Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In the second quarter of 2022, the Mann Group converted $10.0 million of principal and capitalized interest under the Mann Group convertible note into 4,000,000 shares of common stock. In addition, we elected to pay quarterly interest under the Mann Group convertible note by issuing the Mann Group 31,541 shares of common stock. See Note 9 – Borrowings .
We relied on an exemption from registration provided by Section 3(a)(9) or 4(a)(2) 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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