COMMON STOCK |
6 Months Ended |
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Jun. 30, 2025 | |
| Equity [Abstract] | |
| COMMON STOCK | Note 12. COMMON STOCK
Common Stock
The Company has authorized a total of shares of Common Stock, $ par value per share. On June 4, 2024, the Company received stockholder approval to increase the number of authorized shares of Common Stock from shares to shares, and on June 5, 2024, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the increase. The Company has issued shares of Common Stock, of which are unvested restricted stock awards as of June 30, 2025, and shares of Common Stock, of which are unvested restricted stock awards as of December 31, 2024.
On May 7, 2025, the Company completed a public offering of securities for gross proceeds to the Company of $3.25 million, before deducting placement agent fees and other estimated expenses payable by the Company. The offering consisted of shares of our Common Stock, of which 2,371,346 were pre-funded warrants, together with warrants to initially purchase up to 15,234,375 shares of Common Stock, at a combined offering price for each share of common stock and accompanying warrant of $ per share. Each pre-funded warrant and accompanying warrant was sold at a combined public offering price of $0.313 (See Note 14 – Warrants). In connection with this offering, the Company paid a cash fee equal to 8.0% of the aggregate gross proceeds, expenses up to $120,000 and issued 304,687 warrants with substantially the same terms as the warrants issued as part of the public offering, except the warrants do not have an anti-dilution adjustment.
On May 22, 2025, the Company entered into an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) with WallachBeth Capital LLC (“WallachBeth”), as sales agent providing for the sale our common stock from time to time in an “at the market offering” program. The aggregate market value of the shares of Common Stock eligible for sale is currently $5,801,000. The ATM Agreement provides that WallachBeth will receive 3.0% of the gross sales price sold under the ATM Agreement. From May 22, 2025 through June 30, 2025, the Company did not sell any shares through the ATM Agreement.
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