Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUI TY SECURITIES AND USE OF PROCEEDS
As previously reported, in August 2019 we issued the Mann Group convertible note , which is convertible into shares of the Company’s common stock at $2.50 per share. In accordance with the terms of the Mann Group convertible note, Mann Group converted (i) $5.0 million of principal into 2,000,000 shares of common stock on January 8, 2021, and (ii) $0.4 million of interest and $4.6 million of principal into an additional 2,000,000 shares of common stock on February 4, 2021. See Note 6 – Borrowings .
We relied on an exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended, for the issuance of the shares described above.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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