SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent events have been evaluated through August 14, 2024, the date at which the condensed consolidated financial statements were available to be issued, and the Company has concluded that no such events or transactions took place that would require disclosure herein except as stated directly below.

Common Stock Purchase Agreement with B. Riley Principal Capital II, LLC

On July 30, 2024, the Company entered into the Common Stock Purchase Agreement and a related registration rights agreement, each dated as of July 30, 2024, with B. Riley Principal Capital II. Upon the terms and subject to the satisfaction of the conditions set forth in the Common Stock Purchase Agreement, the Company will have the right, in its sole discretion, to sell to B. Riley Principal Capital II up to $20,000,000 of newly issued shares of the Company’s Class A common stock, subject to certain conditions and limitations contained in the Common Stock Purchase Agreement, from time to time during the 36-month term of the Purchase Agreement. Sales of Class A common stock by the Company to B. Riley Principal Capital II pursuant to the Common Stock Purchase Agreement, and the timing of any such sales, are solely at the option of the Company, and the Company is under no obligation to sell any securities to B. Riley Principal Capital II under the Common Stock Purchase Agreement.