Quarterly report pursuant to Section 13 or 15(d)

CAPITAL RAISE AND WARRANT EXERCISE

v3.21.2
CAPITAL RAISE AND WARRANT EXERCISE
9 Months Ended
Sep. 30, 2021
WARRANT EXERCISE AND CAPITAL RAISE  
CAPITAL RAISE AND WARRANT EXERCISE

NOTE 10. – CAPITAL RAISE AND WARRANT EXERCISE

On June 7, 2021, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Cowen and Company, LLC (the “Placement Agent”) relating to the Company’s registered direct offering (the “Offering”) to a select investor (the “Investor”). In addition, on June 7, 2021, the Company and the Investor entered into a securities purchase agreement relating to the issuance and sale of shares of common stock pursuant to which the Investor purchased 10,000,000 shares of common stock at $4.00 per share. The net proceeds to the Company from the Offering, after deducting Placement Agent fees and offering expenses, was $38,206.

During the first quarter of 2021, the Company’s warrant holders exercised all 11,293,211 outstanding warrants for cash in exchange for common stock. In connection with these exercises, the Company received net proceeds of $11,782. No warrants remain outstanding as of September 30, 2021. The following table summarizes the Company’s outstanding warrant activity since December 31, 2020:

Number of

Warrants

Warrants outstanding at December 31, 2020

 

11,293,211

Warrants exercised in Q1 2021

(11,293,211)

Warrants outstanding at September 30, 2021