XML 24 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events  
Subsequent Events

10.            Subsequent Events

2023 Public Offering – On August 3, 2023, the Company entered into a placement agency agreement with Roth Capital Partners, LLC relating to a best efforts public offering of an aggregate of 3,500,000 shares of its common stock, together with warrants to purchase up to 3,500,000 shares of its common stock, for gross proceeds of approximately $2.1 million (the “2023 Public Offering”). The 2023 Public Offering was made pursuant to a registration statement on Form S-1, as amended (File No. 333-272879), which was declared effective by the SEC on August 2, 2023. The 2023 Public Offering closed on August 7, 2023. The net proceeds from the offering, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offering, were approximately $1.7 million. In connection with the 2023 Public Offering, the Company agreed to amend the existing warrants to purchase up to an aggregate of 800,000 shares of its common stock that were previously issued in the 2022 Private Placement at an exercise price of $2.85 per share, such that as of the closing of the 2023 Public Offering, the amended warrants have a reduced exercise price equal to $0.7593 per share.