<SEC-DOCUMENT>0001654954-17-011060.txt : 20171127
<SEC-HEADER>0001654954-17-011060.hdr.sgml : 20171127
<ACCEPTANCE-DATETIME>20171127160811
ACCESSION NUMBER:		0001654954-17-011060
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171127
DATE AS OF CHANGE:		20171127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INSIGNIA SYSTEMS INC/MN
		CENTRAL INDEX KEY:			0000875355
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				411656308
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221755
		FILM NUMBER:		171222983

	BUSINESS ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
		BUSINESS PHONE:		7633926200

	MAIL ADDRESS:	
		STREET 1:		8799 BROOKLYN BLVD.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55445
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>isig-registrationstatemen.htm
<DESCRIPTION>FORM S-3
<TEXT>
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<font style="font-family: Times New Roman; font-size: 13px">As
filed with the Securities and Exchange Commission on
November&#xA0;27, 2017</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Registration No. 333-
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
</font><font style="font-size: 24px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times New Roman;"><font style="font-size: 19px">UNITED
STATES</font></font></font></div>
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<font style="font-size: 24px"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
<font style="font-size: 19px">SECURITIES AND EXCHANGE
COMMISSION</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Washington,&#xA0;D.C. 20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-size: 24px">
Form&#xA0;</font><font style="font-weight: bold; color: #000000; font-size: 24px">S-3</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
REGISTRATION STATEMENT</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
UNDER THE SECURITIES ACT OF 1933</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 32px">
INSIGNIA SYSTEMS, INC.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic;">
</font></font><font style="font-size: 12px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic;">(</font><font style="font-style: italic; color: #000000; font-size: 13px">Exact name of
registrant as specified in its charter)</font></font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 31%">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">Minnesota</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 32%">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">41-1656308</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: rgb(0, 0, 0);">
<font style="font-size: 11px">(State or other jurisdiction
ofincorporation or organization)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 32%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 32%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: rgb(0, 0, 0);">
<font style="font-size: 11px">(I.R.S. EmployerIdentification
No.)</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
</font><font style="font-size: 12px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times New Roman;">8799
Brooklyn Blvd.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times New Roman;">
Minneapolis, Minnesota 55445</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-size: 12px"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
(763) 392-6200</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="font-size: 11px">(Address, including zip code, and
telephone number, including area code, of registrant&#x2019;s
principal executive offices)</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font><font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Jeffrey A.
Jagerson</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Chief Financial
Officer and Treasurer</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Insignia
Systems, Inc.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times New Roman;">
8799 Brooklyn Blvd.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times New Roman;">
Minneapolis, Minnesota 55445</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
(763) 392-6200</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-size: 13px; font-family: Times New Roman">
<font style="font-size: 11px">(Name, address, including zip code,
and telephone number, including area code, of agent for
service)</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
</font><font style="font-size: 12px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic; font-family: Times New Roman;">Copies
to:</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">W. Morgan
Burns,&#xA0;Esq.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Joshua L.
Colburn,&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Esq.Faegre Baker
Daniels, LLP</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">90 South Seventh
Street, Suite&#xA0;2200</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Minneapolis,
Minnesota 55402</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Tel:
(612)&#xA0;766-7136</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Fax:
(612) 766-1600</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Approximate
<font style="color: rgb(0, 0, 0);">date of commencement of proposed
sale to the public:&#xA0;&#xA0;From time to time after the
effective date of this registration
statement.</font></font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If the only securities being
registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box.
&#x2610;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If any of the securities being
registered on this Form are being offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box.
&#x2611;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under
the Securities Act, please check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same offering.
&#x2610;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same offering. &#x2610;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If this Form is a registration
statement pursuant to General Instruction I.D. or a post-effective
amendment thereto that shall become effective upon filing with the
Commission pursuant to Rule 462(e) under the Securities Act, check
the following box. &#x2610;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">If this Form is a post-effective
amendment to a registration statement filed pursuant to General
Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the
Securities Act, check the following box.
&#x2610;&#xA0;</font></font></div>
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman; font-size: 13px">Indicate by check
mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of
&#x201C;large accelerated filer,&#x201D; &#x201C;accelerated
filer,&#x201D; &#x201C;smaller reporting company&#x201D; and
&#x201C;emerging growth company&#x201D; in Rule 12b2 of the Exchange
Act.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; width: 80%; font-family: Times New Roman; font-size: 13px; margin: 0px auto;">
<tr>
<td style="vertical-align: bottom; width: 15%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Large&#xA0;accelerated&#xA0;filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px">&#x2610;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Accelerated&#xA0;filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px">&#x2610;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 15%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Non-accelerated
filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">&#x2610;&#xA0;&#xA0;(Do not check if
a smaller reporting company)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Smaller&#xA0;reporting&#xA0;company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px">&#x2611;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 50%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px">&#xB7;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-family: Times New Roman;">Emerging growth
company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 12px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px">&#x2610;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
</font></font><font style="font-size: 12px"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: rgb(0, 0, 0);">If an emerging growth company, indicated by
check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&#xA0;7(a)(2)(B)
of the</font> Securities Act<font style="color: rgb(0, 0, 0);">.</font> &#x2610;<br></font></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
CALCULATION OF REGISTRATION FEE</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times New Roman;">
Title of Each Class of Securities to be
Registered</font></font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="font-family: Times New Roman;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Amount to be
Registered</font></font></font><font style="font-size: 11px;"><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0);">(a</font><a name="_ref460225911"><!--anchor--></a><font style="color: rgb(0, 0, 0);">)</font></font></font></div>
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<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0); font-weight: bold;">Proposed
Maximum</font></font></div>
<div><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0); font-weight: bold;">Offering Price per
Share</font></font></div>
<div><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0);">(b)</font><font style="color: rgb(0, 0, 0); font-weight: bold;"><br></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;"><br></font></font></div>
</td>
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<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-family: Times New Roman;"><font style="font-weight: bold; color: rgb(0, 0, 0);">Proposed
Maximum</font></font></div>
<div><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold">Aggregate
Offering Price</font></font></font></div>
<div><font style="font-family: Times New Roman;"><font style="color: rgb(0, 0, 0);">(b)</font><font style="font-weight: bold; color: rgb(0, 0, 0);"><br></font></font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;"><br></font></font></div>
</td>
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<div><font style="font-size: 11px;"><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman; color: rgb(0, 0, 0);">
Amount of Registration</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman; color: rgb(0, 0, 0);">
Fee</font></div>
</font><font style="text-align: left; width: 10%; vertical-align: bottom; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 30%; border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">Common stock,
par value $0.01 per share</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px;"><font style="color: rgb(0, 0, 0); font-family: Times New Roman;">2,313,200
shares</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">1.71</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 20%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">3,954,416</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 4px double rgb(0, 0, 0);">
<div><font style="font-size: 11px;"><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman;">$</font><font style="text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman;">492.47</font><font style="text-align: left; color: rgb(0, 0, 0); font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%;">&#xA0;</font></font></div>
</td>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px;">_________________________________________</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="display: table; margin-left: 0px;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px"><a name="ref.VCAGD1"><font style="color: rgb(0, 0, 0);">(a)
&#xA0;&#xA0;&#xA0;<br></font></a></font></div>
<div style="text-align: left; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px"><a name="ref.VCAGD1"></a> <a name="ref.VCAGD1"> Consists of
shares of common stock issued and outstanding. <font style="color: #000000; background-color: #FFFFFF">Pursuant to Rule 416
under the Securities Act of 1933, as amended, the registrant is
also registering such indeterminate number of shares of common
stock as may be issued from time to time as a result of stock
splits, stock dividends, or similar transactions, or pursuant to
the anti-dilution provisions in the above
warrants.</font></a></font></div>
</div>
</div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><a name="ref.AFAGD1"></a><a name="ref.AFAGD1"></a>
<font style="font-family: Times New Roman; font-size: 13px">(b)</font></div>
<div style="text-align: left; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Estimated in
accordance with Rule 457(c) solely for the purpose of calculating
the registration fee. The proposed maximum offering price per share
and in the aggregate are based on the average of the high
and&#xA0;low sale prices of the registrant&#x2019;s common stock, as
reported on the Nasdaq Capital Market on November&#xA0;21,
2017.</font></div>
</div>
</div>
&#xA0;&#xA0;</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font><font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: rgb(0, 0, 0);">The</font>
Registrant <font style="color: rgb(0, 0, 0);">hereby amends this
registration statement on such date or dates as may be necessary to
delay its effective date until the</font> Registrant <font style="color: rgb(0, 0, 0);">shall file a further amendment which
specifically states that this registration statement shall
thereafter become effective in accordance with Section&#xA0;8(a) of
the</font> Securities Act <font style="color: rgb(0, 0, 0);">of
1933, as amended, or until the</font> Registration Statement
<font style="color: rgb(0, 0, 0);">shall become effective on such
date as the</font> Commission<font style="color: #000000">, acting
pursuant to said Section&#xA0;8(a), may
determine.</font></font></font></div>
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<font style="color: #DF1A1E; font-weight: bold; font-family: Times New Roman; font-size: 13px">
The information in this prospectus is not complete and may be
changed. The selling shareholders named in this prospectus may not
sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and the selling
shareholder named in this prospectus is not soliciting offers to
buy these securities in any jurisdiction where the offer or sale is
not permitted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #DF1A1E; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Subject to completion, dated November&#xA0;27, 2017</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
<font style="font-size: 27px">Insignia Systems,
Inc.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
</font><font style="font-size: 21px"><font style="font-weight: bold; font-family: Times New Roman;"><font style="color: rgb(0, 0, 0);">2,313,200</font> Shares of Common
Stock</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 21px"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 16px">
<font style="font-size: 21px">Offered by the Selling
Shareholders</font></font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
<!--line--><br></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
This prospectus relates to the possible resale from time to time of
up to 2,313,200</font> shares of our common stock<font style="color: #000000">, par value $0.01 per share, which shares are
issued and outstanding. Such common stock may be sold from time to
time by the selling</font> shareholders <font style="color: #000000">named herein. We are not offering any</font>
shares of common stock <font style="color: #000000">for sale under
this prospectus, and we will not receive any of the proceeds from
the sale or other disposition of the shares offered hereby. This
prospectus describes the general manner in which our common stock
may be offered and sold by the selling</font>
shareholders<font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The common stock may be offered or sold by the selling</font>
shareholders <font style="color: #000000">at fixed prices, at
prevailing market prices at the time of sale or at prices
negotiated with purchasers, to or through underwriters,
broker-dealers, agents, or through any other means described in
this prospectus under &#x201C;Plan of Distribution&#x201D;. The
selling</font> shareholders <font style="color: #000000">will bear
all commissions and discounts, if any, attributable to the sales of
shares.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Our common stock trades on the</font> NASDAQ Capital Market
<font style="color: #000000">under the symbol
&#x201C;ISIG.&#x201D;</font> On November&#xA0;21, 2017, the last
reported sale price of our common stock was $1.65 per
share.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
You should rely only on the information contained in this
prospectus or any prospectus supplement or amendment. We have not
authorized anyone to provide you with different
information.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">INVESTING IN OUR COMMON STOCK INVOLVES
A HIGH DEGREE OF RISK. SEE &#x201C;RISK FACTORS&#x201D; BEGINNING ON
PAGE</font> <font style="font-family: Times New Roman; font-size: 13px">3</font>
<font style="color: #000000">OF THIS
PROSPECTUS.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The date of this prospectus is November</font> 27<font style="color: #000000">, 2017</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
TABLE OF CONTENTS</font></div>
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<tr>
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<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;"><font style="text-decoration:underline;">Page</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">SUMMARY&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
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<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">THE
OFFERING&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">RISK
FACTORS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">CAUTIONARY NOTE
REGARDING FORWARD LOOKING STATEMENTS</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">SELLING
SHARESHOLDERS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">USE OF
PROCEEDS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">PLAN OF
DISTRIBUTION&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">DESCRIPTION OF
CAPITAL
STOCK&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">LEGAL
MATTERS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">EXPERTS&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">INFORMATION
INCORPORATED BY REFERENCE<br></font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 85%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">WHERE YOU CAN FIND
MORE INFORMATION<br></font></div>
</td>
<td style="vertical-align: bottom; width: 15%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
ABOUT THIS PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">You
should rely only on the information contained in, or incorporated
by reference into, this prospectus. <font style="color: #000000">No
person has been authorized to give any information or make any
representations in connection with this offering other than those
contained or incorporated by reference in this prospectus, and, if
given or made, such information or representations must not be
relied upon as having been authorized by us.</font> Neither we, nor
the selling shareholders, are making any offer to sell these
securities in any jurisdiction where the offer is not permitted.
The information in this prospectus is accurate only as of the
applicable dates, regardless of the time of delivery of this
prospectus or any sale of shares of our common stock. Our business,
financial condition, results of operations and prospects may have
changed since that date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
investors outside the United States: Neither we nor the selling
shareholders have taken any action to permit a public offering of
the shares of our common stock or the possession or distribution of
this prospectus in any jurisdiction where action for that purpose
is required, other than the United States. You are required to
inform yourselves about and to observe any restrictions relating to
this offering and the distribution of this prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc499047707">
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SUMMARY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This summary highlights information contained elsewhere in this
prospectus or incorporated in this prospectus by reference, and
does not contain all of the information that you should consider in
making your investment decision. Before investing in our
securities, you should carefully read this entire prospectus
including each of the documents incorporated herein by reference,
our financial statements and the related notes and the information
set forth therein under the heading &#x201C;Risk
Factors&#x201D;.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Insignia Systems, Inc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Insignia
Systems<font style="color: #000000">, Inc. (&#x201C;Insignia,&#x201D;
&#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our&#x201D; or the
&#x201C;Company&#x201D;) is a developer and marketer of innovative
in-store products, programs and services that help consumer
packaged goods (&#x201C;</font>CPG<font style="color: #000000">&#x201D;) manufacturers and retail partners drive
sales at the point of purchase. The</font> Company <font style="color: #000000">was incorporated under the laws of the State of
Minnesota in 1990. Since 1998, we have focused on managing a retail
network, made up of approximately 21,000 store locations, for the
primary purpose of providing turn-key at-shelf market access
for</font> CPG <font style="color: #000000">manufacturers&#x2019;
marketing programs. We provide participating retailers with
benefits including incremental revenue, incremental sales
opportunities, increased shopper engagement in-store, and custom
creative development and other in-kind
services.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Our primary product has been the Point-Of-Purchase Services
(POPS</font><font style="font-size: 70%; vertical-align: top; color: #000000">&#xAE;</font><font style="color: #000000">)
in-store marketing program. Insignia PO</font>PS pr<font style="color: #000000">ogram is a national, account-specific, shelf-edge
advertising and promotional tactic. Internal testing has indicated
the program delivers incremental sales for the featured brand. The
program allows manufacturers to deliver vital product information
to consumers at the point-of-purchase, and to leverage the local
retailer brand and store-specific prices to provide a unique
&#x201C;call to action&#x201D; that draws attention to the featured
brand and triggers a purchase decision. CP</font>G cu<font style="color: #000000">stomers benefit from our nimble operational
capabilities, which include short lead times, in-house graphic
design capabilities, post-program analytics, and micro-marketing
capabilities such as variable or bilingual messaging. We recently
announced the nationwide launch of freshADS</font><font style="font-size: 70%; vertical-align: top; color: #000000">SM</font><font style="color: #000000">,
an exclusive advertising vehicle featured in produce, created to
inspire shoppers early in their trip and help navigate them to
center store.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Registration and Standstill Agreement</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
On November 9, 2017, we entered into a registration and standstill
agreement with the selling</font> shareholders <font style="color: #000000">(the &#x201C;</font>2017 Agreement<font style="color: #000000">&#x201D;). Pursuant to the</font> 2017
Agreement<font style="color: #000000">, we agreed to prepare and
file the registration statement of which this prospectus is a part.
The Company has agreed, among other things, to indemnify each of
the selling</font> shareholders <font style="color: #000000">from
certain liabilities, fees and expenses for errors and omissions in
the registration statement. See &#x201C;Selling Shareholders&#x201D;
for more information.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Corporate Information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The mailing address and telephone number of our principal executive
offices are 8799 Brooklyn Blvd., Minneapolis, MN 55445 and (763)
392-6200, respectively. Our website is www.insigniasystems.com.
Information contained on, or that can be accessed through, our
website is not incorporated by reference into this prospectus, and
you should not consider information on our website to be part of
this prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our logo and our other trade names, trademarks and service marks
appearing in this prospectus are our property. Other trade names,
trademarks and service marks appearing in this prospectus are the
property of their respective owners. Solely for convenience, our
trademarks and tradenames referred to in this prospectus may appear
without the &#x2122; symbol, but those references are not intended
to indicate, in any way, that we will not assert, to the fullest
extent under applicable law, our rights, or the right of the
applicable licensor to these trademarks and
tradenames.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">1</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc499047708"><!--anchor--></a>THE
OFFERING</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
this prospectus, the selling shareholders may, from time to time,
sell shares of our common stock in one or more offerings. See
&#x201C;Plan of Distribution&#x201D; below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Common stock offered by the selling
shareholders</font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
2,313,200 shares</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Common stock outstanding&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
11,914,676 shares</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Use of proceeds&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We are not offering any shares pursuant to this prospectus, and we
will not receive any proceeds from the sale of the shares offered
by the selling shareholders.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Nasdaq Capital Market symbol</font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
ISIG</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">2</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="RiskFactors"><!--anchor--></a><a name="_Toc499047709"><!--anchor--></a><font style="font-weight: bold">RISK FACTORS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF">
Investing in our common stock involves high degree of risk. Before
you invest in our common stock you should carefully consider the
information in this prospectus, and the documents incorporated by
reference in this prospectus, and carefully read the risks
described in the documents incorporated by reference in this
prospectus including those set forth under the caption &#x201C;Risk
Factors&#x201D; in our</font> <font style="background-color: #FFFFFF">Annual Report</font> <font style="color: #000000; background-color: #FFFFFF">on</font> <font style="background-color: #FFFFFF">Form&#xA0;</font><font style="color: #000000; background-color: #FFFFFF">10-K for&#xA0;our
fiscal year ended December 31, 2016, which is incorporated herein
by reference, and under similar headings in our subsequently filed
quarterly reports on</font> <font style="background-color: #FFFFFF">Form</font> <font style="color: #000000; background-color: #FFFFFF">10-Q and annual reports
on</font> <font style="background-color: #FFFFFF">Form</font>
<font style="color: #000000; background-color: #FFFFFF">10-K, as
well as the other risks and uncertainties described in any
applicable prospectus supplement or any other documents
incorporated herein by reference. Any of these risks could cause
our actual results to vary materially from recent results or from
anticipated future results or could materially and adversely affect
our business, financial condition and results of operations. This
effect could be compounded if multiple risks were to occur. The
occurrence of any of these risks might cause you to lose all or
part of your investment.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Please also refer to the section below titled &#x201C;Cautionary
Statements Regarding Forward-Looking Statements&#x201D; regarding
forward-looking statements included or incorporated by reference in
this prospectus. You should read this prospectus, including any
risk factors incorporated by reference in this prospectus, in
conjunction with our financial statements, the notes to those
financial statements and our management&#x2019;s discussion and
analysis of financial condition and results of operation included
in our periodic reports and incorporated by reference
herein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="_Toc499047710">
<!--anchor--></a>CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
prospectus contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended (the
&#x201C;Securities Act&#x201D;), and Section 21E of the Securities
Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;).
In some cases, you can identify forward-looking statements by the
following words: &#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;,
&#x201C;continue&#x201D;, &#x201C;could&#x201D;,
&#x201C;estimate&#x201D;, &#x201C;expect&#x201D;, &#x201C;intend&#x201D;,
&#x201C;may&#x201D;, &#x201C;ongoing&#x201D;, &#x201C;plan&#x201D;,
&#x201C;potential,&#x201D; &#x201C;predict&#x201D;,
&#x201C;project&#x201D;, &#x201C;should&#x201D;, &#x201C;will&#x201D;,
&#x201C;would&#x201D;, or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. Forward-looking statements are not a guarantee
of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance
or results will be achieved.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF">
Forward-looking statements involve a number of risks and
uncertainties, many of which are outside of our control.</font>
Forward-looking statements are based on information available at
the time the statements are made and involve known and unknown
risks, uncertainties and other factors that may cause our results,
levels of activity, performance or achievements to be materially
different from the information expressed or implied by the
forward-looking statements in this report. <font style="color: #000000; background-color: #FFFFFF">Factors that might
cause actual results to differ include, but are not limited to,
those set forth under &#x201C;Risk Factors&#x201D; in the documents
incorporated by reference herein or therein.</font> You should read
the matters described in &#x201C;Risk Factors&#x201D; and the other
cautionary statements made in this report as being applicable to
all related forward-looking statements wherever they appear in this
report.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
light of the significant uncertainties inherent in our
forward-looking statements, the inclusion of such information
should not be regarded as a representation by us or any other
person that the results or conditions described in such statements
or our objectives and plans will be achieved. Furthermore, past
performance in operations and share price is not necessarily
indicative of future performance. We disclaim any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. You are advised, however, to consult any
additional disclosures we have made or will make in our reports
filed with the Securities and Exchange Commission (the
&#x201C;Commission&#x201D;) on
Forms&#xA0;10-K,&#xA0;10-Q&#xA0;and&#xA0;8-K. All subsequent
written and oral forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements contained in this prospectus
and the other documents incorporated by reference
herein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">3</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047711"><!--anchor--></a><font style="font-weight: bold">SELLING SHAREHOLDERS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders, or their pledgees, assignees, or
successors-in-interest, are offering for resale, from time to time,
up to an aggregate of 2,313,200 shares of our common stock. The
table below has been prepared based upon the information furnished
to us by the selling shareholders as of November&#xA0;15, 2017. The
selling shareholders may have purchased, acquired, sold,
transferred or otherwise disposed of some or all of their shares
since the date on which the information in the following table is
presented. The beneficial ownership of our common stock by the
selling shareholders has been determined in accordance with Rule
13d-3 under the Exchange Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders may sell some, all or none of the shares
offered by this prospectus. Because the number of shares the
selling shareholders may offer and sell is not presently known, we
cannot estimate the number of shares that will be held by the
selling shareholders after completion of this offering. This table,
however, presents the maximum number of shares of common stock that
the selling shareholders may offer pursuant to this prospectus and
the number of shares of common stock that would be beneficially
owned after the sale of the maximum number of shares of common
stock by the selling shareholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Selling Shareholder(s)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Number&#xA0;of&#xA0;Shares&#xA0;of&#xA0;Common</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Stock Beneficially Owned</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Prior to this Offering</font>(a)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Number&#xA0;of&#xA0;Shares&#xA0;of</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Common Stock</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Being Offered</font>(b)</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: bottom; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Number&#xA0;of&#xA0;Shares&#xA0;of&#xA0;Common</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Stock Beneficially Owned</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
After this Offering</font></font><font><font style="font-family: Times New Roman; font-size: 13px;">(c</font>)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Number</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Percentage</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Number</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Percentage</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Lion Fund II, L.P.(d)</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,313,200</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19.4%</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,313,200</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sardar
Biglari</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">______________________________<br>
</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;">*</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;
Less than one percent.<br></font></div>
</div>
</div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0; <font style="font-family: Times New Roman; font-size: 13px">11,788</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">*</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11,788</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">*</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;"><font>(a)</font></font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font>&#x201C;Beneficial
ownership&#x201D; means that a person, directly or indirectly, has
or shares voting or investment power with respect to a security or
has the right to acquire such power within 60 days. The number of
shares beneficially owned is determined as of November 21, 2017,
and the percentage is based upon 11,914,676 shares of our common
stock outstanding as of November 21,
2017.</font><br></font></div>
</div>
</div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;">(b)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Represents the
maximum number of shares that may be sold by the selling
sharesholders pursuant to this prospectus; provided, however, that
pursuant to Rule 416 under the Securities Act of 1933, as amended,
the registration statement of which this prospectus is a part shall
also cover any additional shares of common stock which become
issuable in connection with the shares registered for sale hereby
by reason of any stock dividend, stock split, recapitalization or
other transaction that, without the receipt of consideration,
results in an increase in the number of outstanding shares of our
common stock.</font></div>
</div>
</div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;">(c)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Assumes the sale
of all shares offered hereby to unaffiliated third parties. The
selling shareholders may sell all or part of their respective
shares.</font></div>
</div>
</div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: right; display: table-cell; width: 4px; padding-right: 8px;"><font style="font-family: Times New Roman; font-size: 13px;">(d)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Biglari Capital
Corp. (&#x201C;BCC&#x201D;) is the general partner of The Lion Fund
II, L.P. (&#x201C;The Lion Fund II&#x201D;), and Sardar Biglari is
the Chairman and Chief Executive Officer of BCC. Mr. Biglari holds
investment discretion over securities owned by The Lion Fund II. By
virtue of these relationships, BCC and Mr. Biglari may be deemed to
beneficially own the shares held by The Lion Fund II. Each of BCC
and Mr. Biglari disclaims beneficial ownership of the shares that
it or he does not directly own. The address for BCC, The Lion Fund
II and Mr. Biglari is 17802 IH 10 West, Suite 400, San Antonio, TX
78257.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Past and Current Relationships with Selling
Shareholders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
2015 Standstill Agreement and Board of Directors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
In December 2015, we entered into a standstill agreement (the
&#x201C;</font> 2015 Agreement<font style="color: #000000">&#x201D;)
with</font> Sardar&#xA0;Biglari, Philip L. Cooley<font style="color: #000000">, The Lion Fund II and</font> <font style="color: #000000">BCC (collectively, the &#x201C;</font>Biglari
Group<font style="color: #000000">&#x201D;) and certain other
parties defined therein as the &#x201C;</font>Air T
Group<font style="color: #000000">&#x201D;.</font> <font style="color: #000000">The</font> 2015 Agreement <font style="color: #000000">expired on its terms upon the conclusion of our
2016 annual meeting of</font> shareholders <font style="color: #000000">on June 10, 2016.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Under the</font> 2015 Agreement<font style="color: #000000">, we
agreed to increase the size of our</font> Board of Directors
<font style="color: #000000">from seven to nine directors,
effective as of December 5, 2015. We also agreed to have our</font>
Board <font style="color: #000000">elect</font>
Mr.&#xA0;Biglari&#xA0;<font style="color: #000000">and</font> Dr.
Cooley <font style="color: #000000">as directors effective as of
the same date. The Company further agreed to nominate and recommend
that</font> shareholders <font style="color: #000000">elect</font>
Mr.&#xA0;Biglari<font style="color: #000000">,</font> Dr.
Cooley<font style="color: #000000">, and two other individuals
named in the</font> 2015 Agreement<font style="color: #000000">, as
four of no more than nine total nominees for election as directors
at the 2016 annual meeting of</font> shareholders<font style="color: #000000">. We further agreed to reimburse the</font> Air T
Group <font style="color: #000000">and&#xA0;</font><font style="color: #000000">the</font> Biglari&#xA0;Group <font style="color: #000000">for certain expenses incurred in connection with
the</font> 2015 Agreement <font style="color: #000000">and related
matters.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Under the</font> 2015 Agreement<font style="color: #000000">, the
members of the</font> Air T Group <font style="color: #000000">and
the&#xA0;</font>Biglari&#xA0;Group <font style="color: #000000">agreed to vote all</font> shares of our common
stock <font style="color: #000000">beneficially owned by them in
favor of all of our</font> Board<font style="color: #000000">&#x2019;s director nominees at the 2016 annual
meeting of</font> shareholders<font style="color: #000000">, for
approval of the advisory vote to approve executive compensation, in
accordance with our</font> Board<font style="color: #000000">&#x2019;s recommendation on any</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">4</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
advisory vote on the frequency of future advisory votes to approve
executive compensation and for the ratification of our independent
auditors. The</font> Air T Group <font style="color: #000000">and
the&#xA0;</font>Biglari&#xA0;Group <font style="color: #000000">each agreed to also abide by certain standstill
provisions until the conclusion of the 2016 annual meeting of
shareholder or any earlier date, if any, upon which the Company had
materially breached certain of its commitments under the</font>
2015 Agreement<font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
During the period for which the restrictions applied, each of
the</font> Air T Group <font style="color: #000000">and
the&#xA0;</font>Biglari&#xA0;Group <font style="color: #000000">was
restricted, subject to certain limited exceptions, from: (i)
submitting, inducing or encouraging the submission of any
shareholder proposal or notice of nomination or other business for
consideration at a meeting of our</font> shareholders<font style="color: #000000">; (ii) opposing directors nominated by our</font>
Board of Directors (iii) <font style="color: #000000">participating
in any &#x201C;</font>group<font style="color: #000000">&#x201D;
within the meaning of Section 13(d)(3) of the</font> Exchange
Act<font style="color: #000000">, other than their respective
shareholder group or any group deemed to arise from the</font> 2015
Agreement<font style="color: #000000">; (iv) participating in the
solicitation of any proxy other than in support of the nominees of
our</font> Board of Directors<font style="color: #000000">; (v)
calling a special meeting of</font> shareholders<font style="color: #000000">; (vi) seeking, other than as a director of the
Company, to control or influence the governance or policies of the
Company; (vii) effecting or facilitating, other than as a director
of the Company, the acquisition of any material assets or business
of the Company,</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
any business combination involving the Company, or any other
extraordinary transaction with respect to the Company, and (viii)
disclosing or pursuing certain intentions with respect to
the</font> 2015 Agreement<font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Biglari <font style="color: #000000">served as a member of
our</font> Board of Directors <font style="color: #000000">from
December 2015 until his resignation in March
2017.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
2017 Registration and Standstill Agreement</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
On November 9, 2017, we entered into the</font> 2017 Agreement
<font style="color: #000000">with each of the selling</font>
shareholders<font style="color: #000000">. Pursuant to the</font>
2017 Agreement<font style="color: #000000">, we agreed to prepare
and file a registration statement with the</font> Commission
<font style="color: #000000">for purposes of registering the sale
of up to 2,313,200</font> shares of common stock <font style="color: #000000">beneficially owned by one or more of the
selling</font> shareholders<font style="color: #000000">. We have
agreed, among other things, to indemnify each selling shareholder
from certain liabilities, fees and expenses for errors and
omissions in the registration statement.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Under the</font> 2017 Agreement<font style="color: #000000">, the
registration period continues until the earliest to occur of
certain events, including the third anniversary of the effective
date of the</font> 2017 Agreement<font style="color: #000000">, and
the disposition of shares under the registration statement is
subject to a specified price requirement as set forth in the</font>
2017 Agreement<font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Under the</font> 2017 Agreement<font style="color: #000000">, the
standstill period continues under the earliest to occur of certain
events, including the third anniversary of the effective date of
the</font> 2017 Agreement<font style="color: #000000">. The
selling</font> shareholders <font style="color: #000000">have
agreed during the standstill period to vote all</font> shares of
our common stock <font style="color: #000000">beneficially owned by
them (i) in favor of all directors nominated by our</font> Board of
Directors <font style="color: #000000">for election at any annual
meeting of</font> shareholders <font style="color: #000000">of the
Company and (ii) for approval with respect to the advisory vote to
approve executive compensation, in accordance with the</font> Board
of Directors<font style="color: #000000">&#x2019; recommendation on
any advisory vote on the frequency of future advisory votes to
approve executive compensation, and for the ratification of our
independent auditors.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">have
also agreed during the standstill period to abide by certain
standstill provisions as described in the</font> 2017
Agreement<font style="color: #000000">. During the standstill
period, the selling</font> shareholders <font style="color: #000000">are restricted, subject to certain limited
exceptions, from: (i) submitting, inducing or encouraging the
submission of any shareholder proposal or notice of nomination or
other business for consideration; (ii) nominating any candidate for
election to the</font> Board of Directors <font style="color: #000000">or opposing the directors nominated by the</font>
Board<font style="color: #000000">; (iii) participating in any
&#x201C;group&#x201D; within the meaning of Section 13(d)(3) of
the</font> Exchange Act<font style="color: #000000">, other than a
group consisting of the selling</font> shareholders <font style="color: #000000">and their affiliates or any group deemed to arise
from the</font> 2017 Agreement<font style="color: #000000">; (iv)
participating in the solicitation of any proxy other than in
support of the</font> Board<font style="color: #000000">&#x2019;s
nominees; (v) calling a special meeting of</font>
shareholders<font style="color: #000000">; (vi) seeking, other than
as a director of the Company, to control or influence the
governance or policies of the Company; (vii)&#xA0;effecting or
facilitating the acquisition of any material assets or business of
the Company, any business combination involving the Company, or any
other extraordinary transaction with respect to the Company,
and</font> (viii) <font style="color: #000000">disclosing or
pursuing certain intentions with respect to the</font> 2017
Agreement<font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">5</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047712"><!--anchor--></a><font style="font-weight: bold">USE OF PROCEEDS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders will receive all of the proceeds from the sale
of the shares offered for sale by them under this prospectus. We
will not receive proceeds from the sale of the shares by the
selling shareholders. Pursuant to the 2017 Agreement, the selling
shareholders will bear the first $40,000 of the Company&#x2019;s
expenses related to the registration of securities under this
registration statement and the Company will bear all other expenses
incident to this registration statement, including all registration
and filing fees and fees and expenses of our own counsel and
accountants, but excluding the legal expenses of the selling
shareholders. For more information on the 2017 Agreement or the
selling shareholders, see &#x201C;Selling
Shareholders&#x201D;.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders will pay any underwriting discounts and
commissions and expenses incurred by the selling shareholders in
disposing of the shares. Any transfer taxes payable on these shares
and any commissions and discounts payable to underwriters, agents,
brokers or dealers will be paid by the selling
shareholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
DETERMINATION OF OFFERING PRICE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">will
determine at what price they may sell the offered shares, and such
sales 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.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047713"><!--anchor--></a><font style="font-weight: bold">PLAN OF DISTRIBUTION</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders<font style="color: #000000">, which
as used herein includes donees, pledgees, transferees or other
successors-in-interest selling</font> shares of common stock
<font style="color: #000000">or interests in</font> shares of
common stock <font style="color: #000000">received after the date
of this prospectus from a selling shareholder as a gift, pledge,
partnership distribution or other transfer, may, from time to time,
sell, transfer or otherwise dispose of any or all of their</font>
shares of common stock <font style="color: #000000">or interests
in</font> shares of common stock <font style="color: #000000">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.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">may
use any one or more of the following methods when disposing of
shares or interests therein:</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">ordinary
brokerage transactions and transactions in which the broker-dealer
solicits purchasers;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">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;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">purchases
by a broker-dealer as principal and resale by the broker-dealer for
its account;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">an
exchange distribution in accordance with the rules of the
applicable exchange;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">privately
negotiated transactions;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">short
sales effected after the date the registration statement of which
this prospectus is a part is declared effective by the
SEC;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">through
the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">broker-dealers may agree with the selling</font>
shareholders <font style="color: #000000">to sell a specified
number of such shares at a stipulated price per
share;</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">a
combination of any such methods of sale; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">any
other method permitted by applicable law.</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">6</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">may,
from time to time, pledge or grant a security interest in some or
all of the</font> shares of common stock <font style="color: #000000">owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured
parties may offer and sell the</font> shares of common
stock<font style="color: #000000">, from time to time, under this
prospectus, or under an amendment to this prospectus under Rule
424(b)(3) or other applicable provision of the</font> Securities
Act <font style="color: #000000">amending the list of
selling</font> shareholders <font style="color: #000000">to include
the pledgees, transferees or other successors in interest as
selling</font> shareholders <font style="color: #000000">under this
prospectus. The selling</font> shareholders <font style="color: #000000">also may transfer the</font> shares of common
stock <font style="color: #000000">in other circumstances, in which
case the transferees, pledgees or other successors in interest will
be the selling beneficial owners for purposes of this
prospectus.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
In connection with the</font> sale of our common stock <font style="color: #000000">or interests therein, the selling</font>
shareholders <font style="color: #000000">may enter into hedging
transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the common stock in the
course of hedging the positions they assume. The selling</font>
shareholders <font style="color: #000000">may also sell</font>
shares of our common stock <font style="color: #000000">short and
deliver these securities to close out their short positions, or
loan or pledge the common stock to broker-dealers that in turn may
sell these securities. The selling</font> shareholders <font style="color: #000000">may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation
of one or more derivative securities which require the delivery to
such broker-dealer or other financial institution of shares offered
by this prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this prospectus (as
supplemented or amended to reflect such
transaction).</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The aggregate proceeds to the selling</font> shareholders
<font style="color: #000000">from the sale of the common stock
offered by them will be the purchase price of the common stock less
discounts or commissions, if any. Each of the selling</font>
shareholders <font style="color: #000000">reserves the right to
accept and, together with their agents from time to time, to
reject, in whole or in part, any proposed purchase of common stock
to be made directly or through agents.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders will receive all of the proceeds from the sale
of the shares offered for sale by them under this prospectus. We
will not receive proceeds from the sale of the shares by the
selling shareholders. Pursuant to the 2017 Agreement, the selling
shareholders will bear the first $40,000 of the Company&#x2019;s
expenses related to the registration of securities under this
registration statement and the Company will bear all other expenses
incident to this registration statement, including all registration
and filing fees, and fees and expenses of our own counsel and
accountants, but excluding the legal expenses of the selling
shareholders. Any transfer taxes payable on these shares and any
commissions and discounts payable to underwriters, agents, brokers
or dealers will be paid by the selling shareholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">and
any underwriters, broker-dealers or agents that participate in the
sale of the common stock or interests therein may be
&#x201C;</font>underwriters<font style="color: #000000">&#x201D;
within the meaning of Section 2(11) of the</font> Securities
Act<font style="color: #000000">. Any discounts, commissions,
concessions or profit they earn on any resale of the shares may be
underwriting discounts and commissions under the</font> Securities
Act<font style="color: #000000">. Selling</font> shareholders
<font style="color: #000000">who are &#x201C;underwriters&#x201D;
within the meaning of Section 2(11) of the</font> Securities Act
<font style="color: #000000">will be subject to the prospectus
delivery requirements of the</font> Securities Act<font style="color: #000000">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
The selling</font> shareholders <font style="color: #000000">also
may resell all or a portion of the shares in open market
transactions in reliance upon Rule 144 under the</font> Securities
Act <font style="color: #000000">rather than under this prospectus,
provided that they meet the criteria and conform to the
requirements of that rule.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
To the extent required, the</font> shares of our common stock
<font style="color: #000000">to be sold, the names of the
selling</font> shareholders<font style="color: #000000">, the
respective purchase prices and public offering prices, the names of
any agents, dealer or underwriter, 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.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In order to comply with the securities laws of some states, if
applicable, the 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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">7</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
selling shareholders and any other person participating in such
distribution will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including,
without limitation, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of
common stock by the selling shareholders and any other
participating person. Regulation M may also restrict the ability of
any person engaged in the distribution of the shares of common
stock to engage in market-making activities with respect to the
shares of common stock. All of the foregoing may affect the
marketability of the shares of common stock and the ability of any
person or entity to engage in market-making activities with respect
to the shares of common stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the 2017 Agreement, we have agreed to indemnify the selling
shareholders against liabilities, including liabilities relating to
the registration of the shares offered by this prospectus,
resulting from (i) any untrue statement or alleged untrue statement
of a material fact contained in this prospectus or the registration
statement of which this prospectus is part, (ii) the omission or
alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein (in the
case of any prospectus, in light of the circumstances under which
they were made) not misleading, or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities
law in connection with the offering covered by this registration
statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the 2017 Agreement, the selling shareholders have agreed to
indemnify the Company against certain liabilities resulting from
information furnished to us by the selling shareholders
specifically for inclusion in this prospectus, the registration
statement of which this prospectus is part, or any amendment or
supplement thereto.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
agreed to keep the registration statement, of which this prospectus
is a part, effective until the earlier of (i)&#xA0;the date, if
any, that the selling shareholders&#x2019; beneficial ownership of
our common stock has remained below 10.0% of the then outstanding
shares of our common stock for 90 consecutive days; (ii) the date,
if any, that the Company no longer qualifies for the use of a
registration statement on Form S-3; (iii) such date, if any, as any
of the selling shareholders materially breaches certain obligations
under the 2017 Agreement; and (iii)&#xA0;November&#xA0;9, 2020, the
third anniversary of the 2017 Agreement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
There can be no assurance that any selling shareholder will sell
any or all of the</font> shares of common stock <font style="color: #000000">registered pursuant to the registration statement,
of which this prospectus forms a part.</font> Once <font style="color: #000000">sold under the registration statement, of which
this prospectus forms a part, the</font> shares of common stock
<font style="color: #000000">will be freely tradable in the hands
of persons other than our affiliates.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047714"><!--anchor--></a><font style="font-weight: bold">DESCRIPTION OF CAPITAL
STOCK</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary description of our capital stock. It does
not purport to be complete and is subject to, and is qualified in
its entirety by, the provisions of our certificate of incorporation
and bylaws, copies of which are attached hereto and incorporated
herein by reference.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common Stock</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
authorized capital stock consists of: 40,000,000 shares of common
stock, $0.01 par value per share. As of <font style="color: #000000">October 31,</font> 2017, there were 11,914,676
shares of common stock outstanding. No share of common stock is
entitled to any preference over any other share. The holders of
common stock are entitled to one vote for each share held of record
on each matter submitted to a vote of shareholders. Shareholders
have no cumulative voting rights, which means that the holders of
shares entitled to exercise more than 50% of the voting rights are
able to elect all of the directors. Dividends may be paid to
holders of common stock when, as and if declared by the Board of
Directors out of funds legally available for payment of dividends.
Upon liquidation, dissolution or winding up of the Company, after
payment to creditors, the assets of the Company will be divided pro
rata on a per-share basis among the holders of the common stock.
The Bylaws of the Company require that only a majority of the
issued <font style="color: #000000">and outstanding</font> shares
of common stock <font style="color: #000000">of the Company need be
present to constitute a quorum and to transact business at a</font>
shareholders<font style="color: #000000">&#x2019; meeting. The
holders of common stock are not entitled to any sinking fund,
preemptive, subscription, redemption or conversion rights. All
outstanding</font> shares of common stock <font style="color: #000000">are fully paid and
nonassessable.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Dividends</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
payment by the Company of dividends, if any, in the future rests
within the discretion of its Board of Directors and will depend,
among other things, upon the Company&#x2019;s earnings, its capital
requirements, its financial conditions, any
restrictions</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">8</font></font></div>
</div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">under
credit agreements and other relevant factors. We have not
historically paid dividends, other than one-time dividends declared
in 2011 and 2016. On November 28, 2016, the Board declared a
one-time special dividend of $0.70 per share to shareholders of
record as of December 16, 2016, paid on January 6, 2017. The Board
intends to retain earnings for use in the Company&#x2019;s business
and does not anticipate paying cash dividends in the foreseeable
future.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047715"><!--anchor--></a>LEGAL
MATTERS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
validity of the shares of common stock being offered by this
prospectus has been passed upon for us by Faegre Baker Daniels LLP,
Minneapolis, Minnesota.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047716"><!--anchor--></a><font style="font-weight: bold">EXPERTS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
audited financial statements incorporated by reference in this
prospectus and elsewhere in the registration statement, have been
so incorporated by reference in reliance upon the report of Baker
Tilly Virchow Krause, LLP, independent registered public accounting
firm, upon the authority of said firm as experts in such
matters.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047717"><!--anchor--></a><font style="font-weight: bold">INFORMATION INCORPORATED BY
REFERENCE</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Commission allows us to &#x201C;incorporate by reference&#x201D; into
this prospectus the information we file with them, which means that
we can disclose important information to you by referring you to
those documents. Any statement contained or incorporated by
reference in this prospectus shall be deemed to be modified or
superseded for purposes of this prospectus to the extent that a
statement contained herein, or in any subsequently filed document
which also is incorporated by reference herein, modifies or
supersedes such earlier statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this prospectus. We incorporate
by reference the documents listed below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the description of
our common stock contained in our registration statement on
Form&#xA0;8-A filed with the Commission on October&#xA0;9, 1997,
including all amendments and reports filed for the purpose of
updating such information;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our annual report
on Form 10-K for the fiscal year ended December&#xA0;31, 2016,
filed with the Commission on March&#xA0;7, 2017;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our definitive
proxy statement on Schedule 14A, filed with the Commission on
April&#xA0;25, 2017;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our quarterly
reports on Form 10-Q for the quarters ended March&#xA0;31, 2017,
June&#xA0;30, 2017, and September&#xA0;30, 2017, filed with the
Commission on May&#xA0;4, 2017, August&#xA0;4, 2017 (as amended
August&#xA0;14, 2017), and November&#xA0;6, 2017, respectively;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">our current reports
on Form 8-K filed with the Commission on February&#xA0;22, 2017,
March 2, 2017, June&#xA0;7, 2017, June&#xA0;16, 2017, June&#xA0;30,
2017, and November&#xA0;13, 2017.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
We also</font> incorporate by reference <font style="color: #000000">into this prospectus all documents (other than
current reports furnished under Item 2.02 or Item 7.01 of Form 8-K
and exhibits filed on such form that are related to such items)
that are subsequently filed by us with the</font> Commission
<font style="color: #000000">pursuant to Sections 13(a), 13(c), 14
or 15(d) of the</font> Exchange Act <font style="color: #000000">prior to the termination of the offering of the
securities made by this prospectus (including documents filed after
the date of the initial registration statement and prior to the
effectiveness of the registration statement). These documents
include periodic reports, such as annual reports on</font> Form
<font style="color: #000000">10-K, quarterly reports on</font> Form
<font style="color: #000000">10-Q and current reports on Form 8-K,
as well as definitive proxy statements.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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 to the
extent that a statement contained in this prospectus or any
subsequently filed document that is deemed to be incorporated by
reference into this prospectus modifies or supersedes the
statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc499047718"><!--anchor--></a><font style="font-weight: bold">WHERE YOU CAN FIND MORE
INFORMATION</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman">
We are subject to the informational requirements of the Exchange
Act and are required to file annual, quarterly and current reports,
proxy statements and other information with the Commission.</font>
You may read and copy this information and the registration
statement at the Commission public reference room located at 100 F
Street, N.E., Room 1580, Washington, DC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">9</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20549.
You may obtain information on the operation of the Public Reference
Room by calling the Commission at 1-800-SEC-0330. Any information
we file with the Commission, including the documents incorporated
by reference into this prospectus, is also available on the
Commission&#x2019;s website at www.sec.gov.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">You may
obtain, without charge, a copy of any of these documents, other
than exhibits to those documents that are not specifically
incorporated by reference into those documents, by writing us at
the following address: Insignia Systems, Inc., 8799 Brooklyn Blvd.,
Minneapolis, MN 55445, or by telephoning us at (763)&#xA0;392-6200.
We also make many of these documents publicly available, free of
charge, on our website at www.insigniasystems.com as soon as
reasonably practicable after filing such documents with the
Commission. The information contained in, or that can be accessed
through, our website is not part of this prospectus.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">10</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
PART&#xA0;II</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
INFORMATION NOT REQUIRED IN PROSPECTUS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
14.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; Other Expenses of
Issuance and Distribution.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Set
forth below is an estimate (except for registration fees, which are
actual) of the approximate amount of the fees and expenses payable
by us in connection with the distribution of the shares of common
stock being sold by the selling shareholders pursuant to this
registration statement. The selling shareholders have agreed to
reimburse the Company for such expenses up to a maximum of $40,000.
The selling shareholders will pay their own underwriting discounts
and commissions, if any.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 80%; font-size: 13px; font-family: Times New Roman;">
<tr style="background-color:#cceeff;">
<td rowspan="1" style="vertical-align:bottom;width:86%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Commission
registration fee</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:14%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">492</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:86%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Legal
fees and expenses</font></div>
</td>
<td style="vertical-align:bottom;width:14%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">35,000</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:86%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Accounting
fees and expenses</font></div>
</td>
<td style="vertical-align:bottom;width:14%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:2px solid #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:2px solid #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">5,000</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:86%;">
<div style="text-align: right; text-indent:-24px;margin-right:0px;padding-bottom:4px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:14%;">
<div><font style="text-align: left; color:#000000;font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:4px double #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:4px double #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">40,492</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item&#xA0;
15.&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; <font style="color: #000000">Indemnification</font> of Directors and
Officers.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #000000; font-size: 13px">
Minnesota law and our</font> <font style="font-size: 13px">Articles
of Incorporation</font> <font style="color: #000000; font-size: 13px">eliminate or limit certain
liabilities of our directors.</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">The Company is subject to</font>
<font style="font-size: 13px">Minnesota Statutes Chapter
302A</font><font style="color: #000000; font-size: 13px">,
the</font> <font style="font-size: 13px">Minnesota Business
Corporation Act (the &#x201C;Corporation
Act&#x201D;)</font><font style="color: #000000; font-size: 13px">.
Section 302A.521 of the</font> <font style="font-size: 13px">Corporation Act</font> <font style="color: #000000; font-size: 13px">provides in substance that,
unless prohibited by its articles of incorporation or bylaws, a
corporation must indemnify a person, including an officer or
director, who is made or threatened to be made a party to a
proceeding by reason of the former or present official capacity of
the person against judgments, penalties, fines, including, without
limitation, excise taxes assessed against the person with respect
to an employee benefit plan, settlements, and reasonable expenses,
including attorneys&#x2019; fees and disbursements, incurred by such
person in connection with the proceeding, if certain criteria are
met. These criteria, all of which must be met by the person seeking
indemnification, are</font> <font style="font-size: 13px">(a)</font> <font style="color: #000000; font-size: 13px">that such person has not been
indemnified by another organization or employee benefit plan for
the same judgments, penalties, fines, including, without
limitation, excise taxes assessed against the person with respect
to an employee benefit plan, settlements, and reasonable expenses,
including attorneys&#x2019; fees and disbursements, incurred by the
person in connection with the proceeding with respect to the same
acts or omissions;</font> <font style="font-size: 13px">(b)</font>
<font style="color: #000000; font-size: 13px">that such person must
have acted in good faith;</font> <font style="font-size: 13px">(c)</font> <font style="color: #000000; font-size: 13px">that no improper personal benefit
was obtained by such person and such person satisfied certain
statutory conflicts of interest provisions, if applicable;</font>
<font style="font-size: 13px">(d)</font> <font style="color: #000000; font-size: 13px">that in the case of a criminal
proceeding, such person had no reasonable cause to believe that the
conduct was unlawful; and</font> <font style="font-size: 13px">(e)</font> <font style="color: #000000; font-size: 13px">that, in the case of acts or
omissions occurring in such person&#x2019;s performance in an
official capacity, such person must have acted in a manner such
person reasonably believed was in the best interests of the
corporation or, in certain limited circumstances, not opposed to
the best interests of the corporation. In addition, Section
302A.521, Subdivision 3 of the</font> <font style="font-size: 13px">Corporation Act</font> <font style="color: #000000; font-size: 13px">requires payment by the
registrant, upon written request, of reasonable expenses in advance
of final disposition in certain instances. A decision as to
required indemnification is made by a majority of the disinterested
board of directors present at a meeting at which a disinterested
quorum is present, or by a designated committee of disinterested
directors, by special legal counsel, by the disinterested</font>
<font style="font-size: 13px">shareholders</font><font style="color: #000000; font-size: 13px">, or by a court. Our certificate
of incorporation and amended and restated bylaws limit the
liability of our directors to the fullest extent permitted by
Minnesota law.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Insofar as exculpation of, or indemnification for, liabilities
arising under the</font> Securities Act <font style="color: #000000">of 1933, as amended (the &#x201C;</font>Securities
Act<font style="color: #000000">&#x201D;) may be permitted to
directors, officers or persons controlling</font> Insignia
<font style="color: #000000">pursuant to the foregoing provisions,
we have been informed that in the opinion of the</font>
Commission<font style="color: #000000">, such exculpation or
indemnification is against public policy as expressed in the</font>
Securities Act <font style="color: #000000">and is therefore
unenforceable.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">II-1</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
16.&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; Exhibits.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Unless otherwise indicated, all documents incorporated herein by
reference to a document filed with the</font> Commission
<font style="color: #000000">pursuant to the Securities Exchange
Act of 1934, as amended (the &#x201C;</font>Exchange Act<font style="color: #000000">&#x201D;) are located under</font> Commission
<font style="color: #000000">file number
001-13471.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 8%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Exhibit Number</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 65%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Description</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Method of Filing</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><a name="articles" href="http://www.sec.gov/Archives/edgar/data/875355/000110465916106382/a15-23388_1ex3d1.htm">C</a><a href="http://www.sec.gov/Archives/edgar/data/875355/000110465916106382/a15-23388_1ex3d1.htm">omposite
Articles of Incorporation, as amended through July 31, 2008</a>
(incorporated by reference to Exhibit 3.1 to annual report on Form
10-K for the year ended December 31, 2015)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Incorporated by Reference</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
3.2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><a href="http://www.sec.gov/Archives/edgar/data/875355/000110465916106382/a15-23388_1ex3d2.htm">
Composite Bylaws, as amended through December 5, 2015</a>
(incorporated by reference to Exhibit 3.2 to annual report on Form
10-K for the year ended December 31, 2015)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Incorporated by Reference</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
5.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><a href="isig-exhibit51legalopinio.htm"><font style="font-family: Times New Roman; font-size: 13px;">Opinion of Faegre
Baker Daniels LLP</font></a></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Filed Electronically</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
10.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><a name="standstill" href="http://www.sec.gov/Archives/edgar/data/875355/000165495417010480/isig_ex10120171109.htm">R</a><a href="http://www.sec.gov/Archives/edgar/data/875355/000165495417010480/isig_ex10120171109.htm">egistration
and Standstill Agreement with Sardar Biglari, The Lion
Fund&#xA0;II, L.P. and Biglari Capital Corp., dated November 9,
2017</a> (incorporated by reference to Exhibit 10.1 to Form 8-K
filed November 13, 2017)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Incorporated by Reference</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
23.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
<a href="isig-exhibit23accountingf.htm">Consent of Independent
Registered Public Accounting Firm</a></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Filed Electronically</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
23.2</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
<a href="isig-exhibit51legalopinio.htm">Consent of Faegre Baker
Daniels LLP (included in Exhibit 5.1)</a></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Filed Electronically</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 8%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24.1</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 65%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Powers
of Attorney (included in Signature Page)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Filed
Electronically</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 17.&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
Undertakings.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(a) The
undersigned registrant hereby undertakes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(1) To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration
statement:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(i) To
include any prospectus required by Section 10(a)(3) of the
Securities Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(ii) To
reflect in the prospectus any facts or events arising after the
effective date of this 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 this 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) if, in the aggregate, the changes in volume and price
represent no more than a 20</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">II-2</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">percent
change in the maximum aggregate offering price set forth in the
&#x201C;Calculation of Registration Fee&#x201D; table in the
effective registration statement. and</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in this registration
statement or any material change to such information in this
registration statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)
That, for the purpose of determining any liability under the
Securities Act, 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 <font style="font-style: italic">bona</font> <font style="font-style: italic">fide</font> offering thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(b) The
undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of
the registrant&#x2019;s annual report pursuant to Section 13(a) or
15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#x2019;s annual report pursuant to Section
15(d) of the Exchange Act) that is incorporated by reference in
this 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 <font style="font-style: italic">bona</font>
<font style="font-style: italic">fide</font> offering
thereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(c)
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the registrant pursuant to the
indemnification provisions described herein, 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 and will be governed by the final adjudication
of such issue.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 10px"><font style="font-size: 13px">II-3</font></font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Pursuant to the requirements of the</font> Securities Act
<font style="color: #000000">of 1933, as amended, the registrant
has duly caused this registration statement on Form&#xA0;S-3 to be
signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Minneapolis, State of Minnesota, on
November&#xA0;</font>27<font style="color: #000000">,
2017.</font></font></div>
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<tr>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">INSIGNIA
SYSTEMS, INC.</font></div>
</td>
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</td>
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<td style="vertical-align: top; width: 48%">
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</td>
<td style="vertical-align: top; width: 49%">
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</td>
<td style="vertical-align: top; width: 3%">
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</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Kristine A. Glancy</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Kristine
A. Glancy</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 48%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">President
and Chief Executive Officer</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Power of Attorney</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Each person whose signature appears below constitutes and appoints
Kristine A Glancy and Jeffrey A. Jagerson, or either of them, as
his or her true and lawful attorney-in-fact and agent, each acting
alone, with full power of substitution and resubstitution, for him
or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments (including post-effective
amendments) to this registration statement on Form S-3, and to file
the same, with all exhibits thereto, and all documents in
connection therewith, with the SEC, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to be
done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his or
her substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Act of 1933, as amended, this
registration statement has been signed by the following persons in
the capacities and on the dates indicated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
Signatures</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
Title</font></div>
</td>
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</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">
Date</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
/s/&#xA0;Kristine A. Glancy</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
President, Chief Executive Officer, and Director (principal
executive officer)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
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<td style="vertical-align: middle; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Kristine A. Glancy</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
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</td>
</tr><tr>
<td style="vertical-align: top; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">/s/&#xA0;Jeffrey
A. Jagerson</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 41%;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Chief Financial Officer and Treasurer (principal financial and
accounting officer)</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 26%;">
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Jeffrey A.
Jagerson</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman;">/s</font><font style="color: rgb(0, 0, 0);">/</font><font style="font-family: Times New Roman;">&#xA0;</font>Jacob J.
Berning</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 41%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 26%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Jacob
J. Berning</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman;">/s/&#xA0;</font>Rachael B.
Vegas</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 41%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 26%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Rachael B.
Vegas</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman;">/s/&#xA0;</font><font style="color: rgb(0, 0, 0);">F. Peter Zaballos</font></font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 41%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Chairman of the Board, Director</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td rowspan="2" style="vertical-align: top; width: 26%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
F. Peter Zaballos</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 31%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">/s/
Steven R. Zenz</font></div>
</td>
<td style="vertical-align: top; width: 1%;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
Director</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="color: rgb(0, 0, 0); font-family: Times New Roman; font-size: 13px;">
November 27, 2017</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">Steven
R. Zenz</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>isig-exhibit51legalopinio.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Exhibit 5.1</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Faegre Baker Daniels LLP</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2200
Wells Fargo Center,&#xA0;90 South Seventh Street</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Minneapolis,&#xA0;Minnesota
55402-3901</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Phone&#xA0;<font style="font-weight: bold">+1
612 766 7000</font></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Fax&#xA0;<font style="font-weight: bold">+1
612 766 1600</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November&#xA0;27,
2017</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Insignia
Systems, Inc.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8799
Brooklyn Boulevard</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Minneapolis,
MN 55455</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
acted as counsel to Insignia Systems, Inc., a Minnesota corporation
(the &#x201C;Company&#x201D;), 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 &#x201C;Shares&#x201D;),
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 &#x201C;Commission&#x201D;), under the Securities Act
of 1933, as amended (the &#x201C;Act&#x201D;) (such registration
statement, as amended or supplemented, is hereinafter referred to
as the &#x201C;Registration Statement&#x201D;). 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 &#x201C;Selling Shareholders&#x201D;) and consist of
2,313,200 Shares outstanding and held by the Selling Shareholders
as of the date hereof.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
opinion letter is being delivered in accordance with the
requirements of Item 601(b)(5) of Regulation S-K.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As
counsel for the Company, we are familiar with the Company&#x2019;s
Articles of Incorporation, as amended to the date hereof, and its
Bylaws, as amended to the date hereof, (collectively, the
&#x201C;Governing Documents&#x201D;) 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
consent to the filing of this opinion as an exhibit to the
Registration Statement and the reference to our firm under the
heading &#x201C;Legal Matters&#x201D; 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&#xA0;7 of the Act or the rules and regulations of the
Commission.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 324px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 324px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">FAEGRE
BAKER DANIELS LLP</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 348px; margin-right: 0px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;<font style="text-decoration: underline">/s/
Joshua L. Colburn</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Joshua L. Colburn</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>isig-exhibit23accountingf.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 23.1</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
hereby consent to the incorporation by reference in this
Registration Statement on Form S-3 of our report dated March 7,
2017 relating to the financial statements as of and for the years
ended December 31, 2016 and 2015 of Insignia Systems, Inc.
appearing in Insignia Systems, Inc.&#x2019;s Annual Report on Form
10-K for the year ended December 31, 2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We also
consent to the reference to us under the caption
&#x201C;Experts&#x201D; in this Prospectus, which is part of this
Registration Statement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Baker Tilly Virchow Krause, LLP</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Minneapolis,
Minnesota</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
27, 2017</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</SEC-DOCUMENT>
