STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

Stockholders’ equity

Shares of the Company’s common stock have been retrospectively adjusted to reflect the exchange ratio of 1.337 established in the Transaction.

Common stock

Rights and privileges of the Company’s common stock are as follows:

Voting Rights - The holders of the common stock are entitled to one vote for each share of common stock.

Dividend Rights - Subject to preferences that may be applicable to dividends of any outstanding preferred stock, dividends may be paid on the common stock as and when declared by the Board of Directors. Such dividends will be distributed among the holders of common stock pro rata in proportion of the number of common stock held by each.

Liquidation Rights - In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs, the holders of the Company common stock are entitled to share ratably in all assets remaining after payment of the Company’s debts and other liabilities, subject to prior distribution rights of the Company preferred stock or any class or series of stock having a preference over the Company common stock, then outstanding, if any.

Redemption Rights - None.

Options outstanding and options available for future option grants were retroactively adjusted to give effect to the exchange ratio.

Treasury stock

As of December 31, 2023 there is no treasury stock issued or outstanding.