COMMON STOCK |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Equity [Abstract] | |
| COMMON STOCK |
Note 12. COMMON STOCK
Common Stock
The Company has authorized a total of shares of Common Stock, $ par value per share. On July 22, 2025, the Company received stockholder approval to increase the number of authorized shares of Common Stock from shares to shares, and on August 13, 2025, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the increase. The Company has issued shares of Common Stock, of which are unvested restricted stock awards as of September 30, 2025, and shares of Common Stock, of which are unvested restricted stock awards as of December 31, 2024 adjusted for the 30-1 reverse stock split.
On August 13, 2025, the Company entered into a securities purchase agreement with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement, (i) shares of the Company’s newly designated Series B Convertible Preferred Stock, with a par value $ per share and stated value of $ per share initially convertible into shares of the Company’s Common Stock, par value $ per share at an initial conversion price of $6.90 per share and (ii) warrants to purchase up to 223,824 shares of the Company’s Common Stock at an exercise price of $10.56 per share of Common Stock. The investors have converted 290 of the 990 Series B Convertible Preferred Stock in exchange for 42,028 shares of Common Stock as of September 30, 2025.
On September 29, 2025, the Company consummated a best efforts public offering of an aggregate of (i) shares of Common Stock and (ii) pre-funded warrants to purchase up to 874,067 shares of Common Stock in lieu of shares of Common Stock. Each share was sold at a public offering price of $. Each pre-funded warrant was sold at a public offering price of $2.493. The total gross proceeds for the transaction were approximately $4.8 million.
On May 22, 2025, the Company entered into an at-the-market issuance sales agreement (the “ATM Agreement”) with WallachBeth Capital LLC (“WallachBeth”), as sales agent providing for the sale of our common stock from time to time in an “at the market offering” program. The aggregate market value of the shares of Common Stock eligible for sale is currently $5,801,000. The ATM Agreement provides that WallachBeth will receive 3.0% of the gross sales price sold under the ATM Agreement. From May 22, 2025, through September 30, 2025, the Company sold shares of Common Stock through the ATM Agreement which accumulated approximately $1.2 million in gross proceeds.
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