Item 2. Unregistered Sales of Equity Securities
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On February 20, 2021, the Company entered into a Securities Purchase Agreement with EverFund (the “Financing”) pursuant to which the Company agreed to sell and issue approximately 3.8 million shares of the Company’s Common Stock, par value $0.001 per share at a price of $6.50 per share. On February 23, 2021, the Company closed the Financing and received proceeds of $24.9 million, net of offering costs. The shares issued pursuant to the Financing were not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Company relied on the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and Rule 506 of Regulation D thereunder.
Item 3. Defaults upon Senior Securities
None.
Item 4. MINE SAFETY DISCLOSURES
Not applicable.
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