Item 2. Unregistered Sales of Equity Securities
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
On January 5, 2022, the
Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with several institutional investors for the
sale by the Company of (i) 9,489,474 shares (the “Shares”) of the Company’s common stock, (ii) pre-funded warrants
(the “Pre-Funded Warrants”) to purchase up to an aggregate of 2,615,790 shares of common stock and (iii) warrants to
purchase up to an aggregate of 12,105,264 shares of common stock (the “Common Warrants” and, collectively with the Pre-Funded
Warrants, the “Warrants”), in a private placement offering. The combined purchase price of one share of common stock (or one
Pre-Funded Warrant) and accompanying Common Warrant is $0.95.
Subject
to certain ownership limitations, the Warrants are exercisable upon issuance. Each Pre-Funded Warrant is exercisable into one share of
common stock at a price per share of $0.001 (as adjusted from time to time in accordance with the terms thereof). Each Common Warrant
is exercisable into one share of common stock at a price per share of $0.82 (as adjusted from time to time in accordance with the terms
thereof) and will expire on the fifth anniversary of the date of issuance. The gross proceeds from the Purchase Agreement were $11,497,385
resulting in net proceeds, after payment of commissions and expenses, received by the Company of $10,625,786. As of March 31, 2022, the
Pre-Funded Warrants have been exercised in full.
Item 3.
Defaults Upon Senior Securities
None.
Item 4.
Mine Safety Disclosures
Not applicable.
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