Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 12 — Related Party Transactions

In addition to Convertible Notes and Company Warrants held by the Kemp Trust, Dr. London and affiliates of Mr. Stanford (the “Related Party Note and Warrant Holders”) at December 31, 2023, the following additional related party transactions occurred with respect to the Related Party Note and Warrant Holders during the three months ended March 31, 2024:

•On February 26, 2024, the Kemp Trust and Dr. London each purchased Convertible Notes having a stated Principal Amount of $150,000. No Company Warrants were associated with these purchases.

•On or around March 7, 2024, the Related Party Note and Warrant Holders executed equity commitment letters in favor of the Parent under the terms of which each agree to provide equity financing to Parent in the amounts specified in their respective equity commitment letters. Such parties have also executed noteholder conversion agreements and warrant exchange agreements with Parent that take effect upon the consummation of the Merger. Further, Mr. Kemp (the trustee of the Kemp Trust) and Dr. London are controlling stockholders of Parent. As a result of the transactions described in this paragraph, the Company’s entry into the Merger Agreement is a related party transaction.