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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 17. Subsequent Events

 

On March 21, 2022, pursuant to a Securities Purchase Agreement (the “March 2022 Purchase Agreement”) with a single investor the Company issued and sold to the investor 3,244,987 units at a price of $2.312 per unit (less $0.001 for each pre-funded warrant purchased in lieu of a share of common stock) for gross proceeds to the Company, before deducting the placement agent fees and other estimated fees and expenses, of approximately $7.5 million. Each unit consisted of one share of common stock (or one pre-funded warrant in lieu thereof), a common warrant to purchase one share of the Company’s common stock with a term of 24 months from the issuance date, and a common warrant to purchase one share of the Company’s common stock with a term of 66 months from the issuance date. Each of the common warrants is exercisable six months following the closing date, and has an exercise price of $2.062 per share. Each pre-funded warrant has an exercise price of $0.001 per share and does not expire until exercised in full.   

 

The securities sold under the March 2022 Purchase Agreement have not been registered under the Securities Act or any state securities laws. The Company has agreed to file a resale registration statement with the SEC for purposes of registering the resale of the shares of common stock issued and issuable pursuant to the March 2022 Purchase Agreement within 10 days following the filing of this Annual Report on Form 10-K.