Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
On June 30, 2020, our common
stock began trading on the Nasdaq Capital Market under the symbol “ADTX.” Prior to that time, there was no public market for
our common stock.
Holders
As of April 12, 2024, there
were approximately 168 record holders of our common stock. As of April 12, 2024, there were 5, 13, and 1 holder(s) of Series A-1
Convertible Preferred Stock, Series B-1 Convertible Preferred Stock, and Series B-2 Convertible Preferred Stock, respectively. The actual
number of holders of our common stock is greater than this number of record holders, and includes stockholders who are beneficial owners,
but whose shares are held in street name by brokers or held by other nominees. This number of holders of record also does not include
stockholders whose shares may be held in trust by other entities.
Dividend Policy
We have never paid or declared
any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future.
We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Any future determination
to pay dividends will be at the discretion of our board of directors and will depend upon a number of factors, including our results of
operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors
that our board of directors deems relevant.
Recent Sales of Unregistered Securities
On March 17, 2023, the Company issued a consultant
4,675 shares of common stock for services rendered.
On December 19, 2023, the Company issued a consultant
70,000 shares of common stock for services rendered.
The issuances above were made pursuant
to Section 4(a)(2) of the Securities Act.
Equity Compensation Plans
The information required by
Item 5 of Form 10-K regarding equity compensation plans is incorporated herein by reference to Item 12 of Part III
of this Annual Report on Form 10-K.
Issuer Purchases of Equity Securities
We did not purchase any of
our registered equity securities during the period covered by this Annual Report.
29
Use of Proceeds from Initial Public Offering
On July 2, 2020, we completed
our initial public offering (“IPO”). In connection therewith, we issued 614 Units (the “IPO Units”), excluding
the underwriters’ option to cover overallotments, at an offering price of $18,000.00 per IPO Unit, resulting in gross proceeds of
approximately $11.0 million. The IPO Units issued in the IPO consisted of one share of common stock, one Series A warrant, and one Series
B warrant. The Series A warrants originally had an exercise price of $18,000.00 and a term of 5 years. In addition, we issued a Unit Purchase
Option at an exercise price of $22,500.00 per unit to the underwriters to purchase up to 34 units, with each unit consisting of (i) one
share of common stock and (ii) one Series A Warrant. On August 19, 2020 we modified the exercise price of the Series A Warrants from $18,000.00
per share to $9,000.00 per share. The term of the Series A Warrants was not modified. The Series B warrants have an exercise price of
$22,500.00 per share, a term of 5 years and contain a cashless exercise option upon certain criteria being met. As of December 31, 2020,
substantially all of the Series B warrants issued in the IPO have been exercised pursuant to a cashless provision therein.
We received net proceeds of
$8.5 million in the IPO, after deducting underwriting discounts and commissions and issuance expenses borne by us. No payments were made
by us to directors, officers or persons owning ten percent or more of our common stock or to their associates, or to our affiliates, other
than payments in the ordinary course of business to officers for salaries and to non-employee directors pursuant to our director compensation
policy. Dawson James Securities, Inc. acted as lead book-running manager of the offering and as representative of the underwriters for
the offering.
There has been no material
change in the planned use of proceeds from our IPO from that described in the final prospectus related to the offering, dated June 29,
2020, as filed with the SEC.
Item 6. [Reserved]
Not applicable.
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