Attached files
file | filename |
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S-1MEF - REGISTRATION OF ADDITIONAL SECURITIES - SKULLCANDY, INC. | ds1mef.htm |
EX-23.2 - CONSENT OF ERNST & YOUNG LLP - SKULLCANDY, INC. | dex232.htm |
Exhibit 5.1
650 Town Center Drive, 20th Floor Costa Mesa, California 92626-1925 Tel: +1.714.540.1235 Fax:+1.714.755.8290 www.lw.com
FIRM / AFFILIATE OFFICES | ||||
July 20, 2011
Skullcandy, Inc. 1141 West Ute Boulevard, Suite 250 Park City, Utah 84098 |
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File No. 048566-0000 |
Re: Skullcandy, Inc.
Ladies and Gentlemen:
We have acted as counsel to Skullcandy, Inc., a Delaware corporation (the Company), in connection with the proposed issuance of up to 1,094,648 shares (including up to 142,780 shares subject to the underwriters over-allotment option) of common stock, $0.0001 par value per share, of the Company (the Common Stock), all of which are being offered by certain stockholders (the Selling Stockholders) of the Company (the Selling Stockholder Shares). The Selling Stockholder Shares consist of (i) shares of Common Stock that are issued and outstanding as of the date hereof (the Common Shares); (ii) shares of Common Stock issuable upon the conversion of the Companys Series A Preferred Stock, par value $0.0001 per share (the Series A Preferred Stock), Series B Preferred Stock, par value $0.0001 per share (the Series B Preferred Stock), and Series C Preferred Stock, par value $0.0001 per share (the Series C Preferred Stock, together with the Series A Preferred Stock and Series B Preferred Stock, the Preferred Stock, and the shares issuable upon the conversion thereof, the Conversion Shares); (iii) shares of Common Stock issuable upon the conversion of a Convertible Secured Promissory Note (the Convertible Note, and the shares issuable upon the conversion thereof, the Convertible Note Shares) and (iv) shares of Common Stock issuable upon the exercise of outstanding options to purchase shares of Common Stock (the Options, and the shares issuable upon exercise thereof, the Option Shares). The Selling Stockholder Shares are included in a registration statement on Form S-1 under the Securities Act of 1933, as amended (the Act), filed with the Securities and Exchange Commission on July 19, 2011 (the Registration Statement), which Registration Statement incorporates by reference the contents of the registration statement on Form S-1 filed by the Company (File No. 333-171923), including the exhibits filed therewith. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Selling Stockholder Shares.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently
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verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware and we express no opinion with respect to any other laws.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, the Selling Stockholder Shares have been duly authorized by all necessary corporate action of the Company and (i) the Common Shares have been validly issued and are fully paid and nonassessable, (ii) upon the conversion of the Preferred Stock into Common Stock in accordance with the Companys Amended and Restated Certificate of Incorporation, as amended to date, immediately prior to the closing of the offering contemplated by the Registration Statement, the Conversion Shares will be validly issued, fully paid and nonassessable, (iii) upon the conversion of the Convertible Note into Common Stock in accordance with the terms set forth in the Convertible Note, the Convertible Note Shares will be validly issued, fully paid and nonassessable and (iv) upon issuance of Common Stock by the Company against payment therefor in the circumstances contemplated by the Options, the Option Shares will be validly issued, fully paid and nonassessable.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading Legal Matters.
Very truly yours,
/s/ Latham & Watkins LLP