Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-220311

PROSPECTUS

Inuvo, Inc.

3,529,000 shares of Common Stock

This prospectus relates to periodic offers and sales of 3,529,000 shares of our outstanding common stock by the selling stockholders.

We are not selling any shares of common stock under this prospectus and will not receive any of the proceeds from the sale or other disposition of common stock by the selling stockholders. The selling stockholders or their respective pledgees, assignees or successors-in-interest may offer and sell or otherwise dispose of the shares of common stock described in this prospectus from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The selling stockholders will bear all commissions and discounts, if any, attributable to the sales of shares. We will bear all other costs, expenses and fees in connection with the registration of the shares. See “ Plan of Distribution ” beginning on page 7 for more information about how the selling stockholders may sell or dispose of their shares of common stock.

Our common stock is listed on the NYSE American under the symbol "INUV." On August 29, 2017 the last reported sale price for our common stock was $1.03 per share.

Investing in our common stock involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks that we have described on page 5 of this prospectus under the caption “Risk Factors” and in the documents incorporated by reference into this prospectus.

____________________

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense .

____________________

The date of this Prospectus is September 8, 2017

TABLE OF CONTENTS



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	2
ABOUT THIS PROSPECTUS	4
PROSPECTUS SUMMARY	4
COMMON STOCK OFFERED	5
USE OF PROCEEDS	5
RISK FACTORS	5
SELLING STOCKHOLDERS	5
PLAN OF DISTRIBUTION	7
LEGAL MATTERS	9
EXPERTS	9
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE	9
WHERE YOU CAN FIND MORE INFORMATION	10
COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES	10

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the "Securities Act", and Section 21E of the Securities Exchange Act of 1934, as amended, or the "Exchange Act". These forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of such terms or other comparable terminology. These factors include, but are not limited to our:



•	material dependence on our relationships with Yahoo! and Google;

•	dependence on relationships with distribution partners, and on the introduction of new products and services, which require significant investment;

•	dependence on our financing arrangements with Western Alliance Bank, which is collateralized by our assets;

•	dependence on our ability to effectively market and attract traffic;

•	need to keep pace with technology changes;

•	fluctuations of quarterly financial results and the trading price of our common stock;

•	vulnerability to interruptions of services;

•	dependence on key personnel;

•	vulnerability to regulatory and legal uncertainties and our ability to comply with applicable laws and regulations;

•	need to protect our intellectual property;

•	vulnerability to publishers who could fabricate clicks;

•	vulnerability to a downturn and to uncertainty in global economic conditions;

•	integration of our recent NetSeer asset acquisition;

•	requirement to adhere to the covenants and restrictions in our grant agreement with the state of Arkansas;

•	the dilutive impact to our stockholders from outstanding restricted stock grants, warrants and options; and

•	the seasonality of our business.

These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this prospectus in its entirety, including the risks described in Item 1A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission on February 16, 2017, and our subsequent filings with the SEC.

Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this prospectus, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we have filed with the SEC pursuant to which the selling stockholders named herein may, from time to time, offer and sell or otherwise dispose of the securities covered by this prospectus. You should not assume that the information contained in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus is delivered or securities are sold or otherwise disposed of on a later date. It is important for you to read and consider all information contained in this prospectus, including the incorporation of certain information by reference herein, in making your investment decision. You should also read and consider the information in the documents to which we have referred you under the captions “ Where You Can Find More Information ” and “ Incorporation of Certain Information by Reference ” in this prospectus.

Neither we nor any selling stockholder has authorized any dealer, salesman or other person to give any information or to make any representation other than those contained or incorporated by reference in this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our securities other than the securities covered hereby, nor does this prospectus constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to those jurisdictions.

We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in the accompanying prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

Unless specifically set forth to the contrary, when used in this prospectus the terms "Inuvo," "we," "us," "our" and similar terms refer to Inuvo, Inc., a Nevada corporation, and its subsidiaries. The information which appears on our corporate web site at www.inuvo.com is not part of this prospectus.

PROSPECTUS SUMMARY

The following is a summary of what we believe to be the most important aspects of our business and the offering of our securities under this prospectus. We urge you to read this entire prospectus, including the more detailed financial statements, notes to the financial statements and other information incorporated by reference from our other filings with the SEC. Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment in our securities.

We develop technology that connects advertisers with consumers through interactions with Inuvo ad-units on websites and apps across devices. The Inuvo MarketPlace provides the means to interact with tens of thousands of advertisers (Demand) and tens of thousands of online publishers (Supply). We interact with Demand/Supply constituents directly and indirectly. We serve ads within content, video and images. We target ads to consumers using our proprietary ConceptGraph machine learning technology that includes a database of 800 million machine profiles. We earn revenue when consumers view and click on our ads. We touch 90% of all US households weekly. Our business scales as we add Demand and Supply relationships with many barriers to entry including the ability to process hundreds of thousands of transactions per second.

Intellectual property is protected by eleven issued and eight pending patents. We count among our many contractual relationships, three clients who collectively manage over 50% of all US digital advertising

budgets. Included within our Supply portfolio is a collection of owned websites such as alot.com and earnspendlive.com where we create content in health, finance, travel, careers, auto, education and living categories. These sites provide the means to test ad-tech, while also delivering high quality consumers to advertisers through interaction with proprietary content in the form of images, videos, slideshows and the written word.

We are focused on growth and expect to generate a positive cash flow for the long term. We expect to continue to make strategic investments principally in these areas: marketing technology that helps drive traffic to our owned websites; ad-units that perform better for publishers; demand technology that optimizes advertiser choices; supply technology that optimizes publisher yield; and audience targeting technology that improves the alignment of advertising with consumer and yield.

Corporate information

We were incorporated under the laws of the State of Nevada in October 1987 under the name North Star Petroleum, Inc. In May 1990, we changed our name to Gemstar Enterprises, Inc. In October 1998 we changed our name to CGI Holding Corp. In March 2006 we changed our name to Think Partnership Inc. and in September 2008 we changed our name to Kowabunga! Inc. Lastly, in July 2009 we changed our name to Inuvo, Inc.

Our principal executive offices are located at 500 President Clinton Boulevard, Suite 300, Little Rock, AR 72201. Our telephone number at this location is (501) 205-8508. The information which appears on our website at www.inuvo.com is not part of this prospectus.

COMMON STOCK OFFERED

This prospectus relates to the resale of up to 3,529,000 shares of our outstanding common stock by the selling stockholders identified in this prospectus, including their respective transferees, pledgees, donees or successors. See “ Selling Stockholders .”

USE OF PROCEEDS

We will not receive any proceeds from the sales of the common stock offered by this prospectus.

RISK FACTORS

Please carefully consider the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2016 and our other periodic reports filed with the SEC, which are incorporated by reference in this prospectus. Before making an investment decision, you should carefully consider these risks as well as other information we include or incorporate by reference in this prospectus. Additional risks and uncertainties not presently known to us or that we deem currently immaterial may also impair our business operations or adversely affect our results of operations or financial condition.

SELLING STOCKHOLDERS

On February 6, 2017 we entered into an asset purchase agreement by and among Inuvo, NetSeer Acquisition, Inc., a Nevada corporation and wholly-owned subsidiary of Inuvo, and NetSeer, Inc., a Delaware corporation, or "NetSeer," as seller. Under the terms of the asset purchase agreement, we acquired substantially all of the assets of NetSeer, and assumed certain specific liabilities and personnel obligations, in exchange for 3,529,000 shares of our common stock. Of this amount, an aggregate of 529,350 shares have been deposited into escrow with our counsel under the terms of an escrow agreement pending possible post-closing adjustments in the purchase price related to working capital and audited financial statement adjustments, as well as in connection with possible indemnification claims post-closing. We refer to these shares as the "Escrow Shares". At closing we also entered into a registration rights agreement with NetSeer pursuant to which we agreed to file a registration statement to register the resale of the shares of our common stock issued as consideration in the acquisition. This prospectus is part of that registration statement. The shares of our common stock issued as consideration were subject to a 180 day lock-up agreement.

In April 2017 NetSeer transferred the shares we issued it, including the rights to the Escrow Shares held under the escrow agreement, to nine individuals and entities in private transactions. Those recipients are the selling stockholders named herein. The shares received by those recipients were also subject to the 180 day lock-up and we have entered into new lock-up agreements with each of the recipients.

At August 25, 2017 there were 28,643,960 shares of our common stock issued and outstanding. This prospectus relates to periodic offers and sales by the selling stockholders listed below and their respective pledgees, donees and other successors in interest. The following table sets forth:



•	the name of the selling stockholder;

•	the number of shares owned by the selling stockholder; and

•	the number of shares being registered for resale by the selling stockholder.

The information set forth in the following table is based upon information provided to us by the selling stockholders. We may amend or supplement this prospectus from time to time to update the disclosure set forth in this prospectus. All of the securities owned by the selling stockholders may be offered hereby. Because the selling stockholders may sell some or all of the securities owned by them no estimate can be given as to the number of securities that will be held by any selling stockholder upon termination of any offering made hereby. If all the securities offered hereby are sold by each selling stockholder, the selling stockholder will not own any securities after the offering.



Name of Selling Stockholder	Number of shares owned		Shares to be offered		Shares to be owned after offering		% to be owned after offering
Onset V, L.P. ⁽¹⁾		2,559,691		2,559,691		0		-
Mission Ventures III, L.P. ⁽²⁾		112,262		112,262		0		-
Mission Ventures Affiliates III, L.P. ⁽³⁾		4,922		4,922		0		-
HM Advisco, LLC ⁽⁴⁾		233,750		233,750		0		-
Headwaters BD, LLC ⁽⁵⁾		31,875		31,875		0		-
Pillsbury Winthrop Shaw Pittman LLP ⁽⁶⁾		187,500		187,500		0		-
Mracek Family Trust ⁽⁷⁾		171,000		171,000		0		-
Behnam Rezaei ⁽⁸⁾		142,500		142,500		0		-
Dennis Clerke ⁽⁹⁾		85,500		85,500		0		-
Total				3,529,000

———————



⁽¹⁾	The number of shares owned and offered includes 383,954 Escrow Shares. Messrs. Terry L. Opdendyk or Robert F. Kuhling, Jr., Managing Directors of ONSET V Management, LLC, the General Partner of ONSET V, L.P. have voting and dispositive power over shares of our common stock held of record by ONSET V, L.P.

⁽²⁾	The number of shares owned and offered includes 16,839 Escrow Shares. Mr. David Ryan has voting and dispositive power over shares of our common stock held of record by Mission Ventures III, L.P. See footnote 3.

⁽³⁾	The number of shares owned and offered includes 738 Escrow Shares. Mr. David Ryan has voting and dispositive power over shares of our common stock held of record by Mission Ventures Affiliates III, L.P. See footnote 2.

⁽⁴⁾	The number of shares owned and offered includes 35,063 Escrow Shares. Mr. Gary Moon has voting and dispositive power over shares of our common stock held of record by HM Advisco LLC.

⁽⁵⁾	The number of shares owned and offered includes 4,781 Escrow Shares. Mr. Paul Janson has voting and dispositive power over shares of our common stock held of record by Headwaters BD, LLC.

⁽⁶⁾	The number of shares owned and offered includes 28,125 Escrow Shares. Mr. Sean Whelan has voting and dispositive power over shares of our common stock held of record by Pillsbury Winthrop Shaw Pittman LLP.

⁽⁷⁾	The number of shares owned and offered includes 25,650 Escrow Shares. Mr. John Mracek has voting and dispositive power over shares of our common stock held of record by Mracek Family Trust.

⁽⁸⁾	The number of shares owned and offered includes 21,375 Escrow Shares.

⁽⁹⁾	The number of shares owned and offered includes 12,825 Escrow Shares.

None of the selling stockholders are a broker-dealer or an affiliate of a broker-dealer, other than Headwaters BD, LLC. None of the selling stockholders has, or within the past three years has had, any position, office or other material relationship with us or any of our predecessors or affiliates.

We have agreed to pay full costs and expenses, incentives to the issuance, offer, sale and delivery of the shares, including all fees and expenses in preparing, filing and printing the registration statement and prospectus and related exhibits, amendments and supplements thereto and mailing of those items. We will not pay selling commissions and expenses associated with any sale by any selling stockholder.

PLAN OF DISTRIBUTION

The selling stockholders, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of our common stock or interests in shares of our common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:



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

	•	block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction; purchases by a broker-dealer as principal and resale by the broker-dealer for their accounts;

	•	an exchange distribution in accordance with the rules of the applicable exchange;

	•	privately negotiated transactions;

	•	broker-dealers may agree with the selling stockholder to sell a specified number of such shares at a stipulated price per share; and

	•	a combination of any such methods of sale.

The aggregate proceeds to a selling stockholder from the sale of shares of our common stock offered by it will be the purchase price of the common stock less discounts or commissions, if any. Each selling stockholder reserves the right to accept and, together with its agents from time to time, to reject, in whole or in part, any proposed purchase of our common stock to be made directly or through agents. We will not receive any of the proceeds from this offering.

Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchase of shares, from the purchaser) in amounts to be negotiated. Each selling stockholder does not expect these commissions and discounts to exceed what is customary in the types of transactions involved.

The selling stockholders also may resell all or a portion of the shares in open market transactions or otherwise in reliance upon Rule 144 under the Securities Act rather than pursuant to this prospectus, provided that such selling shareholder meets the criteria and conforms to the requirements of that rule.

The selling stockholders and any underwriters, broker-dealers or agents that participate in the sale of our common stock or interests therein may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. If a selling stockholder is deemed to be an “underwriter” within the meaning of Section 2(11) of the Securities Act it will be subject to the prospectus delivery requirements of the Securities Act. We know of no existing arrangements between the selling stockholders and any other stockholder, broker, dealer, underwriter, or agent relating to the sale or distribution of the shares, nor can we presently estimate the amount, if any, of such compensation.

To the extent required, the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public offering prices, the names of any agents, dealers or underwriters, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the shares of our common stock may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of each selling stockholder and its affiliates. In addition, we will make copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements

of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.

We are required to pay all fees and expenses incident to the registration of the shares.

LEGAL MATTERS

The validity of the securities offered by this prospectus will be passed upon for us by Pearlman Law Group LLP, 900 S. Andrews Avenue, Suite 901, Fort Lauderdale, Florida 33301.

EXPERTS

Our consolidated balance sheets as of December 31, 2016 and 2015, and the related consolidated statements of income, stockholders' equity and cash flows for the years then ended incorporated by reference into this prospectus have been audited by Mayer Hoffman McCann P.C., independent registered public accounting firm, as indicated in their report with respect thereto, and have been so included in reliance upon the report of such firm given on their authority as experts in accounting and auditing.

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

The SEC allows us to “incorporate by reference” information that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. This prospectus omits certain information contained in the registration statement, as permitted by the SEC. You should refer to the registration statement and any prospectus supplement filed hereafter, including the exhibits, for further information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. Copies of all or any part of the registration statement, including the documents incorporated by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC listed above in “Where You Can Find More Information.” The documents we are incorporating by reference are:



•	our Annual Report on Form 10-K for the year ended December 31, 2016 filed February 16, 2017;

•	our Quarterly Report on Form 10-Q for the period ended June 30, 2017 filed August 8, 2017;

•	our Current Reports on Form 8-K and 8-K/A as filed on February 7, 2017, February 27, 2017, March 30, 2017, April 17, 2017, June 7, 2017 and June 19, 2017 (other than portions of those reports not deemed to be filed);

•	our definitive proxy statement on Schedule 14A as filed on April 28, 2017;

•	the description of our common stock included in our Registration Statement on Form 8-A as filed on February 29, 2008; and

•	all reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 after the date of this prospectus and prior to the termination or completion of the offering of securities under this prospectus shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from the date of filing such reports and other documents.

Unless otherwise noted, the SEC file number for each of the documents listed above is 001-32442.

In addition, all reports and other documents filed by us pursuant to the Securities Exchange Act of 1934 after the date of the initial registration statement and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into this prospectus.

Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

You may request, orally or in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided to you at no cost, by contacting: Inuvo, Inc., 500 President Clinton Avenue, Suite 300, Little Rock, AR 72201, telephone (501) 205-8508, Attention: Corporate Secretary.

You should rely only on information contained in, or incorporated by reference into, this prospectus and any prospectus supplement. We have not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

WHERE YOU CAN FIND MORE INFORMATION

We are subject to the reporting requirements of the Securities Exchange Act of 1934, and file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy these reports, proxy statements and other information at the SEC’s public reference facilities at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. SEC filings are also available at the SEC’s web site at http://www.sec.gov or our website at www.inuvo.com .

This prospectus is only part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act of 1933 and therefore omits certain information contained in the registration statement. We have also filed exhibits and schedules with the registration statement that are excluded from this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any statement referring to any contract or other document. You may inspect a copy of the registration statement, including the exhibits and schedules, without charge, at the public reference room or obtain a copy from the SEC upon payment of the fees prescribed by the SEC.

COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES

Under our Articles of Incorporation, our directors are not liable for monetary damages for breach of fiduciary duty, except in connection with:



●		a breach of the director's duty of loyalty to us or our stockholders;

●		acts or omissions not in good faith or which involve intentional misconduct, fraud or a knowing violation of law;

●		a transaction from which our director received an improper benefit; or

●		an act or omission for which the liability of a director is expressly provided under Nevada law.

In addition, our bylaws provides that we must indemnify our officers and directors to the fullest extent permitted by Nevada law for all expenses incurred in the settlement of any actions against such persons in connection with their having served as officers or directors.

Insofar as the limitation of, or indemnification for, liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, or persons controlling us pursuant to the foregoing, or otherwise, we have been advised that, in the opinion of the Securities and Exchange Commission, such limitation or indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.