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.
On August 10, 2021, our shares of common stock
commenced trading on the Nasdaq Capital Market (“Nasdaq”). Prior to that, shares of our common stock were quoted on the OTC
Link™ quotation platform of OTC Markets Group, Inc. (“OTCQB”) as an Over-The-Counter Bulletin Board company under the
classification of OTCQB utilizing the trading symbol “PMCB.” As a result of a 1:1500 reverse stock split effective July 12,
2021, our trading symbol was changed to “PMCBD” until August 6, 2021. Thereafter, it reverted to “PMCB.”
The following table sets forth the post reverse
stock split (1:1500) high and low bid quotations reported on the OTCQB through August 9, 2021 and Nasdaq through April 30, 2022 for our
shares for each quarter during the two fiscal years (“FYs”) ended April 30, 2022 and 2021. The prices reflect inter-dealer
prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
Date
Bid Price
FY 2022
HIGH
LOW
First Quarter
$ 27.16
5.56
Second Quarter
$ 12.01
2.25
Third Quarter
$ 3.05
1.89
Fourth Quarter
$ 2.51
1.79
FY 2021
First Quarter
$ 52.39
19.10
Second Quarter
$ 28.36
10.45
Third Quarter
$ 40.15
5.97
Fourth Quarter
$ 55.22
20.90
As of April 30, 2022, there were 20,721,047 issued
and outstanding shares of our common stock. We are informed these shares are held by approximately 1,400 shareholders of record.
Dividend Policy
We have not paid and do not plan to pay cash dividends
now. Our Board will decide any future payment of dividends, depending on the results of operations, financial condition, capital requirements
and other relevant factors.
Securities Authorized for Issuance under Equity
Compensation Plans
See Item 12 of Part III of this Report regarding
information about securities authorized for issuance under our equity compensation plans.
Recent Issuance of Unregistered Securities
We issued Common Stock Purchase Warrants (“Warrants”)
to Aeon (defined below) in connection with our Block Trades (defined below). We issued Warrants to purchase the number of shares of our
restricted common stock listed below.
84
The Warrants have a five-year term and represent
5% of the number of shares of common stock sold at an exercise price equal to the price per share at which the shares were sold in the
Block Trade. They are exercisable by the holder at any time from the sale date through and including the expiration date set forth in
the Warrant. Each Warrant has a specified exercise price as set forth below.
Sale Date
Warrants Issued
Exercise Price
June 13, 2019
926
$13.50
July 15, 2019
1,296
$13.50
August 7, 2019
2,333
$7.50
February 24, 2020
667
$7.50
March 24, 2020
2,333
$7.50
March 31, 2020
667
$7.50
April 7, 2020
1,667
$15.00
April 21, 2020
556
$22.50
July 10, 2020
2,733
$15.00
July 18, 2020
2,333
$11.25
July 19, 2020
889
$11.25
July 27, 2020
1,667
$11.25
August 3, 2020
3,000
$11.25
August 6, 2020
2,733
$15.00
August 6, 2020
3,333
$7.50
August 7, 2020
3,667
$7.50
August 7, 2020
1,667
$11.25
August 10, 2020
889
$11.25
August 23, 2021
7,000,000
$5.00
August 23, 2021
1,050,000
$6.25
In addition to issuances of unregistered securities
by us to our officers and directors previously disclosed in our Quarterly Reports on Form 10-Q, our Form 8-Ks and this Report, on March
1, 2021, we issued 29,144 shares of restricted common stock relating to the cashless exercise of twenty-six (26) warrant agreements to
an investment banker. The non-cash expense for these share issuances was zero.
All such shares were issued without registration
under the Securities Act in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act based on the limited number
of investors, the sophistication of the individuals involved and the use of restrictive legends on the share certificates issued to prevent
a public distribution of the relevant securities.
ITEM 6. SELECTED FINANCIAL DATA
Reserved.