Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

v3.23.3
STOCK WARRANTS
 9 Months Ended
Sep. 30, 2023
Stock Warrants  
STOCK WARRANTS

12. STOCK WARRANTS

 

The Company has the following warrants outstanding as of September 30, 2023, all of which are exercisable:

 

    Warrants     Weighted-
Average Exercise
Price		     Weighted- Average Remaining Contractual Life (Years)     Aggregate Intrinsic Value  
                         
Outstanding at January 1, 2023     952,638     $ 37.60       3.56     $                     -  
Granted     -       -       -       -  
Forfeited     (32,974 )     8.14       -       -  
Exercised     -       -       -       -  
Outstanding at September 30, 2023, all vested     919,664     $ 33.76       2.83     $ -  

 

At September 30, 2023 the intrinsic value of the outstanding warrants was $0.

 

On January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the January 2023 offering, issuance and sale of 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. As a result of this transaction, certain warrants which previously had an exercise price of $13.60 per share, had the exercise price reduced to $8.00 per share, which resulted in the Company recognizing a deemed dividend of $164.

 

On September 19, 2023, the Company issued 183,486 shares of its common stock to certain other investors to settle litigation, see Note 13. In exchange for the shares, 32,140 warrants were cancelled as part of the settlement agreement.