Common Stock

12 Months Ended

Dec. 31, 2022

Common Stock

Common Stock

12.Common Stock

At December 31, 2022 and 2021, there were 9,677,734 and 9,715,234 shares issued and outstanding, respectively.

On November 10, 2021, the Company completed an initial public offering (the “IPO”) of 3,450,000 shares of common stock, at a public offering price of $5.00 per share, including the exercise in full by the underwriters of their option to purchase up to 450,000 additional shares of common stock, for aggregate gross proceeds of $17.3 million and its shares stared trading on The NASDAQ Capital Market under the ticker symbol “TIVC.” The Company received approximately $14.9 million in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock at the time of the IPO automatically converted into 2,227,116 shares of common stock and the outstanding convertible notes payable borrowings of $4.4 million converted to 1,204,160 shares of common stock.

Common stockholders are entitled to dividends if and when declared by the Board of Directors subject to the rights of the preferred stockholders. As of December 31, 2022, no dividends on common stock had been declared by the Company. At December 31, 2022 and 2021, the Company had reserved shares of common stock for issuance as follows:

	December 31,		December 31,
	2022		2021
Warrants to purchase common stock		272,680		272,680
Options issued and outstanding		1,268,850		607,220
Shares available for future stock option grants		456,381		707,250
Total		1,997,911		1,587,150