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
Market
Information
Our
Common Stock began trading on Nasdaq on April 1, 2022 under the symbol “XPON.” As of March 23, 2024, there were approximately
11 registered holders of our Common Stock .
Dividend
Policy
We
have never declared or paid cash dividends on our Common Stock. We do not anticipate declaring or paying any cash dividends on our Common
Stock in the foreseeable future. We currently intend to retain all available funds and any future earnings to support our operations
and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion
of our Board and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual
restrictions, business prospects, and other factors our Board may deem relevant. Further, the outstanding 3i Note and any future debt
facilities we may enter into may contain restrictions on our ability to pay dividends or make distributions, and any new credit facilities
we may enter into may contain similar restrictions.
Stock
Performance Graph
As
a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for
by Item 201(e) of Regulation S-K.
Recent
Sales of Unregistered Securities from Registered Securities
There
were no sales of unregistered equity securities during the fiscal year ended December 31, 2023 that were not previously reported in a
Quarterly Report on Form 10-Q or Current Report on Form 8-K.
Use
of Proceeds from Registered Securities
On
April 5, 2022, we completed our initial public offering of 2,145,000 shares of common stock, including shares issued upon the exercise
in full of the underwriters’ option to purchase 321,750 additional shares of common stock, at a public offering price of $7.00
per share, resulting in aggregate gross proceeds of $17,267,250 and net proceeds of $14,772,487 after issuance costs of $2,494,763. The
offer and sale of these shares were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No. 333-262285),
which was declared effective by the SEC on March 31, 2022. Paulson Investment Company LLC, Alexander Capital, LP and Revere Securities
LLC acted as underwriters for the offering. Shares of our common stock began trading on Nasdaq on April 1, 2022 and, following the sale
of all the shares upon the closing of the initial public offering on April 5, 2022, the offer terminated.
No
offering expenses were paid directly or indirectly to any of our directors, officers, persons owning 10% or more of any class of our
equity securities, or to their associates, or to our affiliates. There has been no material change in the planned use of proceeds from
our initial public offering from that described in the final prospectus for our initial public offering dated March 31, 2022, filed with
the SEC pursuant to Rule 424(b)(4) under the Securities Act on April 4, 2022, and those disclosed in this Annual Report.
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
None.
ITEM 6.
[RESERVED]
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