Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.
On September 16, 2024, our registration statement
on Form S-1 registering our common stock was declared effective by the SEC. On September 17, 2024, the Company completed the IPO of 1,550,000
shares of common stock at a price of $4.00 per share. The Company received gross proceeds of $6,200,000, before deducting underwriting
discounts and commissions and offering expenses.
There has been no material change in the planned use
of proceeds from our IPO as described in our final prospectus filed with the SEC on September 17, 2024.
The Company issued a total of 1,055,100 shares to
Helena Global Investment Opportunities I Ltd., a Cayman Islands entity (“Helena”), in conjunction with entry into an up to
$30 million equity line of credit agreement (the “ELOC”). The 1,055,100 shares were issued in two batches, with 670,641 shares
issued at the time of entry into the ELOC and 384,459 shares issued in April 2025 upon effectiveness of the registration statement on
Form S-1 (File No. 333-286662) registering the shares issued and issuable to Helena, with such shares being issued in reliance on an exemption
from registration pursuant to Section 4(a)(2) of the Securities Act.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosure.
Not applicable.
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