<SEC-DOCUMENT>0001683168-23-004445.txt : 20230627
<SEC-HEADER>0001683168-23-004445.hdr.sgml : 20230627
<ACCEPTANCE-DATETIME>20230627163026
ACCESSION NUMBER:		0001683168-23-004445
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230627
DATE AS OF CHANGE:		20230627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kartoon Studios, Inc.
		CENTRAL INDEX KEY:			0001355848
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		IRS NUMBER:				204118216
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-252670
		FILM NUMBER:		231047710

	BUSINESS ADDRESS:	
		STREET 1:		190 N. CANON
		STREET 2:		4TH FLOOR
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
		BUSINESS PHONE:		310-273-4222

	MAIL ADDRESS:	
		STREET 1:		190 N. CANON
		STREET 2:		4TH FLOOR
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Genius Brands International, Inc.
		DATE OF NAME CHANGE:	20111109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC ENTERTAINMENT CORP
		DATE OF NAME CHANGE:	20060310
</SEC-HEADER>
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<TYPE>424B3
<SEQUENCE>1
<FILENAME>kartoon_424b3.htm
<DESCRIPTION>FORM 424B3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">(To Prospectus dated </FONT>February
9, 2021<FONT STYLE="background-color: white">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>KARTOON STUDIOS, INC.</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>3,974,050 Shares
of Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Prospectus Supplement supplements and amends the prospectus
dated February 9, 2021 (the &ldquo;Prospectus&rdquo;) of Kartoon Studios, Inc. (the &ldquo;Company&rdquo;), covering the resale by
the selling stockholders named in the Prospectus (the &ldquo;Selling Stockholders&rdquo;) of 3,974,050 shares of common stock of the
Company (as adjusted for the reverse stock split which occurred on February 10, 2023), par value $0.001 per share (&ldquo;Common
Stock&rdquo;), issuable upon exercise of certain outstanding common stock purchase warrants of the Company (the &ldquo;January 2021
Warrants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 26, 2023, the Company and certain of the Selling Stockholders
(the &ldquo;Participants&rdquo;) entered into warrant exercise inducement offer letters (the &ldquo;Letter Agreements&rdquo;), pursuant
to which the Company agreed to amend the Participants&rsquo; January 2021 Warrants to reduce the exercise price per share of Common Stock
to from $23.70 to $2.50 and the Participants agreed to exercise their January 2021 Warrants (the &ldquo;Exercise&rdquo;). In consideration
for the Exercise, the Participants also received separate unregistered common stock purchase warrants of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than the reduction in the per share exercise price for the January
2021 Warrants, all other terms and provisions of the January 2021 Warrants remain unchanged. In connection with the Exercise, the Company
received aggregate gross proceeds of approximately $6.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Prospectus Supplement is being filed to update the information
in the Prospectus with the information summarized above and contained in the Current Report on Form 8-K filed with the Securities and
Exchange Commission on June 27, 2023. You should read this Prospectus Supplement, together with additional information described under
the headings &ldquo;Incorporation of Certain Documents by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo; in the
Prospectus carefully before you invest in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our securities involves risks. See &ldquo;Risk Factors&rdquo;
beginning on page 3 of the Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement. Any
representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE DATE OF THIS PROSPECTUS SUPPLEMENT IS JUNE
27, 2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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