On May 6, 2026, the Company received notice from the Nasdaq Capital Market (“Nasdaq”) that the Company’s common stock would be suspended from trading at the opening of business on May 13, 2026 due to the Company’s failure to regain compliance with the $1.00 minimum bid requirement and failure to timely file its periodic reports with the SEC.  The Company appealed the decision and on July8, 2026 trading of the Company’s common stock  recommenced on the Nasdaq Capital Market.

On July 28, 2026, the Company entered into an Exchange Agreement (the “2025 Exchange Agreement”) with the Lender of the 2025 Note. Pursuant to the 2025 Exchange Agreement, the Company and Lender agreed to (i) partition from the 2025 Note a new Promissory Note (the “Partitioned Note”) in the original principal amount of $200,000, (ii) cause the outstanding balance of the 2025 Note to be reduced by $200,000 and (iii) exchange the Partitioned Note for 43,308 shares of the Company’s Common Stock (as adjusted to reflect our 1-for-10 reverse stock split, which was effective April 30, 2026). 

On July 30, 2026, 250 shares of restricted common stock were forfeited by an employee who left the Company before the lapse of the restriction period applicable to such shares.

On August 6, 2026, the Company issued an aggregate of 800 shares of restricted stock to new employees with three-year vesting. All the shares were issued at $3.98 the closing price on August 6, 2026, as reported on the Nasdaq Capital Market. 

On August 10, 2026, the Company entered into a second exchange agreement with the Lender of the 2025 Note. Pursuant to this exchange agreement, the Company and Lender agreed to (i) partition from the 2025 Note a new Promissory Note (the “Partitioned Note”) in the original principal amount of $150,000, (ii) cause the outstanding balance of the 2025 Note to be reduced by $150,000 and (iii) exchange the Partitioned Note for 37,792 shares of the Company’s Common Stock (as adjusted to reflect our 1-for-10 reverse stock split, which was effective April 30, 2026).

On August 11, 2026, the Company closed a transaction with an existing investor to exercise outstanding warrants to purchase an aggregate of 618,334 shares of common stock in consideration for reducing the per share exercise price from $10.20 to $4.06 and issuing additional warrants to the investor to purchase up to an aggregate of 1,236,668 shares of common stock at exercise price of $4.06 per share.  The forgoing resulted in gross proceeds of approximately $2.5 million, prior to deducting placement agent fees and estimated offering expenses.