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
January 12, 2022, our common stock began trading on The Nasdaq Capital Market under the symbol “HILS.” Prior to that time,
there was no public market for our common stock.
Use
of Proceeds from Initial Public Offering
On
January 14, 2022, we closed the initial public offering of our common stock pursuant to which we issued and sold 3,750,000 shares of
our common stock at a price to the public of $4.00 per share. All of the shares of common stock issued and sold in our initial public
offering were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No. 333-259821), which was declared
effective by the SEC on January 11, 2022. We received net proceeds of approximately $13.0 million, after deducting underwriting discounts
and commissions and offering expenses borne by us. None of the expenses incurred by us were direct or indirect payments to any of (i)
our directors or officers or their associates, (ii) persons owning 10% or more of our common stock, or (iii) our affiliates. There has
been no material change in the planned use of proceeds from our initial as described in our final prospectus filed with the SEC on January
13, 2022 pursuant to Rule 424(b)(4). ThinkEquity acted as sole book-running manager for the offering. The offering commenced on January
11, 2022 and did not terminate before all securities registered in the registration statement were sold.
Stockholders
As
of March 21, 2022, there were 25 stockholders of record of our common stock. 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 our board of directors deems relevant.
Recent
Sales of Unregistered Securities
From
January 2021 to December 15, 2021, we issued convertible promissory notes in an aggregate principal amount of $1,716,992 to certain investors.
89
From
January 2021 to June 15, 2021, we granted stock options to purchase an aggregate of 227,737 shares of our common stock at a weighted-average
exercise price of $7.756 per share to employees, directors and non-employee service providers pursuant to our 2019 Stock Incentive Plan.
The
foregoing offers, sales and issuances were exempt from registration under Section 4(a)(2) of the Securities Act or Rule 701 of the Securities
Act.
ITEM
6. [RESERVED]