Common Stock and Warrants

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock and Warrants

Note 6 — Common Stock and Warrants

On February 13, 2020, the Company completed an underwritten public offering (the “ February 2020 Offering”). As part of the February 2020 offering, investors received 2,143,000 warrants (“Investor Warrants”), each entitling the holder to purchase one share of the Company’s common stock at an exercise price of $7.50 per share. The Investor Warrants expire on February 13, 2025.

In addition, the Company issued to the underwriters, warrants (the “Underwriter Warrants”) to purchase 230,373 shares of common stock. The Underwriter Warrants have an exercise price $7.00 per share. The Underwriter Warrants expire on February 13, 2025.

The Investor Warrants and Underwriter Warrants (collectively, the “Warrants”) are being accounted for as equity. There were no exercises of Warrants during the six months ended June 30, 2022. During the six months ended June 30, 2021, 826,700 Investor Warrants and 162,575 Underwriter Warrants were exercised. Proceeds received from the exercise of warrants was approximately $7,288,300 during the six months ended June 30, 2021.

On June 25, 2021, the Company terminated its ATM facility with B. Riley FBR and entered into a new facility with Alliance Global Partners (“AGP”). The Company may offer and sell from time to time up to $15 million in shares of the Company’s common stock. The ATM facility with AGP has substantially the same terms as its prior facility with B. Riley FBR, including a commission payable in the amount of 3.0% of the gross proceeds from the sales of common stock. In conjunction with the execution of the Purchase Agreement with Keystone on August 2, 2022, the Company reduced the value of common stock it is entitled to sell under the ATM to $0.3 million as required under General Instruction I.B.6 of Form S-3. There were no sales under the ATM facility during the three and six months ended June 30, 2022.

No shares of restricted stock vested during the three and six months ended June 30, 2022. During the three and six months ended June 30, 2021, 10 and 20 shares of restricted stock vested, respectively