Quarterly report pursuant to Section 13 or 15(d)

STOCK WARRANTS

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STOCK WARRANTS
 3 Months Ended
Mar. 31, 2024
Stock Warrants  
STOCK WARRANTS

11. STOCK WARRANTS

 

The Company has the following warrants outstanding as of March 31, 2024, all of which are exercisable:

 

    Warrants     Weighted-
Average
Exercise
Price		     Weighted-
Average
Remaining
Contractual
Life (Years)		     Aggregate
Intrinsic
Value		  
                         
Outstanding at January 1, 2024     919,664     $ 33.76       3.10     $                   -  
Granted     -       -       -       -  
Forfeited     (3,473 )     104.40       -       -  
Exercised     -       -       -       -  
Outstanding at March 31, 2024, all vested     916,191     $ 33.50       2.85     $ -  

 

At March 31, 2024 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.

 

At the close of business on April 5, 2024, the Company’s unexercised publicly traded warrants under the symbol VERBW expired pursuant to their original terms and as such Nasdaq suspended trading the 175,823 remaining warrants and the trading symbol VERBW was delisted from Nasdaq.