Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 9 - Stockholders’ Equity

As disclosed in the Company’s periodic financial reports, as previously filed with the Securities and Exchange Commission (“SEC”), on February 28, 2024, the Company commenced a private placement offering (the “Equity Offering”) of shares of the Company’s common stock (the “Shares”).

On April 1, 2024, the Company completed the issuance and sale of all the Shares in the Equity Offering in accordance with the terms and conditions thereof, including Shares purchased by an institutional investor not affiliated with the Company and Shares purchased by BARC Investments, LLC, an affiliate of the Company owned and controlled by two of the Company’s directors and their sibling.  The Shares sold consisted of authorized unissued shares and treasury shares held. The offer and sale of the Shares in the Equity Offering was completed in reliance on the exemption from registration under Rule 506(c) of Regulation D promulgated under Section 4(a)(2) of the Securities Act of 1933, as amended.  The Equity Offering is more fully described in the Equity Offering documents and disclosed in the Company’s reports as previously filed with the SEC.

Summary information of private placement Equity Offering is as follows:

($ in thousands, except per share data)

Number of Shares purchased by BARC		42,950,460
Number of Shares purchased by others		1,250,000
Total number of Shares offered and purchased		44,200,460
Equity Offering – purchase price per Share	$	0.20
Total proceeds received from the Equity Offering	$	8,840

At the Company’s June 2, 2024, Annual Meeting of Stockholders, the Company’s stockholders approved an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of the Company’s common stock. A copy of the Company’s Amended and Restated Certificate of Incorporation as filed and recorded with the Secretary of State of the State of Delaware effective as of July 23, 2024, is filed as Exhibit 3.1 to this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

Authorized common stock consists of the following:

(shares in thousands)	July 23, 2024		December 31, 2023
Par value	$	0.01	$	0.01
Authorized shares		200,000		85,000
Issued shares		84,938		46,410
Outstanding shares		84,938		40,738