Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

11. Common Stock

ATM Offering

In August of 2021, we engaged B. Riley Securities, Inc. to act as sales agent under our at-the-market program, which allows us to potentially sell up to $50.0 million of our common stock on a delayed or continuous basis through the use of a shelf registration statement on Form S-3, which we initially filed on August 5, 2021. The shelf registration became effective on August 16, 2021. As of December 31, 2021, we have received proceeds of approximately $5.6 million net of fees from the sale of 1,302,033 shares of our common stock pursuant to the program. As of the date hereof, we have we have received proceeds of approximately $1,000,000, net of fees from the sale of 2,478,690 shares of our common stock pursuant to the program in 2022 to date.

Secondary Public Offering of Common Stock

In October of 2020, we completed a secondary public offering of 3,565,000 shares of common stock at a price to the public of $8.00 per share, including 2,000,000 shares of common stock to be issued and sold by Intrusion and 1,100,000 shares of common stock to be offered by the group of selling shareholders, together with 465,000 shares purchased when the underwriter exercised its option to purchase all of the available shares under the underwriter’s overallotment option (the “Secondary Public Offering”). Gross proceeds of the offering to us, before deducting underwriting discounts, commissions and estimated offering expenses, were approximately $19,720,000. Net proceeds to us of approximately $18,171,000 were intended to fund several growth initiatives, including the commercialization of our INTRUSION Shield solutions designed for the enterprise market.

On October 9, 2020, and in connection with the closing of our Secondary Public Offering, our stock began trading on the Nasdaq Capital Market (“Nasdaq”) under the symbol “INTZ”.