Subsequent Event

3 Months Ended

Mar. 31, 2023

Subsequent Event

Subsequent Event

11. Subsequent Event

On May 3, 2023, the Company entered into a Securities Purchase Agreement with certain accredited investors (the “Investors”), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 10,773,913 ordinary shares of the Company at a purchase price of $5.75 per share (the “Shares”), for gross proceeds of $62.0 million before deducting private placement expenses (the “Private Placement”). The closing of the Private Placement occurred on May 5, 2023.

In connection with the Private Placement, the Company also entered into a Registration Rights Agreement, dated May 5, 2023 (the “Registration Rights Agreement”) with the Investors. Pursuant to the terms of the Registration Rights Agreement, the Company is obligated to prepare and file with the Securities and Exchange Commission a registration statement to register for resale the Shares on or prior to August 3, 2023.