XML 36 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events.  
Subsequent Events

16. Subsequent Events

On August 19, 2024, the Company consummated a public offering (the “August Offering”) of 2,428,000 common shares and 11,947,000 pre-funded warrants to purchase up to 11,947,000 shares of common stock (“PFWs”), including 1,875,000 option pre-funded warrants to purchase up to 1,875,000 shares of common stock (“Option PFWs”) for a purchase price of $1.00 per common share, a purchase price of $0.9998 per PFW, and exercise price of $0.0002 per Option PFW resulting in aggregate gross proceeds of approximately $14.4 million, before deducting underwriting discounts and other offering expenses. Each PFW and Option PFW is exercisable for of one share of common stock.

On July 30, 2024, the Company entered into a Note Cancellation and Amendment to Asset and Equity Interests Purchase Agreement (the “Amendment”) of that certain 1% non-convertible promissory note, dated May 1, 2024, in the principal amount of $750,000, issued by the Company to Elusys Holdings Inc. and to the Purchase Agreement, dated as of December 11, 2023, by and between Elusys Holdings and the Company. Pursuant to the Note Amendment the Note was cancelled in exchange for an amendment to the Purchase Agreement which eliminates the payment of any royalty fees by Elusys Holdings to the Company and instead provides a cash payment to the Company of $2.5 million on or prior to December 31, 2028.