Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
(a)
Warrant Issued to Murdock Capital Partners
Corp.
On August 5, 2025 (the “Issuance Date”), the Company issued
to Murdock Capital Partners Corp. (“Murdock”) a warrant to purchase 202,500 shares of the Company’s common stock, at
an exercise price of $4.00 per share, subject to adjustment pursuant to the terms of the warrant (the “Murdock Warrant”).
The Murdock Warrant was issued pursuant to the terms of that certain business development agreement, dated November 9, 2023, by and between
the Company and Murdock. The Murdock Warrant is exercisable at any time during the period beginning on the Issuance Date and ending on
the fifth anniversary of the Issuance Date (such period, the “Exercise Period”). In the event that the Murdock Warrant is
not exercised on or prior to the last day of the Exercise Period, the Murdock Warrant shall be deemed exercised (even if the Murdock Warrant
is not surrendered) pursuant to a Cashless Exercise (as defined in the Murdock Warrant) immediately prior to the expiration of the Exercise
Period. The Murdock Warrant was issued in reliance on the exemption from registration requirements provided by Section 4(a)(2) of the
Securities Act.
(b) Not applicable.
(c) None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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