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Note 12 - Subsequent Events
3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

12.   Subsequent Events

 

As approved by the Company’s Board, a rights offering of up to $60 million worth of units (“Units”) will likely be available to all holders of record of the Company’s common stock, par value $0.01 (the “Common Stock”), as of the close of the market on a record date expected to be set by the Board in mid- June 2024 (the “Proposed Rights Offering”).  Each Unit will likely consist of one share of Common Stock and two warrants, each to purchase one-half of one share of Common Stock, with each warrant having different redemption provisions. The subscription price per Unit is expected to equal to the lesser of (i) $10.00 per Unit and (ii) the volume weighted average price of the Company’s Common Stock for the ten trading day period through and including the expiration date of the offering, which has not yet been set by the Board. The subscription price would determine the final number of Units issuable, and subsequently the pro rata number of Units to which stockholders can subscribe. Each warrant will likely have a per share exercise price equal to 110% of the subscription price for the Units. The Company intends to distribute to all holders of Common Stock as of the record date non-transferable subscription rights to purchase Units at the price provided above.