STOCKHOLDERS’ EQUITY |
12 Months Ended | |||||||||
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Dec. 31, 2021 | ||||||||||
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| STOCKHOLDERS’ EQUITY |
NOTE 7 – STOCKHOLDERS’ EQUITY
Common Stock
On February 10, 2021, and the Company issued and sold shares of common stock in an underwritten public offering. The Company received at the closing of the offering net proceeds of approximately $12,466 after deducting underwriting discounts and commissions and other offering expenses payable by the Company. The Company is using the net proceeds from the Offering for general corporate purposes.
On July 2, 2020, the Company entered into a securities purchase agreement with certain institutional investors for the sale in a private placement of shares of the Company’s common stock, at a purchase price of $ per share. Additionally, each investor received a warrant exercisable into % of the shares purchased by an investor (see Note 9). The closing of the private placement took place on July 7, 2020, and aggregate net proceeds from the sale of the shares of common stock and warrants was approximately $2,812.
During the year ended December 31, 2021, warrants to purchase an aggregate of 225,878 shares of common stock were exercised, and the Company received net proceeds of $707 upon such exercise. In addition, warrants exercisable into shares of common stock were converted under a cashless exercise option into shares of the Company’s common stock.
During the year ended December 31, 2020, warrants to purchase an aggregate of 375,000 shares of common stock were exercised, and the Company received net proceeds of $1,174 upon such exercise.
Preferred Stock
The Company’s board of directors is authorized to issue up to shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications, limitations and restrictions thereof, including dividend rights and rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without any vote or action by the Company’s stockholders. Any preferred stock to be issued could rank prior to the Company’s common stock with respect to dividend rights and rights on liquidation. The Company’s board of directors, without stockholder approval, may issue preferred stock with voting and conversion rights which could adversely affect the voting power of holders of common stock and discourage, delay or prevent a change in control of the Company.
Treasury Stock
The Company entered into a 10b-18 Stock Repurchase Agreement on November 6, 2019 authorizing ThinkEquity, a division of Fordham Financial Management, Inc. to repurchase up to $500 of the Company’s common stock. During the year ended December 31, 2020, the Company purchased of shares and held them as treasury stock at cost of $40. On January 20, 2020, the Company terminated the Stock Repurchase Agreement.
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