Subsequent Events

3 Months Ended

Mar. 31, 2023

(12)	Subsequent Events

Effective April 18, 2023, the Company suspended its “at-the-market” facility with the Sales Agent pursuant to that certain prospectus supplement dated July 12, 2022 and Equity Distribution Agreement, dated July 1, 2022 and terminated the continuous offering under such prospectus. The Company will not make any sales of its Common Stock pursuant to the Equity Distribution Agreement unless and until a new prospectus supplement is filed with the Securities and Exchange Commission; however, the Equity Distribution Agreement remains in full force and effect.

On April 18, 2023, the Company entered into a definitive agreement for the issuance and sale of an aggregate of 3,196,722 of its shares of common stock (or common stock equivalents) at a purchase price of $1.22 per share (or common stock equivalent) in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 3,196,722 shares of common stock. The gross proceeds from this offering was $3,900,000. The net proceeds to the Company from this offering was approximately $3,400,000, after deducing placement agent fees expenses and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate purposes. The offering closed on April 20, 2023.