In September 2020, the Corporation completed an equity rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders. The shares of common stock and warrants are classified as equity instruments in the consolidated statements of shareholders’ equity. Additional proceeds may be received from the future exercise of the Series A warrants. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock, and expires on August 1, 2025.

In May 2022, the Corporation filed a Tender Offer and Prospectus Supplement (the “Offer”) with the Securities and Exchange Commission (the “SEC”) pursuant to which the exercise price of each tendered Series A warrant was temporarily reduced. During the Offer period, the holders of Series A warrants were given the opportunity to exercise their Series A warrants at a temporarily reduced cash exercise price of $1.7856 per Series A warrant (or $4.00 per whole share of common stock). The Offer expired on July 15, 2022. The Corporation raised $193 in gross proceeds resulting from the tender and exercise of 108,378 Series A warrants. Series A warrants not exercised during the Offer period reverted to their original terms including the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock. Stock issuance costs approximated $193 and were recorded against the proceeds in additional paid-in capital. The Corporation received no proceeds from shareholders from the exercise of warrants in 2023.

The following summarizes outstanding warrants as of December 31, 2023 and 2022 and activity for the years then ended.


	Number of Warrants
Outstanding as of January 1, 2022		11,050,247
Converted to common stock		(108,378	)
Outstanding as of December 31, 2022		10,941,869
Converted to common stock		—
Outstanding as of December 31, 2023		10,941,869