Quarterly report pursuant to Section 13 or 15(d)

COMMON STOCK

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COMMON STOCK
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
COMMON STOCK

9. COMMON STOCK

 

The Company’s common stock activity for the three months ended March 31, 2023 is as follows:

 

Common Stock

 

Shares Issued as Part of Public Offering

 

On January 24, 2023, the Company entered into an underwriting agreement with Aegis relating to the offering, issuance and sale of 901,275 shares of the Company’s common stock at a public offering price of $8.00 per share. The net proceeds for the offering were $6,578, after deducting discounts, commissions and estimated offering expenses. 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.

 

Shares Issued for Services

 

During the three months ended March 31, 2023, the Company issued 49,596 shares of common stock to officers and employees associated with the vesting of Restricted Stock Units.

 

Termination of Equity Line of Credit Agreement

 

On January 26, 2023, the Company terminated the January Purchase Agreement dated January 12, 2022, which provided for the sale by the Company of up to $50,000 of newly issued shares.

 

 

Issuances of Stock Options

 

During the three months ended March 31, 2023, the Company granted stock options to board members to purchase a total of 8,090 stock options as replacement awards related to forfeited restricted stock units. The options have an average exercise price of $9.20 per share, expire in five years, and vested on the grant date. The total grant date fair value of these options was $66 based on the Black-Scholes option pricing model.