Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events  
Subsequent Events

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.


RSU Vesting


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.


Capital Raise


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.