Prior to the Business Combination, in December 2020, Revelation Sub authorized the sale and issuance of up to 29,977,303 shares of common stock, par value $0.001 per share. During 2020 Revelation Sub entered into multiple common stock purchase agreements that resulted in the issuance of 6,292,140 shares and raised net proceeds of $6.1 million. Issuance costs were $37,000 related to the sale and issuance of common stock.

At the Closing Date, the Company authorized the sale and issuance of up to 100,000,000 shares of common stock, $0.001 par value per share. Additionally, an aggregate of 9,871,343 shares of common stock, were issued in exchange for the Revelation Sub stock, outstanding as of immediately prior to the Effective Time.

Immediately after giving effect to the Business Combination, there were 12,944,213 shares of common stock outstanding.

On the Closing Date, the Company received net proceeds from the Business Combination of $11.9 million, of which $7.7 million was escrowed pursuant to a Forward Share Purchase Agreement entered into by Petra and $4.2 million was released to Revelation.

On January 23, 2022, the Company issued 1,293,126 shares of common stock in connection with the PIPE Investment. The Company received net proceeds of $7.3 million.

On January 31, 2022, the Company issued 300,000 shares of common stock as collateral to Loeb & Loeb, LLP as part of a payment deferral of legal fees in connection with the Business Combination.

On February 4, 2022, the Company cancelled 750,000 shares in connection with the exercise of the Forward Share Purchase Agreement and approximately $7.7 million that was in escrow was paid to Meteora.

On February 22, 2022, the Company issued 1,293,541 shares of common stock in connection with the notice of cash exercise for the Pre-Funded Warrants issued in connection with the PIPE Investment with a total purchase price of $12.94.

On February 2, 2022, the Company issued 1,891 shares of common stock in connection with a notice of cash exercise for the Company’s Rollover Warrants with a total purchase price of $5,073.

As of June 30, 2022 and December 31, 2021, 15,082,771 and 2,308,877 shares of common stock were issued and outstanding, respectively. As of June 30, 2022, no cash dividends have been declared or paid.

The total shares of common stock reserved for issuance are summarized as follows:


	June 30, 2022		June 30, 2021
Series A Preferred Stock		—		1,713,965
Series A-1 Preferred Stock		—		1,865,238
Public Warrants		10,511,597		—
Common Warrants		2,586,667		—
Placement Agent Warrants		362,134		—
Rollover Warrants		165,976		167,867
Unvested and unissued Rollover RSU awards		460,706		460,706
Stock options outstanding		354,452		—
Dilutive shares reserved for issuance		14,441,532		4,207,776
Shares available for future stock grants under the 2021 Equity Incentive Plan		939,969		—
Total common stock reserved for issuance		15,381,501		4,207,776