Subsequent Event

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events

Vision Bioenergy Oilseeds, LLC ("Vision") License

On February 14, 2024, the Company granted Vision Bioenergy Oilseeds, LLC a global license to certain proprietary spring and winter Camelina varieties, including varieties exhibiting herbicide tolerance. Under the license, Vision has a three-year period of exclusivity to commercialize the licensed traits and varieties for use in biofuels. Once that period elapses, the license granted to Vision will convert to a non-exclusive status worldwide. In consideration for the license and the Company’s completion of certain near-term deliverables, Vision will make cash payments to the Company totaling $3,000. The Company retained the right to sublicense these Camelina traits and plant varieties, as well as continue to utilize and develop the varieties to produce omega-3 oil and other Camelina oil and meal products.

Warrant Exercise Agreements

On March 22, 2024, the Company entered into warrant exercise agreements with certain existing institutional investors, pursuant to which these investors agreed to exercise (i) a portion of the warrants issued to them in May 2023, which were exercisable for 671,140 shares of the Company’s common stock and had an exercise price of $2.98 per share, and (ii) a portion of the warrants issued to them in August 2023, which were exercisable for 2,520,000 shares of common stock and had an exercise price of $0.65 per share. In consideration for their immediate exercise of these 3,191,140 total warrants for cash, the Company agreed to reduce the exercise price of the May 2023 and August 2023 warrants held by these institutional investors, including any unexercised portion thereof, to $0.43 per share, which was equal to the closing price of the Company’s common stock on The Nasdaq Stock Market prior to the execution of the agreements. The institutional investors also received in a private placement, new unregistered warrants to purchase up to an aggregate of 6,382,280 shares of common stock with an exercise price of $0.43 per share, which is equal to 200% of the shares of common stock issued in connection with this current warrant exercise. The Company is expected to receive $1,372 in cash proceeds from the current exercise of the warrants, before financial advisory and other expenses incurred in completing the arrangement.

The Company has agreed to hold an annual or special meeting of shareholders on or prior to the date that is ninety days following the closing date of the warrant exercise for the purpose of obtaining shareholder approval, as may be required by the applicable rules and regulations of the Nasdaq Stock Market, with respect to issuance of the new warrants and the shares issuable upon the exercise thereof.