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Equity Rights Offering
6 Months Ended
Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]  
Equity Rights Offering

Note 9 – Equity Rights Offering

In September 2020, the Corporation completed an equity rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders. The shares of common stock and warrants are classified as equity instruments in the condensed consolidated statements of shareholders’ equity. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock, and expires on August 1, 2025. For the three and six months ended June 30, 2024 and 2023, respectively, the Corporation received no proceeds from shareholders from the exercise of Series A warrants. At June 30, 2024 and December 31, 2023, 10,941,869 Series A warrants were outstanding.