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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

 

Stock Dividend

 

Subsequent to September 30, 2023, the Company declared a special one-time stock dividend of 10% on the Company’s common stock to shareholders of record as of October 23, 2023, which was paid on October 30, 2023. The Company issued an aggregate of 3,572,978 shares of common stock to its shareholders and warrant holders. The weighted-average exercise price per share of an aggregate of 7,236,776 outstanding warrants to purchase shares of common stock of the Company was adjusted from $3.12 to $2.82.

 

Shares Authorized

 

On November 7, 2023, the shareholders of the Company approved the filing of a certificate of amendment to the Fifth Amended and Restated Certificate of Incorporation to increase the authorized shares of common stock from 100,000,000 to 200,000,000.

 

On November 7, 2023, the shareholders of the Company approved an amendment to the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) to increase the number of shares authorized for issuance by 5,000,000 shares of common stock and to allow an annual increase to the 2021 Plan equal to the least of (i) 5% of the outstanding common stock on a fully diluted basis as of the end of the Company’s immediately preceding fiscal year, (ii) 2,500,000 shares, or (iii) a lesser amount as determined by the Board. As of September 30, 2023, a total of 12,000,000 shares of common stock was authorized under the 2021 Plan, with the total shares increased to 17,000,000 of common stock as approved by the Company’s shareholders.

 

ATM

 

As of November 7, 2023, the Company has sold 2,370,904 additional shares under the ATM Sales Agreement, for net proceeds of $770,092 after payment of commission and fees of $15,716.