Quarterly report pursuant to Section 13 or 15(d)

Common Stock

v3.23.1
Common Stock
3 Months Ended
Mar. 31, 2023
Common Stock  
Common Stock

Note 6 - Common Stock

 

As of March 31, 2023, the Company was authorized to issue 100 million shares of common stock, par value $0.001 per share, of which 63,111,766 and 57,873,379 shares were issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.

 

Stock Option Exercises

 

During the three months ended  March 31, 2023, no shares of common stock were issued pursuant to the exercise of stock options.

 

Stock Options Expired / Cancelled

 

The table below summarizes the stock options granted under the Company’s 2015 Stock Incentive Plan (the “2015 Plan”) or the 2011 Equity Incentive Plan (the “2011 Plan”), as indicated, that expired or were cancelled during the three months ended March 31, 2023.

 

Equity

Incentive Plan

 

 

Options

(#)

 

 

Grant Date

 

Options Cancelled

(#)

 

 

 

Grant Price

($)

 

Cancellation

Date

 

2015

 

 

25,000

 

 

 Apr 15, 2016

 

 

25,000

 

 

 

4.00

 

 

 Feb 18, 2023

 

2015

 

 

55,000

 

 

 Apr 13, 2020

 

 

55,000

 

 

 

3.60

 

 

 Feb 18, 2023

 

2015

 

 

50,000

 

 

 Mar 30, 2017

 

 

50,000

 

 

 

5.00

 

 

 Feb 18, 2023

 

2015

 

 

50,000

 

 

 Feb 11, 2019

 

 

50,000

 

 

 

3.25

 

 

 Feb 18, 2023

 

2015

 

 

50,000

 

 

 Jan 23, 2018

 

 

50,000

 

 

 

4.00

 

 

 Feb 18, 2023

 

2015

 

 

32,383

 

 

 Aug 3, 2021

 

 

32,383

 

 

 

3.40

 

 

 Feb 18, 2023

 

2011

 

 

5,267

 

 

 Mar 20, 2013

 

 

5,267

 

 

 

4.35

 

 

 Mar 20, 2023

 

2011

 

 

1,100

 

 

 Mar 20, 2013

 

 

1,100

 

 

 

4.35

 

 

 Mar 20, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

268,750

 

 

 

 

 

268,750

 

 

 

 

 

 

 

 

 

RSU Settlements

 

Below is a table summarizing the RSUs vested and settled during the three months ended March 31, 2023, all of which were issued pursuant to the 2015 Plan.

 

Equity

Incentive Plan

 

 RSUs

Vested (#)

 

 

Vest Date

 

Shares

Issued (#)

 

 

Shares

Withheld for

Taxes (#)

 

2015

 

 

15,000

 

 

 Mar 25, 2023

 

 

15,000

 

 

 

-

 

 2015

 

 

4,000

 

 

 Feb 8, 2023

 

 

2,369

 

 

 

1,631

 

 2015

 

 

15,000

 

 

 Mar 1, 2023

 

 

9,609

 

 

 

5,391

 

 

 

 

34,000

 

 

 

 

 

26,978

 

 

 

7,022

 

Warrant Expiration

 

Effective February 26, 2023, a warrant to purchase 125,000 shares of common stock expired unexercised.

 

Equity Capital Raise

 

On February 17, 2023, the Company entered into an underwriting agreement with Newbridge Securities Corporation (“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 “shelf” registration statement on Form S-3 (declared effective by the SEC on November 8, 2021, File No. 333-259783) (as amended and supplemented from time to time, the “2021 Form S-3”). The public offering price was $1.75 per share. The underwriter purchased the shares from the Company at a price of $1.6275 per share on February 22, 2023, after taking into account the underwriting discounts and commissions. The net proceeds received by the Company for the sale and issuance of the shares were approximately $8.0 million, before deducting offering expenses of $0.2 million paid by the Company.

 

Equity Distribution Agreement

 

On May 20, 2022, the Company entered into an equity distribution agreement (the “2022 EDA”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the Company’s 2021 Form S-3 through Jefferies acting as the Company’s agent and/or principal. The Company is not obligated to sell any shares under the 2022 EDA.

 

During the three months ended March 31, 2023, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $0.7 million under the 2022 EDA through the sale of 279,703 shares of its common stock. As of March 31, 2023, the Company has raised aggregate net proceeds (net of broker commissions and fees) of approximately $1.5 million under the 2022 EDA through the sale of 630,532 shares of its common stock.