Warrants Repurchased (and Related Party) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Warrants Repurchased (and Related Party) | |
| Warrants Repurchased (and Related Party) |
5. Warrants Repurchased (and Related Party) September 2025 Repurchases During September 2025, the Company repurchased and cancelled all then-outstanding warrants as follows:
All repurchased warrants were cancelled upon settlement and accounted for as equity transactions with no effect on the statement of operations. March 2026 Repurchase On March 9, 2026, the Company entered into a Warrant Repurchase Agreement with CVI Investments, Inc. pursuant to which the Company repurchased certain outstanding common stock purchase warrants originally issued on September 12, 2021. The repurchased warrants were exercisable for an aggregate of 24,155 shares of common stock. The Company paid an aggregate cash purchase price of $22 ($0.911 per underlying share). Upon settlement, the warrants were cancelled and are of no further force or effect. As of March 31, 2026, 624,702 warrants are outstanding (187,202 from prior financings that were not repurchased and 437,500 new warrants issued on March 2, 2026 to First Finance Ltd., see Note 11). The Company did not issue any other new warrants during the quarter ended March 31, 2026. The repurchase from Edward Dallin Bagley was approved by the Board of Directors in accordance with the Company’s related person transaction policy. No amounts were outstanding with Mr. Bagley related to these warrants as of March 31, 2026. |