Note 14 - Subsequent Events

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

14.   Subsequent Events

On April 30, 2023, the Company entered into a Securities Purchase Agreement with Mr. Duggan, pursuant to which the Company agreed to issue and sell to Mr. Duggan 10,022,937 shares of the Company’s common stock, par value $0.001 per share, in a Private Placement, at a price per share of $6.51. The parties completed the Private Placement on May 9, 2023, after satisfying all pre-closing conditions, and the Company has issued the full number of shares to Mr. Duggan. The shares were paid for through the cancellation of the principal sum of $65.0 million borrowed by the Company pursuant to the 2022 Loan Agreement, which was entered into by and between the Company and Mr. Duggan on September 20, 2022, together with all accrued and unpaid interest outstanding owed at the time of closing. As a result of the closing of the Private Placement, the 2022 Loan Agreement has terminated, without early termination fees or penalties being owed by the Company, and no additional amounts are owed to Mr. Duggan under the 2022 Loan Agreement.