein, but have relied
upon statements and representations of the Selling Shareholders and
officers and other representatives of the Company. We express no
opinion concerning any law other than the laws of the State of
Minnesota and we express no opinion as to the effect of any other
laws.
This
opinion is rendered as of the date first written above and is
expressly limited to the matters set forth above and to laws
existing on the date hereof, and we render no opinion, whether by
implication or otherwise, as to any other matters relating to the
Company, the Shares, or the Governing Documents.
We
consent to the filing of this opinion as an exhibit to the
Registration Statement and the reference to our firm under the
heading “Legal Matters” in the Registration Statement.
In giving this consent, we do not thereby imply or admit that we
are in the category of persons whose consent is required under
Section 7 of the Act or the rules and regulations of the
Commission.
Very
truly yours,
FAEGRE
BAKER DANIELS LLP
By: /s/
Joshua L. Colburn
Joshua L. Colburn