Subsequent Event

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

At-The-Market ("ATM") Program

On January 24, 2023, the Company entered into an Equity Distribution Agreement (the "Sales Agreement") with Maxim Group LLC ("Maxim") under which the Company may offer and sell shares of its common stock, $0.01 par value per share, having an aggregate offering price of up to $4,200 from time to time through Maxim, acting exclusively as the Company's sales agent (the "Offering"). On January 24, 2023, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering under its existing Registration Statement on Form S-3 (File No 333-254830), which was declared effective on April 2, 2021. The Company intends to use the net proceeds of the Offering primarily for working capital and general corporate purposes. Maxim will be entitled to compensation at a fixed commission rate of 2.75% of the gross sales price per share sold. In addition, the Company agreed to reimburse Maxim for its costs and out-of-pocket expenses incurred in connection with its services, including the fees and out-of-pocket expenses of its legal counsel.

The Company is not obligated to make any sales under the Sales Agreement and no assurance can be given that the Company will sell, or the dates on which any such sales will take place. The Sales Agreement will continue until the earliest of (i) twelve (12) months following the date of the Sales Agreement, (ii) the sale of shares thereunder having an aggregate offering price of $4,200, and (iii) the termination by the Company upon the provision of ten (10) days written notice or by Maxim immediately upon written notification to the Company.

From January 24, 2023 through March 14, 2023, the Company issued 94,665 shares of common stock in connection with the ATM at per share prices between $3.03 and $4.08, resulting in net proceeds to the Company of approximately $290 after subtracting sales commissions.