|6 Months Ended|
Jun. 30, 2022
|Note 9 - Subsequent Events||
Note 9 – Subsequent Events
Equity Capital Raise
On July 29, 2022, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Newbridge Securities Corporation (the “Underwriter”) in connection with an underwritten public offering (the “Offering”) of 3,450,000 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (“Common Stock”) pursuant to the Company’s shelf registration statement on Form S-3 (declared effective by the SEC on November 8, 2021, File No. 333-259783). The Underwriter purchased the Shares from the Company at a price of $2.00 per share on August 2, 2022. The net proceeds received by the Company for the sale and issuance of the Shares were approximately $6.4 million, before deducting offering expenses payable by the Company.
Non-Dilutive Funding from Namur Invest
In July 2022, Volition was awarded a $1.5 million (€1.5 million) loan by Namur Invest Capital Risk to fund an early access program for its Nu.Q® product portfolio at key sites across the EU, UK, and US. The loan bears interest at a rate of 6.00% per year and is repayable over four years with a maturity date of July 31, 2026.
Restricted Stock Units (RSUs)
On August 3, 2022, 230,102 RSUs vested and will result in the issuance of 191,992 shares of common stock and the remaining 38,110 shares of common stock will be withheld for taxes and returned as authorized shares under the 2015 Stock Incentive Plan.
Amendment to Agreement with DXOCRO
On August 8, 2022, Volition entered into an amendment to the agreement with DXOCRO to undertake additional clinical studies in the U.S. Pursuant to the agreement, as amended, DXOCRO will conduct large-scale finding studies across multiple sites in the U.S. using Volition's Nu.Q® NETs and Nu.Q® Cancer tests to determine clinical utility in sepsis and cancer. Under the revised agreement, the cost of the studies is estimated at up to $4.2 million, including the original project contemplated by the agreement, and is expected to be completed within the next 12 months. The amendment expands the scope of the agreement referred to under Note 8(f), Commitments and Contingencies - Other Commitments.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef