Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity |
12. Stockholders’ Equity
Preferred Stock
The Company is authorized to issue preferred stock with such designation, rights and preferences as may be
determined from time to time by the Company’s Board of Directors. Other than the limitations on conversions to keep each such holder’s beneficial ownership below 9.99%, the terms of the Series C convertible preferred stock generally bestow the same rights to each holder as such holder would receive if they were common stock
shareholders and are not redeemable by the holders, except that the Series C convertible preferred stock shares do not have voting rights. Each share of Series C convertible preferred stock has a stated value of $1,000 and is convertible into shares of common stock at a conversion price equal to $2.69. No preferred shares were outstanding as of
December 31, 2023 and 2022.
Common Stock
The Company issued 337,874
shares upon the vesting of restricted stock during the year ended December 31, 2023.
On June 26, 2023, the Company had received written notification from the
Nasdaq Stock Market (“Nasdaq”) that the closing bid price of its common stock had been below the minimum $1.00 per share for the previous 30 consecutive business days and that the Company, therefore, was not in compliance with the
requirements for continued listing on the Nasdaq Capital Market. On December 27, 2023, the Company received written notice from Nasdaq that it had been granted a 180-day extension, or until June 24, 2024, to regain compliance with Nasdaq’s
minimum bid price rule.
The Company issued 358,367 shares to Theravant as
consideration for the TheraClear asset acquisition (Note 3) during the year ended December 31, 2022.
In October 2021, the Company entered into an equity distribution agreement under which the Company may sell up to $11.0 million of its shares of common stock in registered “at-the-market” offerings. The shares will be offered at prevailing market prices, and
the Company will pay commissions of up to 3.0% of the gross proceeds from the sale of shares sold through the Company’s agent,
which may act as an agent and/or principal. The Company has no obligation to sell any shares under this agreement and may, at any time, suspend solicitations under this agreement. No shares of the Company’s common stock have been sold under this distribution agreement during fiscal 2023 or 2022.
Common Stock
Warrants
In September 2021 and in connection with entering into the Company’s Senior Term Facility (Note 10), the Company issued a warrant to purchase 373,626 shares of the Company’s common stock at an initial exercise price of $1.82 per share. The warrant was amended in June 2023 in connection with the execution of the Third Amendment to the Senior Term Facility. The amended warrant is to purchase 800,000 shares of the Company’s common stock at an exercise price equal to $0.88 per share. The warrant is equity classified and is exercisable at any time on or prior to the tenth anniversary of its amendment date. As of December 31, 2023, the warrant
remains outstanding in its entirety.
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