In a concurrent private placement (the "Private Placement"), the Company also issued and sold unregistered warrants to purchase up to 2,667,000 shares of its common stock ("Warrants"), with each Warrant exercisable for one share of common stock at an exercise price of $2.12 per share. Each Warrant will be exercisable beginning six months following issuance and will expire five years following the initial exercise date.
The gross proceeds to the Company from the offering are $6,000,750, before deducting placement agent fees and offering expenses. The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes.
ThinkEquity acted as sole placement agent for the offering.
The shares of common stock offered in the registered direct offering (but excluding the unregistered Warrants offered in the concurrent private placement and the shares of common stock underlying such Warrants) were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-274083), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 18, 2023 and declared effective on August 28, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the offering was filed with the SEC and ...
