XML 34 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2022
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

14. SUBSEQUENT EVENT

On October 9, 2022, the Company closed the October 2022 Registered Direct Offering and concurrent October 2022 Private Placement, of its common shares and warrants to purchase common shares with an institutional investor. In the October 2022 Registered Direct Offering, the Company issued (i) an aggregate of 154,000 common shares (“Shares”); and (ii) 369,810 pre-funded warrants (the “October 2022 Pre-Funded Warrants”). In the concurrent October 2022 Private Placement, the Company issued additional October 2022 Pre-Funded Warrants to purchase an aggregate of 1,190,476 shares of its common stock, and (ii) Preferred Investment Options to purchase an aggregate of 1,714,286 shares of its common stock (the “Preferred Investment Options”). The purchase price of each Share and associated Preferred Investment Option sold in the October 2022

Registered Direct Offering was $5.25 and the purchase price of each Pre-Funded Warrant and associated

Preferred Investment Option sold in each of the October 2022 Registered Direct Offering and October 2022

Private Placement was $5.2499. In connection with the October 2022 Financing, the Company issued, to designees of H.C. Wainwright & Co., LLC (“Wainwright”), the placement agent for the October 2022 Financing, Preferred Investment Options to purchase an aggregate of 111,429 shares of its common stock (the “Wainwright Preferred Investment Options”). The gross proceeds to the Company from the October 2022 Financing was $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company. Concurrent with the October 2022 Financing, the Company modified 29,091 March 2020 Series A Warrants, 19,048 April 2020 Series C Warrants and 32,000 October 2020 Series A Warrants held by the institutional investor that participated in the October 2022 Financing and agreed to lower the exercise price of these warrants to $5.05 and extend the term through April 2028.