|12 Months Ended|
Dec. 31, 2022
Note 11 - Subsequent Events
Common Stock Issuances and Repurchases
From January 1 to January 19, 2023, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $656,000 under the 2022 EDA through the sale of 279,703 shares of its common stock. No additional shares have been sold under the 2022 EDA through March 8, 2023.
On January 5, 2023, the Company purchased from a former officer 13,264 shares of its common stock at $2.39 per share, for a total cost to the Company of $31,772.66. These shares were subsequently retired.
On January 12, 2023, the Compensation Committee of the Board of Directors approved the satisfactory achievement of certain corporate goals established by the Compensation Committee on October 4, 2022, which resulted in the vesting of rights with respect to an aggregate of 424,875 RSUs. The RSUs are further subject to a 3-year time based vesting schedule, vesting in three equal installments on each of October 4, 2023, October 4, 2024 and October 4, 2025, respectively, and conditioned upon the recipient’s continued service through the applicable vesting date.
On February 8, 2023, 4,000 RSUs previously granted to an employee vested and resulted in the issuance of 2,369 shares of common stock and the remaining 1,631 shares of common stock were withheld as taxes and returned to the 2015 Plan.
On March 1, 2023, 15,000 RSUs previously granted to employees vested and resulted in the issuance of 9,609 shares of common stock. An aggregate of 5,391 shares of common stock were withheld as taxes and returned to the 2015 Plan.
On February 17, 2023, the Company entered into an underwriting agreement with Newbridge in connection with an underwritten public offering of 4,945,000 shares of the Company’s common stock, which includes Newbridge’s exercise in full of its overallotment option, pursuant to the Company’s 2021 Form S-3. Newbridge purchased the shares from the Company at a price of $1.6275 per share. The offering closed on February 22, 2023. The Company received net proceeds of approximately $8.0 million from the offering before deducting offering expenses payable by the Company.
Commercial Product Launches
On January 12, 2023, the Company announced the availability of its Nu.Q® Vet Cancer Test through the IDEXX Laboratories, Inc. reference laboratory network in the U.S.
On February 16, 2023, the Company announced that its Nu.Q® Vet Cancer Test was available for pre-order to veterinarians at the point of care through Heska.
No definition available.
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