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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events
18.
Subsequent Events

On February 8, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with ThinkEquity LLC, as representative of the underwriters (the “Underwriter”), pursuant to which the Company agreed to issue and sell to the Underwriter in a firm commitment underwritten public offering (the “Offering”), 20,000,000 shares (the “Shares”) of the Company’s common stock at a public offering price of $0.25 per Share, less underwriting discounts and commissions, resulting in gross proceeds to the Company of $5.0 million. In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriter a 45-day option to purchase up to an additional 3,000,000 shares of common stock, solely to cover over-allotments.

The Offering closed on February 13, 2023, with the sale of 20,000,000 Shares of common stock to the Underwriter. The net proceeds to the Company, after deducting the underwriting discount and commissions and estimated expenses of the Offering payable by the Company, was approximately $3.6 million.

Additionally, pursuant to the Underwriting Agreement, on February 13, 2023, the Company issued designees of the Underwriter warrants to purchase an aggregate of 1,000,000 shares of common stock (the “Representative’s Warrants”), representing 5.0% of the aggregate Shares sold in the Offering, as partial consideration for services rendered in connection with the Offering. The Representative’s Warrants have an initial exercise price of $0.3125 per share, and will be exercisable for a four-year period commencing 180 days following the commencement of sales in the Offering.

The Company will perform a 382 study to determine whether an ownership change occurred and the impact on the net operating loss and credits carryforwards available to be utilized in future periods.